The reason why I shot down Gold Coast Bank. Ok they were established in 2008 just to be bought out for profit like long island commercial bank the same investors for long island community bank. These guys are looking for a fast profit selling their bank to a big company. They are not long term banker. The just bleed us for profits of there extra money. they only care about making money .Thant way said stay away from these parasites. They are not good for jobs and Long Island. They are just greedy rich people looking to be sold to another bank out of state for profit.
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.
One of the biggest problems is that CEO's like Brad Rock walk away with millions for doing a bad job, and his poor employees that just followed orders are let go with nothing. This should be made illegal. All the stock holders are left with a choice take the deal from the company that is taking over, or you get nothing. A $35.00 stock for $3.77 and Rock gets $12 million dollars. That is just wrong.
Kanas is coming back to NY with a new enterprising strategy. He wanted Smithtown Bancorp but the price was too high and the loan loss was too much for his bank to handle. With the acquisition of Herald Bank and his upcoming possible acquisition of Suffolk County National bank, he will take over the area again. I look forward to his success. Maybe he will create new jobs for LI