Atlantic Bank of New York announced that it has completed the integration of the 405 Park Avenue branch office and related business it acquired on December 1, 2003 from Allied Irish Banks, plc (AIB). The addition of this branch, located at the corner of Park Avenue and 54th Street, to Atlantic Bank’s retail branch network follows recent openings of two other new Atlantic Bank branches in the Manhattan area. The two other branches are located at 400 Madison Avenue, on the corner of Madison Avenue and 48th Street, and at 936 Third Avenue, on the corner of Third Avenue and 56th Street. These three new branches represent the continuation of Atlantic’s overall branch expansion strategy, following the bank’s successful acquisition of Yonkers Financial Corporation (YFC) and YFC’s entire retail branch system last year.
“We are pleased to successfully move forward with our targeted branch expansion plans and look forward to not only providing increased convenience to our existing clients, but continuing to increase our market share in the New York metropolitan area as well,” said Thomas M. O’Brien, Atlantic Bank’s President and Chief Executive Officer.
As Atlantic Bank continues to pursue branch expansion plans in the New York metropolitan area, it also regularly assesses the profitability and strategic effectiveness of its branch locations. Following a recent assessment of its Cambridge, Massachusetts branch, the bank today announced that it has entered into a letter of intent with The First National Bank of Ipswich (FNBI) to sell its Cambridge branch to FNBI. Customers of that branch, located at 2067 Massachusetts Avenue, will continue to have the convenience of banking at the same location without any interruption of service. Customers will also benefit from the added convenience of access to the larger network of branches that FNBI has in Massachusetts. The transaction, which is subject to regulatory approval and other conditions of closing, is expected to be finalized during the first quarter of next year. Financial terms were not disclosed.
“We have taken every measure possible to ensure that the transition of our Cambridge, Massachusetts branch business will be smooth and extremely convenient for both employees and customers. We are also pleased that customers will continue to have their banking needs served at the very same location and by the very same employees they have come to know and trust at the Atlantic branch office,” Mr. O’Brien said.
Atlantic Bank will continue to operate within the Boston area through its main downtown branch office located at 33 State Street, which is bank-owned property and not affected by the Cambridge transaction.
Commenting on the transaction Mr. Donald P. Gill, FNBI’s President and Chief Executive Officer, stated, “We are very pleased to have the opportunity to acquire the Cambridge branch and its highly regarded staff. This branch is complementary to our existing six branches in Massachusetts and is in a location we have been interested in for some time. This is a win-win situation for all involved, including the customers, the employees and the community.”