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New York & Tri-State  + Midtown New York  + Finance  | 

NYC’s First New Bank Since 2008 Opens for Business

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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