European American Bank has created a subsidiary to help boost its community development efforts in the Big Apple.
The Uniondale, N.Y.-based bank will rely on the EAB Community Development Corp. to coordinate its lending efforts in New York City.
With help from a neighborhood group, the company has already financed a $6.3 million loan to help rebuild properties in Manhattan. It also will help develop new loan products and coordinate investments and charitable contributions.
"Investing in and revitalizing underserved communities is good business," said Edward Travaglianti, chairman of the $8.5 billion-asset subsidiary of ABN Amro Bank.