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Thousands of Long Island City residents, who often walk a mile or more to conduct everyday banking transactions or pay high fees at local check cashing establishments, will soon have a convenient and affordable neighborhood bank for the first time. Renovation of the building will begin this fall and the branch will open in early 2007.

Local and state officials met with bank executives at t 21st Street and 36th Avenue in Long Island City to announce Amalgamated’s Banking Development District (BDD). The BDD was created to bring a bank offering affordable banking services to the neighborhood and foster economic development that can jump start the community’s long-term growth.

The 2,400 square-foot, full-service retail branch, which will have a drive-thru teller window and 24-hour ATMs, will be located near two of the largest New York City Housing Authority developments, whose residents have had limited access to a local bank. Overall, the bank will serve as an anchor for economic development that includes the creation of better jobs, more opportunities for small businesses and home ownership and other changes that will enhance this community of 32,000 residents.

“By building the branch here, we are continuing our mission of providing affordable banking services to low and moderate income workers,” said Derrick Cephas, president and CEO of Amalgamated Bank.

“Amalgamated Bank’s mission is perfectly suited to the undertaking of Banking Development Districts,” said Diana L. Taylor, Superintendent of Banks for the State of New York. The capital, credit, education and economic opportunity provided by Amalgamated will be a tremendous catalyst to the ongoing commercial and residential growth of Long Island City.”

“Amalgamated Bank will be a welcome addition to Long Island City,” said Borough President Marshall. “For too long, this community has been underserved by financial institutions. Amalgamated Bank realized this critical need and, working with my office, will open this branch on 21st Street in a new BDD.”

A major financial commitment to the BDD and the bank will be provided by The New York State and New York City Comptrollers’ offices, as State Comptroller Alan G. Hevesi and City Comptroller William C. Thompson, Jr. have agreed to deposit $20 million of state and city funds in accounts at Amalgamated Bank. The bank also will receive property tax concessions for 10 years.