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Empire State Bank Important Update on Banking Centers Re-opening

Empire State Bank Important Update on Banking Centers Re-opening

Throughout the coronavirus pandemic, we have remained open and committed to serving our community and your financial needs safely with full capability. Currently Banking Centers are operating on reduced hours. We now plan to carefully transition back to normal operations and will be re-opening our Banking Centers using a measured, phased-in approach. Effective Monday, July 6th, 2020 banking centers will resume normal operating hours. To keep our customers, employees and communities safe and healthy, we continue to serve your transactional needs through drive-through and walk-up services. You can find our Banking Center locations and hours below:


Banking Center Locations & Hours:


Newburgh | 68 North Plank Road | Newburgh, NY 12550 | 845-561-0003­

Drive Thru Hours

Monday – Wednesday: 8:30 AM – 5 PM

Thursday & Friday: 8 AM – 6 PM

Saturday: 9 AM – 12 PM

*Safe Deposit Box access available by appointment.

Walk Up Service Hours

Monday – Thursday: 9 AM – 4 PM

Friday: 9 AM – 6 PM

Saturday: 9 AM – 12 PM


New Dorp | 1361 North Railroad Avenue | Staten Island, NY 10306 | 718-351-0590

Walk Up Service

Monday – Wednesday: 8:30 AM – 4 PM

Thursday & Friday: 8:30 AM – 6 PM

Saturday: 9 AM – 1 PM


Victory Boulevard | 1698 Victory Boulevard | Staten Island, NY 10314 | 718-303-6900

Walk Up Service

Monday – Wednesday: 8:30 AM – 5 PM

Thursday & Friday: 8:30 AM – 6 PM

Saturday: 8:30 AM – 2 PM


3rd Avenue | 8701 Third Avenue | Brooklyn, NY 11209 | 347-695-9040

Walk Up Service

Monday – Wednesday: 9 AM – 5 PM

Thursday & Friday: 9 AM – 6 PM

Saturday: 9 AM – 1 PM

*Safe Deposit Box access available by appointment.


18th Avenue | 6923 18th Avenue | Brooklyn, NY 11204 | 718-942-3636

Walk Up Service

Monday – Wednesday: 9 AM – 5 PM

Thursday & Friday: 9 AM – 6 PM

Saturday: 10 AM – 3 PM


At this time, lobby access will be available by appointment for Safe Deposit Box access. Please contact your Banking Center to schedule an appointment. Scheduling appointments will help us limit the number of persons in a location. When you arrive for an appointment, we will ask you to call and let us know you are here. Customers will be required to wear face covering during the visit.


As we continue to make modifications to tackle this crisis, we remain committed to serving our community and will continue to operate with full capability. For your convenience we recommend utilizing our digital services to conduct your banking anytime from the convenience and comfort of your home, business or office. Through our contact-less services you can check balances, transfer funds, deposit checks, pay bills or find the nearest ATM 24/7:

  • Contact your designated Business Relationship Manager.
  • Empire State Bank Online Banking.
  • Empire State Bank Mobile Banking App, available for free on Apple and Android
  • Use your Empire State Bank Debit Card for purchases.
  • Deposit Business checks with Remote Deposit Capture
  • Telephone 24 Hour Banking Support 877-350-5702.

 

If you are not enrolled in Empire State Bank Digital Services and, or you need assistance with the process, contact your local Banking Center.


2019 Annual Report

Important Update on Banking Center Hours

As COVID-19 continues to impact our community, we are adjusting our operations to help protect your health and that of our team, and to do our part in slowing the spread of the virus, we have decided to temporarily close our Bay Ridge Banking Center and reopened our Bensonhurst Banking Center. The closure will go into effect on Monday, March 30 and will remain closed until further notice. This will help us protect the health and safety of our team, customers and community as we continue to provide essential services to the communities we serve. The following Banking Centers are temporarily closed:

  • 3rd Avenue | 8701 Third Avenue | Brooklyn, NY 11209 | 347-695-9040
  • Victory Boulevard |1698 Victory Boulevard | Staten Island, NY 10314 | 718-303-6900

 

Additionally, the Night Depository and Deposits functions performed at this ATM will also be temporarily unavailable. ATM will continue to be available for cash withdrawals.

