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First Central Savings Bank

New York

Michael Serao has 21 first central savings bank astoria ny of banking experience which included time at Commerce Bank in Astoria, NY, Vice President of JPMorgan Chase, and Quontic Bank also in Astoria, NY. He currently serves as Executive Vice President, Chief Administrative Officer at First Central Savings Bank in Glen Cove, NY.

As Chief Administrative Officer, Serao brought First Central Savings Bank, or as the community knows them, FCSB, into the 21st century. Through his advocacy as a game-changing player of the nonprofit sector and a prolific LGBTQ activist, Serao ignited change for clients looking for a full range of personal banking services at a brick and mortar institution with the ability to bank virtually anywhere, anytime. Bringing FCSB’s branding to a new level, Serao inspired the troops to make the change.

Serao leads the philanthropic mission of FCSB by securing funding for nonprofits including: The NYC Children’s Theatre, The Metro Boys & Girls Club, Long Island Library Resources Council, Freeport Educational Foundation, Long Island Crisis Center, and The American Italian Cancer Foundation, plus many more. Serao believes in the value of giving back. In 2018, he personally donated over $100,000 in charitable contributions to nonprofit organizations including $10,000 to the Long Island Crisis Center. He has worked actively in the LGBTQ community as a former member of OUT Astoria and former President of the Western Queens LGBT Democratic Club. In 2018, Serao was nominated to The Long Island Press Power List as a “Rainmaker” for his activism in business and “Person of the Year” by the Long Island Crisis Center for his philanthropic commitment to the LGBTQ community.  His honors include: HX Magazine Businessman of the Year, Business Leadership Award from the Powhattan Democratic Club, and Man of jared comenity bank phone number Year from the LIC Kiwanis. In 2014, the Huffington Post named him "The Banker Everyone Loves.” Serao is the Chairman of SHAREing & CAREing, Board Member for QSAC and Chair of the HR & Finance Committee, the former Board Director for the Kiwanis Club of Astoria/LIC, and previously served as an Advisory Board Member to The Immaculate Conception School in Queens He supports services for children with Autism through Quality Services for the Autism Community (QSAC) as well as senior citizens with disabilities. Serao is the Founder & CEO of Serao Enterprises and is also the President and co-owner of Guy Lombardo Properties, a multi-million dollar real estate business along with his husband, Dr. Fidel Abreu. Serao is a graduate of Queensborough Community College and New York University. He resides in Hewlett Harbor with his husband, Dr. Fidel Abreu, and their three dogs Bernie, CoCo, and Martin. Dr. Fidel Abreu is the founder of Fidel Abreu, DDS PLLC, a full service dental spa that provides a safe space for LGBTQ people and free services for victims of domestic violence.

This article is about the New York-based retail bank. For Apple Inc.'s financial services, see Apple Pay and Apple Card.

Apple Bank for Savings is a Savings bank headquartered in Manhasset, New York and operating in the New York metropolitan area.

History[edit]

The company was founded in 1863 as the Haarlem Savings Bank by a group of local merchants as a community-based mutual savings bank. Harlem at the time was a suburban village - it was not part of New York City until 1873 - and the bank's first location on 3rd Avenue between 125th and 126th Streets was surrounded by farms and undeveloped lots. In 1869, the bank moved to a building of its own construction on 3rd Avenue and 124th Street.^[2]

In 1907, the bank moved its headquarters to 124 E. 125th St.^[2]

In 1932, just after the Great Depression, the bank acquired Commonwealth Savings Bank and its 2 branches.^[3] The branches were on 157th Street and 180th Street in Washington Heights, Manhattan. In 1933, the bank dropped the second 'a' from its name to match the now-standard spelling of the neighborhood's name: Harlem.

In 1966, the bank opened a branch in Manhasset, New York, on Long Island as the population growth shifted to the suburbs. In 1968, the bank moved its headquarters from Harlem to 42nd Street.

United States historic place

In 1981, in a deal organized by the Federal Deposit Insurance Corporation that included a $160 million grant from the agency, the bank acquired the troubled Central Savings Bank.^[5] Created as the German Savings Bank in 1858, Central Savings Bank counted Daniel F. Tiemann, then Mayor of New York, as a charter member and operated out of the Cooper Union building before moving to a location at 14th Street and 4th Avenue in 1864.^[6] The acquisition gave the bank an additional seven branches including 2112 Broadway (between West 73rd and West 74th Streets), a designated historic landmark designed by York and Sawyer in the Palazzo style of Renaissance Revival architecture,^[7] as well as first central savings bank astoria ny branches in Nassau County on Long Island.

In the 1970s and early 1980s, the bank continued to expand into the suburbs outside New York City. To reflect its geographic expansion, the bank changed its name to Apple Bank in May 1983.^[8]

In 1985, the bank converted from a mutual savings bank to a public company, selling 4.6 million shares for $53.5 million in an initial public offering.^[1]

On December 31, 1986, the bank acquired Eastern Savings Bank, obtaining three branches in the Bronx, two in Westchester and two on Long Island.^[1][9]

In 1989, the bank acquired Sag Harbor Savings Bank and its 5 branches for $29.5 million. Sag Harbor Savings Bank was chartered in first central savings bank astoria ny in Sag Harbor, New York to provide financial services for the whaling industry.^[1][10][11]

In 1990, Stanley Stahl, the developer of 277 Park Avenue, acquired the bank for $174 million. The purchase price was well below the book value of the bank and the bank initially rejected the bid and adopted a poison pill to prevent the takeover. Stahl fought the poison pill.^[12] Shareholders supported the merger after the stock price fell during the early 1990s recession.^[13][14][15]

In 1991, William J. Laraia became chairman and chief executive officer of the bank.^[16] Laraia reduced the commercial loan portfolio and cut costs significantly.

In 1994, Alan Shamoon became the chief executive officer of the bank.^[17][18]

In August 1999, Stahl died and ownership of the bank passed to trusts.^[14]

On April 20, 2013, Apple Bank acquired 29 branches and the related deposit accounts and services from Emigrant Savings Bank. This acquisition gave Apple a total of 77 branches in greater New York and close to $13 billion in assets.^[19][20][21]

In May 2015, the bank opened a branch in Jackson Heights, Queens.^[22][23]

In June first central savings bank astoria ny, the bank opened a second branch in Bay Ridge, Brooklyn, at 426 86th Street.^[24][25]

In October 2015, the bank opened a branch in Monsey, New York.^[26]

In April 2016, Steven C. Bush became chairman, president, and chief executive officer of the bank.^[17]

In February 2021 Apple Bank was amazon 800 customer service phone number $12.5 million by the Federal Deposit Insurance Corporation for violations of the Bank Secrecy Act related to anti-money laundering controls.^[27]

References[edit]

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