Gold Coast Bank, which calls Route 25A in East Setauket one of its homes, is cashing in with a new branch in Southampton.
The Islandia-based bank filed an application with the state Department of Financial Services and the Federal Deposit Insurance Corporation to expand its sixth Long Island branch in the eastern Suffolk community since its launch in 2008. The new spot is slated for 97 North Sea Road in the Southampton Village business district, adjacent to the Southampton post office.
“We are extremely pleased to announce our plans to open our sixth branch,” said John C. Tsunis, Gold Coast Bank’s chairman and chief executive officer. “Gold Coast has been highly successful since it opened for business, and this new branch serves to confirm our standing as a bank that continues to strengthen its roots in the communities we serve across Long Island.”
Tsunis said the bank recently reported its fourth consecutive year of profitability, making the move to expand an easy decision. The new Southampton location will join the Gold Coast branches across the island, including Mineola, Huntington, Farmingdale and East Setauket. And looking ahead, Tsunis said the bank had big plans for the far eastern end of Suffolk.
“With the opening of this branch, we are certain we will play a very active role in the growth in the Hamptons,” Tsunis said. “Southampton has always had a very large role to play on Long Island, serving as a beacon for business, tourism and the arts. We are excited to further extend the Gold Coast Bank footprint into this vibrant community.”
The announcement of the bank’s expansion came just weeks after another milestone announcement, when the state Department of Financial Services and the Federal Deposit Insurance Program promoted Gold Coast Bank past its new bank, or “de novo,” status. The reclassification moved the bank beyond certain state banking regulations that are typically put in place for newly formed banks.
James P. Johnis, president and chief operating officer of Gold Coast, said the bank’s $323.8 million in total assets as of the end of 2014 propelled the bank into becoming one of Long Island’s premier banking locations.
“This solidifies us as a major part of Long Island’s banking industry, and going forward, we will continue to provide customers with superior personal service while exceeding customer expectations,” he said in a statement when the bank was promoted past new bank status. “This is a major step in our history and a most positive sign of our growth and success.”