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Community National Bank - in Organization - Brings Progressive Hometown Service to Great Neck.

GREAT NECK, N.Y. -- New independent bank's initial stock offering oversubscribed with $30 million in capital

Stuart H. Lubow, President and Chief Executive Officer of Community National Bank (in organization) announced today that the newly chartered financial institution has raised $30 million through its initial public offering of stock, exceeding the bank's original goal. Mr. Lubow, a Mill Neck resident, anticipates that the bank will open within the next two months, at 200 Middle Neck Road in Great Neck.

"As detailed in our original offering document, the bank intended to raise a minimum of $12 million and a maximum of $25 million," Mr. Lubow explained. "Due to an overwhelming positive response, we amended the offering and increased the maximum amount to $30 million."

A financial services executive with nearly three decades of experience, Mr. Lubow has previously served with a number of independent banks in such positions as president, chief executive officer, and chief operating officer.

"The fact that our initial offering has met with such success shows that the community is eager for a new commercial bank specifically created to meet the particular needs of small and medium size businesses in the Great Neck area," Mr. Lubow said. "As a local, independent bank, Community National will be able to provide a combination of personalized service and fast, home-based decision-making that larger regional banks just can't deliver.

"Because our infrastructure costs will be lower, we can pass that savings on to our customers in the form of lower fee structures and better interest rates for both lending and savings products."

Community National Bank will offer a full range of modern financial services, backed by state-of-the-art technology. In addition to residential mortgages, home equity lines of credit, commercial mortgages and business loans and lines of credit, the bank will offer a complete selection of traditional personal and commercial banking products such as no-fee individual and business checking accounts, IRA accounts, statement and passbook savings, and certificates of deposit. As a Small Business Administration (SBA) Lender, the bank will also be able to offer special loan and financial management programs designed to help small businesses succeed.

"Choice and convenience will form the mainstay of our day to day operations," Mr. Lubow explained. "With features including extended lobby hours weekdays plus both Saturday and Sunday hours, 24-hour ATM service, internet banking, and more, Community National Bank will bring a host of local banking benefits that translate into superior customer service.

"Too many middle market retail customers and small to medium business customers feel abandoned since their local banks became part of large, regional networks. Community National intends to fill that void by focusing on building and maintaining personal relationships with every single one of our customers. Our staff of experienced bankers is working diligently on the systems and programs that will help to ensure that CNB can offer the cutting edge services that our customers will expect and deserve.

"Once word has spread that CNB is bringing the Great Neck community an alternative and better way to bank, we expect to grow quickly. All customers will be greeted by an information assistant, and will have immediate access to any staff member, including senior officers. In short, CNB will revitalize the concept of hometown banking, updated with the latest technological advances and backed by a staff of knowledgeable, friendly professionals."

Construction on the Bank's main branch and corporate headquarters is well under way, and the Bank anticipates that it will open within two months. Mr. Lubow also announced that Thomas A. Morabito will serve as the bank's Executive Vice President and Senior Commercial Lending Officer; Marc S. Sovelove will serve as Senior Vice President and Retail Lending Officer; and Paul Hagan, a Garden City resident, will serve as Chief Financial officer. The bank's web site, which is currently under construction, is located at www.cnbny.com.
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Publication:Business Wire
Geographic Code:1USA
Date:Mar 23, 2005
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