"It's not a Wall Street bank.  It's a Main Street bank.  Now it has a branch on Main Street."

With that invocation, elected officials and the President of New York National Bank started a grand opening ceremony last week outside the institution's branch at 619 Main Street.

The occasion was highlighted by presentation of a ceremonial check, representing a deposit of $10 million of State funds, presented by State Comptroller H. Carl McCall.  The deposit was made under a 1997 law permitting the State to encourage banks to open branches in "unbanked" or under-banked areas of the State.

In addition to McCall, other officials and guests speaking at the occasion included State Senator Olga Mendez, Assemblymember Pete Grannis, Manhattan Borough President C. Virginia Fields, RIOC Vice President Robert Antonek, and R. W. Leftwich, Treasurer of Shell Oil.  Shell is making a $250,000 capital investment in NYNB, a $1 million deposit, and participating in NYNB loans to minority and women-owned businesses at a $7.5 million level.

State Comproller Carl McCall presented a ceremonial check representing a deposit of $10 million in State funds to New York National Bank President Serafin Mariel last week, as elected politicians joined in a grand opening ceremony.  Left to right:  Mariel, State Senator Olga Mendez, McCall, Manhattan Borough President C. Virginia Fields, and Member of Assembly Pete Grannis.

NYNB President Serafin Mariel presided.

All the speakers took notice of the context – a New York City and its economy bludgeoned by the terrorist attack on the nation at the World Trade Center.  All made comments about the renewed importance of a feeling of community, and about the community nature of New York National Bank, which was founded 20 years ago in the Bronx, is minority-owned, and is neighborhood-oriented.

"To rebuild, we need partnerships," McCall said.  "We all have to work together.  That's what we see here today."  He praised NYNB as "focused, and committed to going where there are needs and to provide the financial services those communities deserve."

Mariel said, "This happens at a time when we have come to appreciate the importance of maintaining economic strength in all neighborhoods – all communities."

He added, "Helping to strengthen the economic base of communities is a role we have played as we have opened up branches in other unbanked and under-banked communities.  And that's a role we are pleased to be playing on Roosevelt Island.  We saw a community that was about to become an unbanked community, and we said we should do on Roosevelt Island what we have done in the South Bronx and in upper Manhattan."

Mariel praised Shell Oil for its involvement.  "This is a pace-setting level of enlightened help by a major corporation...  Just imagine if a dozen corporations – or fifty or a hundred corporations – were so enlightened."

State Senator Olga Mendez responded with instructions to her driver to fill up at Shell stations.  She added, "Everybody and his brother have been wonderful" in paving the way for NYNB involvement on the Island.  "The Governor has been wonderful."

Mendez, Mariel pointed out, was the official who first called his attention to Roosevelt Island's plight after Chase Bank decided to close its branch here.  He also acknowledged the help of Borough President Fields and City Councilmember Gifford Miller in acquiring banking development district status for the Island, which permitted deposit of the $10 million in State funds.

Assemblymember Pete Grannis said, "A community without a bank is like a community without a library," and he exhorted the Roosevelt Island community to "pitch in the way they did with the Library" by supporting the NYNB branch with deposits and other business.

An employee of Housing Management, Vincent LoManto, won the TV/VCR set in NYNB's grand opening drawing.