The Bank of smithtown a hundred year old company merger with Peoples United Bank
It has just been a few years since the takeover or so called merger of Peoples United Bank and The Bank of Smithtown. I walk into the new company branches to see a severe cut back in staffing. I also see that the traffic in the branches had diminished severely. Peoples also bought out the Stop and Shop banking business on Long Island from Citizens Bank. When a Bank of Smithtown branch is located close to one of those supermarket branches they are closing the original branches the BOS established. I might seems like a great move for them, but one of the things they promised us when they took over the Bank of Smithtown (or merged with them) was they would protect the jobs of the existing employees of the company. Lies. When they took over or merged, they let close to 100 employees of the company go. Now they are letting even more Long Islanders even today go out on unemployment. This out of state company is lying to us. They are pulling jobs off Long Island and giving them to the other states they are influents with. The 100 Motor Parkway address the are holding as a NY regional office lease is up in 2014, and that will give them the relief to lay off another 60 people from Long Island jobs. Why would you as a Long Islander want to support a company that with just be another drain on our local economy? When North Fork Bank a Long Island company was acquired by Capitol One a Virginia company, they did the same thing Peoples United bank did. There were mass layoffs. It put good working Long Islanders in devastation. It is time we group up and invest our money in the local community banks. They employ us, and we are you neighbors. There are some great banks out here. You have Bridgehampton bank. You also have Suffolk County Community bank. You might want to stay away from the credit unions promising you the world. They are not based on Long Island like you might think. I applied for a loan and my loan application went to Texas. They lie about be local. And it was not a lie why a Texas address. Please only support Long Island . Empire Bank is also a great bank. Gold Coast Bank you might stay away from though. They are small and really don't have your best interest like the others. Long Islanders stand firm and keep up with the local banks. We need jobs here on Long Island. Don't falter on the lies of the big banks. Bridgehampton Bank a hundred year old bank and Suffolk County National Bank also a hundred year old bank. Empire Bank a newer bank , but is also a great bank to deal with. Jobs on Long Island are important.
And what do you want? This has been happening for as long as man has operated companies and one has taken over another. The retirement eligible will do just that and the educated and prepared will move on. Oh by the way, go ask Obama were the new jobs are in his failed economic recovery.
From 2000 to 2008 there were 0 jobs added to the US economy. If you back out the strong growth in government jobs during the time, private sector jobs were steadily dropping except for a brief period during the hiring of census workers.Since Government employment grew a over 4% from 2000 to 2008 private sector employment dropped a few percentage points, and was negative for almost the whole time, even prior to the economic collapse.
Since the 2009 change over in the oval office the economy has added net jobs, despite the fact that almost a million jobs were lost in that first year as the economy was still cratering.What is amazing about this economic growth is that it is occurring for the first time in memory without government hiring being involved. government employment is down about 3% since the start of 2009.this does not necessarily have anything to do with either part as most of the job cuts came from state and local governments, not the federal government.
The private sector job growth that is being experienced now, believe it or not , is he best that the country has seen in over a decade.