American Community Bank gets go-ahead on holding company
The Federal Reserve Bank of New York has approved an application by American Community Bancorp Inc. to become a bank holding company, which will own of American Community Bank, based in Glen Cove.
The bank has four branches on Long Island and has assets of $164.2 million.
Anthony Capobianco, bank president and chief executive, said the holding company "allows us flexibility in pursuing other options," such as non-bank businesses. He said there are no plans to branch out into other areas, but now the company has that option if an opportunity pops up, he said.
--------------------
Read more of Inside Long Island Business
Out East Show: Shrine of Our Lady of the Island, Browder's Birds & Sheep Shearing, and Bennett Shellfish in Montauk NewsdayTV's Doug Geed takes you to a few special places 'Out East'
Out East Show: Shrine of Our Lady of the Island, Browder's Birds & Sheep Shearing, and Bennett Shellfish in Montauk NewsdayTV's Doug Geed takes you to a few special places 'Out East'
