Northfield Bank announces another Staten Island closure: What you need to know (2024)

STATEN ISLAND, N.Y. – After announcing the consolidation of two borough branches earlier this month, Northfield Bank has disclosed plans to shutter another Staten Island bank before year’s end.

“Our Castleton Corners branch, located at 1731 Victory Boulevard, will combine into our Meiers Corner/Victory Boulevard branch, located at 2055 Victory Boulevard, effective December 27, 2024,” a representative for Northfield noted in an email. “As with the Hyatt branch, we continually review our operations in an effort to service our customers both effectively and efficiently. Castleton Corners customers have been notified, and no action needs to be taken on their part, as accounts will migrate seamlessly to our Meiers Corners branch.The two branches are located just blocks apart. At this time, we have no further branch combinations planned.”

Northfield, which has 39 locations across New York and New Jersey and employs a staff of approximately 400 workers, currently operates 14 banks on Staten Island. Operations will cease at the bank’s Hyatt Street branch in St. George on Sept. 27, when the bank is combined with Northfield’s West Brighton branch. By year’s end, after the Castleton Corners location shutters, the institution’s borough footprint will be reduced to 12 banks.

“Northfield Bank continually reviews our operations in an effort to service our customers both effectively and efficiently,” Robin Lefkowitz, Northfield’s executive vice president, Chief Branch Administration, Deposit Operations and Business Development Office, previously told the Advance/SILive.com, noting the closures were decided upon after “thoroughly analyzing multiple factors,” including the proximity of branch locations, the shift in overall transaction volume from in-branch transactions to digital banking channels, and upcoming lease expirations.

Lefkowitz stated that customers of the affected branches do not need to take any action, as their accounts will transition automatically.

“Customers are encouraged to visit any of our Northfield Bank branches, located throughout Staten Island, where our Northfield Bank teams remain committed to delivering exceptional customer service to our Hyatt Steet Branch customers,” she said.

In conjunction with this move, the bank is also updating its main office address from 1731 Victory Blvd. to the Heinz branch, located at 4142 Hylan Blvd.

“Our new main office will be occupied by our Staten Island Commercial Lending Teams, the Northfield Bank Foundation, and our Training Department, in their new state-of-the-art Training Center,” the bank said in a statement. “Northfield Bank is committed to providing exceptional customer service throughout all of our convenient branch locations and looks forward to welcoming customers throughout our Staten Island, Brooklyn and New Jersey marketplace.”

Northfield is deeply rooted in the Staten Island community, founded in 1887 as the Northfield Building and Loan Savings Association in the town formerly known as Northfield in Mariners Harbor. According to previous reporting by the Advance/SILive.com, the bank was formed by a group of business owners “for the purpose of rendering mutual aid to each other, and to those who shall hereafter be associated with us.”

Northfield moved its main office to Port Richmond in 1938 after it acquired Port Richmond Savings and Loan, and in 1948 opened a site on Victory Boulevard in Castleton Corners. By the 1950s, the bank expanded to the newly developed Staten Island Plaza Shopping Center on New Dorp Lane and became the first savings and loan association in New York to convert to a savings bank.

Northfield became a regional bank in 2002 when it crossed into New Jersey to acquire Liberty State Bank, which had branches in Union and Middlesex counties.

In 2007, the institution changed its name to Northfield Bank from Northfield Savings Bank to reflect its emergence as a full-service consumer and commercial enterprise. The bank opened its first office in Brooklyn that year, underwent its initial public offering and was listed on the NASDAQ stock exchange.

The Northfield Bank Foundation was also founded in 2007, a charitable organization aimed at improving the quality of life in the communities served by the financial institution. To date, the foundation has awarded a total of $9.5 million in grants.

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Northfield Bank announces another Staten Island closure: What you need to know (2024)

FAQs

Northfield Bank announces another Staten Island closure: What you need to know? ›

Northfield, which has 39 locations across New York and New Jersey and employs a staff of approximately 400 workers, currently operates 14 banks on Staten Island. Operations will cease at the bank's Hyatt Street branch in St. George on Sept. 27, when the bank is combined with Northfield's West Brighton branch.

Why are banks closing local branches? ›

“As revenue pressures persist, banks likely will continue to shrink branch networks.” But while losing your neighborhood branch may be inconvenient, the broader trend reflects how many Americans prefer to manage their money. Online banks offer a hard-to-beat combination of higher interest rates and lower fees.

