First National Bank of Long Island, which entered New York’s outer boroughs in 2015, expects to have 10 branches in Brooklyn and Queens by late next year, the bank’s chief executive said.
The Glen Head-based bank plans to open branches in Little Neck, Astoria and Bay Terrace, Queens, as well as Cobble Hill and Marine Park, Brooklyn, in the next 12 months, said Michael N. Vittorio, president and CEO of First of Long Island Corp., the parent of First National Bank of Long Island.
First National Bank expects to have 53 branches in total by late 2018, including the 42 it has in Nassau and Suffolk counties.
The bank opened an East Setauket branch about six weeks ago, which already has $19 million in deposits, Vittorio said Tuesday. He said the industrywide trend of banks closing branches has helped First National Bank.
“As other banks, especially other money center banks, close branches, dislocated customers are looking for a new bank,” he said. “Many, many, many people want branches and choose to speak to a person at the branch.”
Other banks have pulled back on the number of branches they operate. For instance, Bridge Bancorp, the parent company of Bridgehampton National Bank, last week said it will close six of its 44 branches in the first quarter of 2018 as more of its customers turn to the bank’s mobile app and other technologies to access services, leading to less foot traffic at some branches.
Bridge said its closures will be in areas where it has multiple locations.
Other financial institutions are also using technology to change how branches function.
NEFCU, a credit union based in Westbury, has opened three branches with video teller machines but no live tellers in the building, including one in Levittown in September. It opened one in Deer Park earlier this year and one in Bay Shore last year.
Also, three new Teachers Federal Credit Union branches are scheduled to open in 2018 with video tellers instead of live tellers, according to the credit union.
Uniondale-based Flushing Financial has a similar service at some of its branches, including in Uniondale.
Flushing, NEFCU and Teachers all have staff on site as well.
Vittorio, at First of Long Island, made his comments the day after the bank said its net income for the third quarter rose 17 percent to $9.3 million.
Flushing Financial late Tuesday reported third-quarter net income of $10.1 million, down a little less than 5 percent from the same period a year ago.
Last week, Bridge reported a 6 percent increase in its third-quarter net income to $9.4 million.