Van Nest has added an important backer. Borough President Ruben Diaz Jr. has signed on to a plan to bring a bank to the neighborhood.
At a Thursday, January 28 borough board meeting, Cross Country Federal Savings Bank assistant vice president Antonio Quesaba delivered a presentation on the Queens firm’s intention to set up shop in Van Nest.
Cross Country engaged Van Nest at a community roundtable hosted by Senator Jeff Klein in Decembers. Neighborhood leaders, Community Board 11 members and several bankers attended. But only Cross Country expressed a sincere interest in Van Nest. Cross Country’s banker stayed after the roundtable to formulate a plan.
The bank hopes to persuade New York State to designate Van Nest a Bank Development District. The BDDprogram helps banks open in underserved neighborhoods.
Those at the January borough board meeting voted unanimously to support the Cross Country and CB11 BDD application.
CB11 district manager John Fratta, who attended the meeting, called the vote is a good sign. Van Nest’s 20-year battle to add a bank may be near its end, Fratta said.
Morris Park Alliance president Bob Ruggiero, who testified on behalf of Cross Country at the meeting, described Quesaba’s presentation as impressive. Cross Country understands Van Nest because it was founded in a similar neighborhood, Quesaba said.
“They are going to target all the services that big banks are avoiding today, such as Christmas club accounts, payroll deductions into saving accounts and passbook savings,” Ruggerio said. “They also want to reach out to grammar schools, do presentations and teach the kids how to save.”
Now that Diaz Jr. is on board, Cross Country will seek approval from the New York State Banking Department, which plans to review the bank’s application for 45 to 90 days.
“After many months of working to open a bank in the Van Nest community, I am pleased to see the process is moving forward,” Klein said.“Now that Bronx Borough President Ruben Diaz Jr. is on board as a co-applicant, we are one step closer to achieving our goal and I encourage the Banking Department to approve our application so that Cross County bank may open as soon as possible.”
Reach reporter Amanda Marinaccio at 718 742-3394 or amarinaccio@cnglocal.com
