Expanding community commercial bank expects to open additional location in Setauket by the end of 2010
(Long Island, N.Y.) Gold Coast Bank (www.goldcoastbankny.com), one of Long Island’s fastest-growing commercial banks, has received approval from the Federal Deposit Insurance Corporation and the New York State Banking Department to open a third branch in Setauket. The bank’s second branch, in Huntington Village, is being readied to open this summer.
Plans call for the Setauket branch to open in December at a prominent Route 25A location. Like the Huntington branch, Gold Coast Bank expects to attract a mix of businesses, professionals, entrepreneurs, senior managers, and financially substantial individuals.
Similar to the Huntington Branch, the Setauket branch will be more than a place to bank – it will offer a unique business and networking center with free amenities, including a full-size conference room, Wi-Fi and other office technology, for customer use six days a week. Customers are encouraged to conduct their own business at the branch, including meeting with their customers and networking with potential new customers all at a convenient location.
“Setauket is just right for our niche as a small commercial bank with private-banking type services. The mix of businesses and professionals, including medical, legal and business consultants, and high-net worth individuals, is positioning us just where we want to be, ” said Gold Coast Bank President and Chief Executive Officer Joseph G. Perri. “Three of our board members, John C. Tsunis, our Chairman, Cris Damianos, our Vice Chairman, and Parvis Farahzad have resided and worked in the Three Villages/Port Jefferson area for more than three decades, enjoying a strong professional network prior to the opening of the bank’s newest branch in Setauket,” said Perri.
The Bank’s Chairman, John C. Tsunis, who owns the Holiday Inn Express – Stony Brook, was a past President of the Three Villages Chamber and past Chairman of the Long Island Museum in Stony Brook. He currently sits on the Stony Brook Medical Center Development Board and serves as Chairman of the new Stony Brook Children’s Hospital Task Force. He is a member of St. George’s Golf Club in Stony Brook and resides in Poquott with his wife and son, Charlie.
X. Cristofer Damianos is a principal in Damianos Realty Group LLC, a commercial real estate development company located in Smithtown. He is a member of the Association For A Better Long Island and a trustee, appointed by the Governor, of the Long Island Power Authority. Currently the Treasurer and a member of St. George’s Golf & Country Club, Mr. Damianos is a past Vice Chairman of the Board of the Long Island Museum of American Art, History & Carriages, and former trustee of St. Charles Hospital. He resides in Head of the Harbor with his wife and three children.
Parviz Farahzad is another director and major stockholder who also has roots in the Setauket community, primarily as a businessman who has invested in numerous projects in the area over the years, and currently owns a well known retail and office complex. He also has a reputation for having helped to improve the area.
The bank, founded in March 2008 and headquartered in Islandia, recently surpassed total assets of $100 million, a strong growth path given current conditions in the banking industry and the fact that it has been operating at a single location until now. Gold Coast Bank has been especially active in extending loans, in part because it does not have a portfolio of troubled loans that is burdening some other banks. Gold Coast opened a little more than two years ago with a strategic growth plan that focused on creating a strong financial, service, sales and management foundation before expanding.
Gold Coast Bank was founded by a group of local business leaders who understand the challenges faced in starting, running and expanding businesses. The bank offers a range of business products, including lending products such as term loans, lines of credit, real estate loans, and a number of SBA products, as well as traditional consumer products. The bank is headquartered in Islandia.