 

In order to provide appropriate coverage in every market, we remain open at the following Banking Centers and are ready to serve your transaction needs from Monday – Friday 9 AM – 3 PM and Saturday 9 AM – 12 PM:

  • 18th Avenue | 6923 18th Avenue | Brooklyn, NY 11204 | 718-942-3636
  • Newburgh | 68 North Plank Road | Newburgh, NY 12550 | 845-561-0003
  • New Dorp | 1361 North Railroad Avenue | Staten Island, NY 10306 | 718-351-0590

 

If you need to consult with a member of our team, please contact your Banking Center to schedule an appointment. As we continue to make modifications to tackle this crisis, we remain committed to serving our community and will continue to operate with full capability. For your convenience we recommend utilizing our digital services to conduct your banking anytime from the convenience and comfort of your home, business or office. Through our contact-less services you can check balances, transfer funds, deposit checks, pay bills or find the nearest ATM 24/7:

 

If you are not enrolled in Empire State Bank Digital Services and, or you need assistance with the process, contact us at 845-561-0003.

For over 15 years we have helped our communities thrive through the exceptional service provided by our team members, which we are grateful to have among us. At the present time, your safety and well-being of our communities is top priority. As we make modifications to tackle the pandemic, we remain committed to serving our community and will continue to operate with full capacity.

COVID-19: Programs Available to Assist With Property Taxes

With many people out of work due to the coronavirus (COVID-19) pandemic, the City Department of Finance (DOF) is offering several programs to assist property owners who are having a hard time making their property tax payments.

These include exemption programs to lower the amount of taxes owed, standard payment plan options — as well as the new Property Tax and Interest Deferral (PT AID) program, for those who qualify.

“These are unprecedented times for New Yorkers, many of whom now find themselves struggling to make ends meet,” said Department of Finance Commissioner Jacques Jiha. “Through our programs, DOF hopes to ensure we do our part to help those who are struggling have one less burden to deal with as we work toward economic recovery.”

EXEMPTION PROGRAMS

The DOF administers several benefits in the form of tax exemptions, abatements and money-saving programs.

Exemptions lower the amount of tax owed by reducing a property’s assessed value. Abatements reduce taxes by applying credits to the amount of taxes owed. Exemptions administered by DOF include the Coop & Condo Abatement for qualifying property owners, as well as a number of programs for seniors, disabled and veterans.

More information and application information for those programs can be found here.

STANDARD PAYMENT PLANS

DOF offers flexible payment plan programs that are personalized to each property owner. Under a payment plan, property owners agree to pay the total amount owed over time instead of paying the full amount all at once. A payment plan will also prevent enforcement from occurring against a property.

PROPERTY TAX AND INTEREST DEFERRAL PROGRAM

Property owners who qualify for the Property Tax and Interest Deferral program can defer their property tax payments, or pay only a small percentage of their income, to ensure they stay in their home.

The program defers property tax payments for a given length of time, depending on each applicant’s situation.

Through the program, payment of property taxes can be deferred for a fixed length of time for a temporary hardship, or for a longer period due to a chronic hardship.

The amount each property owner can defer paying is limited to a maximum of 25% of the owner equity of a one-, two-, or three-family home, or up to 50% of the equity of a condominium unit. The program is open to one-to three-family home and condominium owners who have fallen behind on their property tax payments.

THREE PAYMENT PLAN OPTIONS:

Extenuating Circumstances Income-Based (ECI) Plan: Homeowners experiencing extenuating circumstances can enter into a payment plan, which limits their payments to a maximum 8% of their adjusted gross income while the hardship persists.

The DOF defines “extenuating circumstances” as involving the death or serious illness of a property owner or immediate family member, loss of income, or enrollment in the Department of Environmental Protection’s Water Debt Assistance Program.

Eligibility criteria:

  • The property must be a one- to three-unit tax class 1 residential property, or a condominium.
  • The property must have been the applicant’s primary residence for at least one year.
  • Applicants must have a federal adjusted gross income (AGI) of $58,399 or less.
  • Applicants must be able to document an extenuating circumstance, such as the death or serious illness of a property owner or immediate family member, loss of income, or enrollment in the Department of Environmental Protection’s Water Debt Assistance Program.

Low Income Senior Plan: Senior homeowners experiencing hardship can fully or partially defer payment of their delinquent and future property taxes for either a fixed or indefinite period of time. Property owners can choose to pay 0% (full deferral), 25%, 50%, or 75% of the delinquent and future property taxes.

Eligibility criteria:

  • Property owner must be 65 or older.
  • Property must be a one- to three-unit tax class 1 residential property, or a condominium.
  • The applicant must have been using the property as their primary residence for at least one year.
  • Applicants must have a federal adjusted gross income (AGI) of $58,399 or less
  • Fixed Term Income Based Plan: Property owners can enter into a payment plan that limits their payments to a maximum of 8% of their adjusted gross income. The plan may include only the delinquent amount or the delinquent amount plus charges projected to be due over the next year.

