Empire National Bank receives FDIC approval

According to Empire National Bank (In Formation), the Federal Deposit Insurance Corporation (FDIC) has approved its application for deposit insurance, subject to certain conditions, which completes the regulatory approvals required to open the new Long Island-based financial institution. "We are very pleased to have received the approvals of the FDIC and the Comptroller of the Currency to organize our bank and are excited about the opportunity to bring a new independent, locally-owned bank to Long Island," said chief executive officer Douglas Manditch. "We have a number of items that we are working to complete over the next several months, including finalizing our capital campaign, before we open for business. However, we expect to be open in January 2008." The bank is currently conducting its initial public offering and has received subscriptions in excess of the $25 million minimum capitalization required to open. The offering is expected to continue until November 19, but may be closed at an earlier date. In preparation for opening, the bank is beginning construction on its main office, which will be located at 1707 Veterans Highway, Islandia, as well as its Shirley branch office, which will be located at 1044 William Floyd Pkwy., Shirley. Both locations are expected to be fully operational when the bank opens in January. Led by Manditch, a 42 year veteran of the banking industry on Long Island, Empire National Bank (In Formation) will be locally-owned and operated and will specialize in serving Long Island's privately owned small and mid-size business community.