Ceased operations 2006 | Parent organization New York Community Bank | |
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Founded 1926, New York, United States | ||
Since 2006, Atlantic Bank of New York has been a division of New York Commercial Bank, itself a subsidiary of New York Community Bank.
History
In 1926 New York State chartered Bank of Athens Trust Company, a subsidiary of Bank of Athens.
In 1952 The bank changed its name to Atlantic Bank of New York. The next year, Atlantic Bank of New York acquired Hellenic Bank Trust Company, a subsidiary that National Bank of Greece had established in 1930. National Bank of Greece had just merged with Bank of Athens to form National Bank of Greece and Athens, later shortened to National Bank of Greece. Then in 1959 Atlantic Bank of New York acquired Bankatlanta Safe Deposit Company.
The next acquisition did not occur until some 30 years later when in 2002 Atlantic Bank of New York acquired Yonkers S&L, which had been established in 1888 as the Yonkers Building and Loan Association. However, in 2006 National Bank of Greece sold Atlantic Bank of New York to New York Community Bank for US$400 million (€331 million) in cash. National Bank of Greece used proceeds from the sale to help finance further acquisitions in southeast Europe.