Gold Coast Bank, which released its quarterly earnings on Monday, plans to expand its branch network into Manhattan, the company’s chief executive said.
“About 25 percent of our entire loan portfolio is in Manhattan,” said John Tsunis, the chairman and CEO of Islandia-based Gold Coast.
Tsunis added that the bank had about $300 million in total loans outstanding, most of it tied to commercial real estate.
“We are looking for a small branch location in order to gather more deposits in Manhattan and serve current customers there,” Tsunis said. He did not specify how soon a Manhattan branch might open.
Tsunis said in an interview late last week that the bank plans to open its first Brooklyn branch, and seventh overall, by year’s end.
Gold Coast said that its year-over-year net income jumped 87 percent to $594,000, as overall deposits climbed 15 percent to $356 million.
“To build the deposit base in Manhattan, we do need to show the flag somewhat, and that’s why there is a need for the new branch locations,” Tsunis said.
Total assets through the quarter ended Sept. 30 hit $400 million, a 17 percent year-over-year increase.
— David Reich-Hale