Eligibility criteria:

  • The property must be a one- to three-unit tax class 1 residential property, or a condominium.
  • The property must have been the applicant’s primary residence for at least one year.
  • Applicants must have a federal adjusted gross income (AGI) of $58,399 or less.
    • Applications and more information about property payment plan applications can be found here; information and the application for the PT AID program can be found here. Completed applications and supporting documentation for both standard payment plans and the PT AID program can be emailed to PTAID@finance.nyc.govor mailed to:
    • Department of Finance
    • Payment Plans
    • 59 Maiden Lane, 28th Floor
    • New York, NY 10038

A Message From CEO, Philip Guarnieri on The Coronavirus Aid, Relief and Economic Stimulus (CARES) Act Snapshot

The Coronavirus Aid, Relief and Economic Stimulus (CARES) Act is one of the largest bills passed in Congress, and contains a wide variety of provisions to provide economic relief to individuals and businesses affected by COVID-19.

There are many open questions regarding the details as Agencies are currently reviewing the provisions and issuing guidance. The bill is expected to pass the House and be signed into law as soon as Friday. We will provide you with up to date information and resources once this passes the House.

Below we have provided you with a Snapshot of key provisions that the package includes:

Paycheck Protection Program

How Does It Work?

  • The plan provides $349 billion in cash flow assistance through 100% federally guaranteed loans to small businesses and 501(c)(3) nonprofit organizations during this emergency. To help bring workers who may have already been laid off, the program can be retroactive to February 15, 2020, so employees can return onto payrolls. The loan’s covered period is February 15 to June 30, 2020. The expected forgiveness amount can be expended on payroll costs, payments of interest on a mortgage obligation, rent obligations, and utility payments. The loan can pay for:
    • The sum of payments of any compensation with respect to employees that is a salary or wage;
    • Payment of cash tip or equivalent;
    • Payment for vacation, parental, family, medical, or sick leave;
    • Allowance for dismissal or separation;
    • Payment required for the provisions of group health care benefits, including insurance premiums;
    • Payment of any retirement benefit; or
    • Payment of State or local tax assessed on the compensation of employees.

The maximum loan amount must be the lesser of:

  • Two and a half months payroll, as calculated by taking the average total monthly payments by the business for payroll costs incurred during the 1-year period before the date on which the loan is made. For a seasonal employer, the business calculates the average total monthly payments for payroll during the 12-week period beginning February 15, 2019, or at the choice of the business, March 1, 2019, and ending June 30, 2019. Multiply this number by 2.5 for two and a half months payroll.
  • $10,000,000

Restricted from being included in the payroll calculation are: Any salaries above $100,000 per year and any qualified sick leave wages for which a tax credit is allowed under section 7001 or 7003 of the Families First Coronavirus Response Act.

What Businesses Are Eligible?

  • Only small businesses that employ less than 500 employees are eligible for Paycheck Protection Program and SBA Loan Forgiveness.
  • The program enacted by this legislation would remove the “Credit Elsewhere Test,” which requires an extensive analysis to determine whether the borrower has the ability to obtain some, or all, of the requested loan funds from alternative sources, without causing undue hardship. That test could also have required them to utilize those alternative sources – rather than obtain the Small Business Administration (SBA) loan – if so.
  • No collateral, or personal guarantee, shall be required for the covered loan.

What Is Loan Forgiveness?

  • The borrower is eligible for loan forgiveness equal to the amount spent by the borrower during an eight-week period after the origination date of the loan on payroll costs, interest payment on any mortgage incurred prior to February 15, 2020, payment of rent on any lease in force prior to February 15, 2020, and payment on any utility for which service began before February 15, 2020.
    • Amounts forgiven may not exceed the principal amount of the loan.
  • Forgiveness on a covered loan is equal to the sum of the following payroll costs incurred during the covered eight-week period compared to the previous year or time period, proportionate to maintaining employees and wages:
    • Payroll costs plus any payment of interest on any covered mortgage obligation (which shall not include any prepayment of or payment of principal on a covered mortgage obligation) plus any payment on any covered rent obligation + any covered utility payment.
    • The amount forgiven will be reduced proportionally by any reduction in employees retained compared to the prior year and reduced by the reduction in pay of any employee beyond 25% of their prior year compensation.
  • To encourage employers to rehire any employees who have already been laid off due to the COVID-19 crisis, borrowers that re-hire workers previously laid off will not be penalized for having a reduced payroll at the beginning of the period.
  • The SBA Administrator and the Treasury Secretary may prescribe regulations granting de minimis exemptions from the requirements under this subsection.
  • Borrowers will verify through documentation to lenders their payments during the period. Lenders that receive the required documentation will not be subject to an enforcement action or penalties by the Administrator relating to loan forgiveness for eligible uses.
  • Any loan amounts not forgiven at the end of one year is carried forward as an ongoing loan with terms of a max of 10 years, at max 4% interest. The 100% loan guarantee remains intact.
  • The calculation for an average monthly number of full-time equivalent employees is about 30 hours per week, under the Affordable Care Act. The forgiveness amount is reduced according to the amount of full-time employees on staff compared to the previous year, February 15, 2019 to June 30, 2019.
  • Loan forgiveness may also cover any additional wages paid by businesses to tipped employees (as defined in the Fair Labor Standards Act).

