Atlantic Bank Completes Integration of Allied Irish Banks, plc Retail Branch Acquisition and Announces Sale of Cambridge Branch.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 15, 2003 Atlantic Bank of New York
AIB n abbr (Brit) (= Accident Investigation Bureau) → ). 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
New Atlantic were an early 1990s UK rave band from Southport, Merseyside. Bank branches in the Manhattan area. The two other branches are located at 400 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. , 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 YFC Youth For Christ YFC Young Farmers Club (UK) YFC Youth Flying Club (Singapore) YFC Fredericton, New Brunswick, Canada - Fredericton Municipal (Airport Code) ) 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 New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. 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." Established in 1926, Atlantic Bank of New York is one of the top 20 commercial banks serving the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of area. With over $3.0 billion in assets, Atlantic Bank is a full-service commercial bank providing a comprehensive range of financial services to small and mid-sized businesses, commercial real estate investors and consumers. The Bank operates 23 branch offices in Manhattan, Queens, Brooklyn, Long Island, Westchester, Dutchess and Boston. Atlantic Bank is a member of the NBG NBG National Bank of Greece NBG Nederlands Bijbelgenootschap NBG National Bank of Georgia NBG Need Before Greed (Everquest game slang) NBG National Bicycle Greenway NBG Naval Beach Group NBG Natural Born Gamers Group (NYSE NYSE See: New York Stock Exchange :NBG), which has more than $57 billion in assets and operates in 17 countries. Additional information is available on the bank's website at www.abny.com. Operating for more than 106 years, The First National Bank of Ipswich is a full service commercial bank with 10 branch locations throughout Massachusetts and New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). . Additional information is available on the bank's website at www.fnbi.com. |
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