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SNL confirmed Oct. 1 that Astoria, N.Y.-based de novo Alma Bank will open with one branch in Astoria on Oct. 15, having raised the target of $50 million in initial capital. CFO Bruce Cercone told SNL that Alma Bank plans to expand at a rate of four branches per year. "We plan to be $400 million in size by year three," he added.
The business plan set forth in the de novo application estimated that the board of directors would grow over the first three years to 20 or more members, with an ability to bring in high quality loan and deposit business as part of the selection criteria.
At its inception or shortly thereafter, Alma Bank plans to form, through its...