July 18, 2019
New York’s first new bank chartered by the state’s Department of Financial Services (DFS) since before the 2008 financial crisis, Piermont Bank, has opened for business. Led by former East West Bank executive Wendy Cai-Lee, the bank is headquartered at 4 Bryant Park.
The bank plans to serve small and medium-size businesses. “Community banks serve as a critical source of credit for New York State’s small businesses and consumers, and DFS is pleased to welcome Piermont to New York,” said DFS superintendent Linda Lacewell.
Crain’s New York Business reported that Piermont’s arrival coincides with a boom in banking visible across the city, which now has more branches than it did before the financial crisis. Last month, for example, JPMorgan Chase opened a new branch at 390 Madison Ave. The 12,500-square-foot location is one of Chase’s largest in the country.
For comments, questions or concerns, please contact Paul Bubny