First National Bank of Long Island, which entered the Queens market last year, expects to open a third branch in that borough by January, the company’s chief executive said.
The new location is in College Point, said Michael N. Vittorio, president and CEO of Glen Head-based First National Bank.
The bank also has branches in Howard Beach and Whitestone.
“Our plan is to have 10 to 12 branches in Queens over the next five to seven years,” Vittorio said. “Queens and Brooklyn are areas we want to be in.”
First National Bank has one Brooklyn branch, in Bay Ridge.
“We want to open one more Brooklyn branch this year, somewhere in the Bensonhurst-Marine Park-Dyker Heights area,” Vittorio said. “We are still looking for the location.”
On Long Island, an East Islip branch is slated to open in February.
First National Bank of Long Island has 45 branches. It targets small and mid-sized businesses, as well as professionals such as accounting firms.
Late last month, the bank reported net income for its third quarter rose 23 percent to $8 million. Profit for the first nine months hit $23.1 million, a 19 percent increase.
Shares of First of Long Island Corp., the parent of First National Bank of Long Island, rose 1.2 percent to close at $38.35 on Thursday. The stock is up nearly 31 percent in the past 12 months.