Which bank branches are closing in 2024? ›

Lloyds, Halifax and Bank of Scotland to close 292 branches in 2024/25 – here's the full list, plus alternatives
  • Lloyds – 19 more branches closing (128 in total).
  • Halifax – 32 more branches closing (119 in total).
  • Bank of Scotland – four more branches closing (45 in total).

Why are all banks closing? ›

Profound technological changes, and the ease with which customers can access their accounts digitally means that our physical branch network is experiencing a sustained fall in demand. In fact, the majority of our customers (74 percent) now choose to interact with us via telephone, online, or mobile banking.

Why are so many US banks closing? ›

Economic Factors: Higher interest rates also often lead to slower economic growth, meaning people are spending less money. Inflation, recessions, and housing market crashes can all cause banks to shut down. Regulation: The government provides many regulations that banks must follow, especially after the 2008 recession.

Which banks are in danger of failing? ›

The banks of greatest concern are Flagstar Bank and Zion Bancorporation, according to the screener. Flagstar Bank reported $113 billion in assets with a total CRE of $51 billion. The bank, however, only had $9.3 billion in total equity, making its total CRE exposure 553% of its total equity.

Which banks are in trouble in 2024? ›

There has only been one bank failure so far in 2024. Republic First Bank (Philadelphia), which did business as Republic Bank, failed April 26. That was the first Federal Deposit Insurance Corp. (FDIC) bank to fail since Citizens Bank of Sac City, Iowa failed in November 2023.

What happens to my bank account if the branch closed? ›

Switch to a new account

If your local branch closes but you want to continue managing your finances in person, you could consider switching your current and/or savings account to another bank or building society with a branch in your local area.

Which banks are not closing branches? ›

Nationwide said it launched its original 'Branch Promise' in 2019 not to leave a town or city where there was no other Nationwide branch, and strengthened this in 2023 to guarantee they would not close any of their branches until at least 2026.

What banks are going out of business? ›

Two major California banks — Silicon Valley Bank and First Republic — have failed.

Do I need to worry about banks closing? ›

Should you be worried about the money you have in your bank? Bank failure may seem scary, but the money in your checking and savings account is more than likely safe, thanks to federal insurance coverage protecting deposits in the event of bank failure. But there are some exceptions.

Why are banks closing customer accounts? ›

They close down checking and credit-card accounts in part to keep regulators, who are worried about money laundering and other criminal activity, out of their hair. The closures often happen without warning, and chaos ensues when people lose access to their money for weeks and can't pay their bills.

How do I get money out of my bank when it's closed? ›

Visit the Post Office where you can use your debit card to take out cash and check your balance, and can use your pay-in book or chip and PIN debit card to make deposits.

What happens to your money if a bank closes? ›

For the most part, if you keep your money at an institution that's FDIC-insured, your money is safe — at least up to $250,000 in accounts at the failing institution. You're guaranteed that $250,000, and if the bank is acquired, even amounts over the limit may be smoothly transferred to the new bank.

Are credit unions safer than banks? ›

One question that often arises is, "Are Credit Unions Safer than Banks?" If you're looking for a short answer, you'll be happy to know that we're not making you read the whole post: Credit Unions and banks are roughly identical in safety because deposits at both are insured by the Federal government to $250,000.

Will physical banks disappear? ›

More and more people are doing the bulk of their banking online. Physical banks still offer important and attractive features to account holders. The future of the banking industry will likely result in a continuing move away from in-person banking, but it may take a while to get there.

Why US banks are closing down branches in record numbers? ›

Many major banks are closing down their physical branches in favor of digital offerings, a process that was accelerated during the pandemic as online banking became a necessity rather than a convenience. The trend has continued since then.

Why did so many banks go out of business? ›

Banks can fail for many reasons, but generally they fall into a few broad categories: a run on deposits (which leaves the bank without the cash to pay everyone who wants to withdraw their money); too many bad loans or assets that fall precipitously in value (both of which erode the bank's capital reserves); or a ...

What banks are not closing branches? ›

Nationwide said it launched its original 'Branch Promise' in 2019 not to leave a town or city where there was no other Nationwide branch, and strengthened this in 2023 to guarantee they would not close any of their branches until at least 2026.

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