ES Bancshares, Inc. and Empire State Bank Announce Relocation of Home Office to Staten Island, New York
ES Bancshares, Inc. (OTCQX: ESBS) has received approval from the New York Department of Financial Services to relocate its home office from Newburgh to Staten Island. This follows an agreement to sell the Newburgh office, expected to finalize in Q2 2022. CEO Philip Guarnieri emphasized that while Newburgh remains significant, the company is refocusing operations towards Brooklyn, Staten Island, Queens, and nearby areas, aligning with its strategic objectives.
- Approval received for relocation to Staten Island, enhancing operational focus.
- Sale of Newburgh office expected to be completed in Q2 2022, streamlining assets.
- Potential impact on community relations in Newburgh due to office relocation.
STATEN ISLAND, N.Y., Feb. 23, 2022 (GLOBE NEWSWIRE) -- ES Bancshares, Inc. (the “Company”) (OTCQX: “ESBS”), the bank holding company for Empire State Bank (the “Bank”), today announced that it has received the approval of the New York Department of Financial Services to relocate the Bank’s home office from 68 North Plank Road, Newburgh, New York to its office located at 2212 Hylan Boulevard, Staten Island, New York. On December 23, 2021, the Bank announced that it had entered into an agreement with Wallkill Valley Federal Savings and Loan Association to sell the Newburgh, New York office, and that sale is expected to be completed during the second quarter of 2022.
Philip Guarnieri, Chief Executive Officer of the Company and the Company and the Bank, said, “The Newburgh community will always be an important part of the Empire State Bank family and we are maintaining certain back-office operations in Newburgh. However, in anticipation of the sale of this office and consistent with our strategy to focus our operations on Brooklyn, Staten Island, Queens and the surrounding areas, we are excited to have moved our home office to our Hylan Boulevard office in Staten Island.”
About ES Bancshares, Inc. and Empire State Bank
ES Bancshares, Inc. is the bank holding company for Empire State Bank which offers a wide range of financial services through its branch office network in Newburgh, Brooklyn and Staten Island, New York. For more information about Empire State Bank, please visit www.esbna.com.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company’s and Bank’s current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions. Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; the ability to obtain required regulatory approvals in a timely manner; and uncertainties related to the economy in our market area as a result of the Covid-19 pandemic. Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this press release or made elsewhere from time to time by the Company or on its behalf. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.
Contact: Philip Guarnieri
Chief Executive Officer
(845) 451-7802
FAQ
What is the new location of ES Bancshares' home office?
When is the sale of the Newburgh office expected to be completed?
What is the significance of the relocation for ES Bancshares?
What does the relocation mean for the Newburgh community?
What ticker symbol does ES Bancshares trade under?
