Atlantic Bank of New York Announces Sale of Chicago Branch Deposits to Chicago Community Bank.Business Editors NEW YORK--(BUSINESS WIRE)--July 11, 2001 Atlantic Bank of New York
The agreement, which has been months in the making, is expected to close on or about September 30, 2001. Atlantic's decision to sell its Chicago branch operation comes after an extensive strategic analysis was conducted on its branch performance and the bank's overall experience in the Chicago market. Atlantic acquired the Chicago branch, located at 168 North Michigan Avenue, in 1999 from its parent company, National Bank of Greece The National Bank of Greece (NBG; Greek: Εθνική Τράπεζα της Ελλάδος (NYSE NYSE See: New York Stock Exchange : 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 ), as part of NBG's consolidation of its U.S. branches under the Atlantic Bank umbrella. The Chicago branch has been operating at a loss for a number of years as it has sought to capture a greater share of its local market. The escalating competitive climate in the local Chicago market between both large and small financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. firms was an important factor in Atlantic's decision. Atlantic also recognized that the economies of scale needed for a profitable operation would not likely be attainable in a reasonable time period through its single branch office in the state. As Atlantic's new strategic direction calls for profitable growth and expansion in metropolitan 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 , where the bank is headquartered, greater focus of the bank's resources and management attention will, of necessity, be devoted to executing its growth plans in its core market area. "We have taken every measure possible to ensure that the transition of our Chicago-based business will be smooth and extremely convenient for employees and customers. In fact, customers will continue to have their banking needs served on the very same block of Michigan Avenue and by the very same employees they have come to know at the Atlantic branch The Atlantic Branch is an electrified rail line owned and operated by the Long Island Rail Road in the U.S. state of New York. It runs from Downtown Brooklyn to Valley Stream. The line has two tracks and is partly underground and partly elevated. office," commented Thomas M. O'Brien, President and Chief Executive Officer of Atlantic Bank. Known for its strong support of the Greek-American community, Atlantic Bank is pleased to sell its deposits to a purchaser that shares its community sensitivity. That sensitivity is what led to its discussions with Chicago Community Bank. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mr. Peter A. Fasseas, Chicago Community's Chief Executive Officer and a Greek-American himself, "Chicago Community and its sister institutions, North Community Bank, Archer Bank, Plaza Bank, Metropolitan Bank & Trust Company and Edens Bank, with forty-five locations in Chicago and the suburbs, have a rich history of supporting the Greek-American community in Chicago. The assumption of Atlantic Bank's branch deposit business will serve to strengthen our bonds within the community." The building that currently houses the Atlantic Bank branch at 168 North Michigan Avenue is owned by Atlantic Bank and is not part of the agreement between Atlantic Bank and Chicago Community Bank. The financial terms and conditions of the transaction were not released. Established in 1926, Atlantic Bank of New York is one of the top 25 commercial banks serving the New York area. With over $2.0 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 A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. and consumers. The bank has branch offices in the metropolitan New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. area and Boston. Atlantic Bank is a member of the global financial network of the National Bank of Greece, which has more than $45 billion in assets and operates in 16 countries. Additional information is available on the web site at www.abny.com. |
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