Wantagh Bank Getting Name Change

A Wantagh bank that has operated in the Cherrywood Shopping Center for nearly 40 years will soon be getting a name change.

Short Hills N.J.-based Investors Bancorp Inc. announced last week its acquisition of Brooklyn Federal Bancorp, Inc., a holding company for Brooklyn Federal Savings Bank, which has operated a on 1164 Wantagh Ave since 1973. All five Brooklyn Federal Savings Bank branches will be opening with new Investors Bank signage on Jan. 23. Investors Bancorp is the holding company for Investors Bank.

Investors Bank spokesman Bob Rinklin said the conversion of Wantagh's Brooklyn Federal Bank location will take place the weekend of Jan. 21-22 but all employees at the branch will remain the same. Rinklin said renovations are planned for the Cherrywood Shopping Center branch and Investors Bank is open to suggestions for a historical photograph of Wantagh that will be placed inside. A grand opening celebration that will be attended by Investors Bank president and CEO Kevin Cummings is slated for the spring, Rinklin said.

In addition to its Wantagh location, Brooklyn Federal Savings Bank also has branches in Commack, Islandia and two in Brooklyn that will also see its conversion to Investors Bank completed on Jan. 23. The only current Long Island Investors Bank branch is on 190 East Jericho Tpke., Mineola. 

Brooklyn Federal Savings Bank has seen struggles during the recent global financial meltdown losing $36.1 million in assets and $24.2 million in deposits during a one-year period as of Sept. 30, 2011, according to BankTracker. Investors Bancorp entered into a separate agreement last year with a real estate investment fund to sell most of Brooklyn Federal Bancorp's commercial real estate loan portfolio.

“Investors Bancorp’s acquisition of Brooklyn Federal Bancorp adds five branches to our branch network and approximately $390 million of deposits which complements our expansion into New York,” Cummings said in a statement. “We are committed to providing Brooklyn Federal’s customers with the same high level of service to which they have become accustomed.”