Loan Mechanics

  • The program is administered through the (SBA) 7(a) Loan Program, and the government guarantee increases to 100% through December 31, 2020, and then reduce to 75% for loans exceeding $150,000 and 85% for loans equal to or less than $150,000.
  • Waives both borrower and lender fees for 7(a) loans.
  • Increases the maximum loan for an SBA Express loan from $350,000 to $1 million through December 31, 2020.
  • Exclusions: Provides a limitation on a borrower from receiving this assistance and an economic injury disaster loan through SBA for the same purpose. However, it allows a borrower who has an economic injury disaster loan (EIDL) unrelated to coronavirus to apply for a PPP loan, with an option to refinance that loan into the PPP loan. The emergency EIDL grant award of up to $10,000 would be subtracted from the amount forgiven under the Paycheck Protection Program.

Qualified Improvement Property

  • Businesses will be able to immediately write off costs associated with improving facilities instead of having to depreciate those improvements over the 39-year life of the building.
  • This corrects the error in the Tax Cuts and Jobs Act and increases a business’ access to cash flow by allowing them to amend a prior year return, while incentivizing investment.

Employee Retention Tax Credit

The employee retention tax credit (ERTC) for employers subject to closure due to coronavirus. The provision provides a refundable payroll tax credit for 50% of wages paid by employers to employees during the crisis. The credit is available to employers whose 1) operations were fully or partially suspended, due to a coronavirus-related shut-down order, or 2) gross receipts declined by more than 50% when compared to the same quarter in the prior year. For employers with greater than 100 full-time employees, qualified wages are wages paid to employees when they are not providing services due to the coronavirus-related circumstances described above. For eligible employers with 100 or fewer full-time employees, all employee wages qualify for the credit, whether the employer is open for business or subject to a shut-down order. The credit is provided for the first $10,000 of compensation, including health benefits, paid to an eligible employee. The credit is provided for wages paid or incurred from March 13, 2020 through December 31, 2020.

Community Development Block Grants (CDBG)

$5 billion to enable nearly 1,240 states, counties, and cities to rapidly respond to coronavirus and the economic and housing impacts caused by it. Of the amounts provided, $2 billion will be allocated to states and local governments based on the prevalence and risk of COVID-19 and related economic and housing disruption. 

Modifications for Net Operating Losses (NOLs)

  • The provision relaxes limitations on a company’s use of losses from prior years. NOLs are currently subject to a taxable income limitation, and they cannot be carried back to reduce income in a prior tax year. This provision provides that a loss from 2018, 2019, or 2020 can be carried back five years.
  • This also temporarily removes the taxable income limitation to allow an NOL to fully offset income.

Delay of Payment of Employer Payroll Taxes

  • Employers can defer payment of the employer share of the Social Security tax.
  • The deferred employment tax be paid over the following two years, with half of the amount required to be paid by December 31, 2021 and the other half by December 31, 2022.

Temporary exception from excise tax for alcohol used to produce hand sanitizer

  • The federal excise tax is waived on any distilled spirits used for or contained in hand sanitizer that is produced and distributed in a manner consistent with guidance issued by the Food and Drug Administration and is effective for calendar year 2020.

Additional Tax Relief

  • The tax filing deadline will be extended from April 15 to July 15
  • Businesses and individuals can postpone estimated tax payments due from the date of enactment until October 15, 2020 with no cap on the amount of payment postponed
  • Modification of limitation on losses for taxpayers other than corporations
  • Modification of credit for prior year minimum tax liability of corporations
  • Modification of limitation on business interest

Emergency Relief and Taxpayer Protections

  • Provides $500 billion to Treasury’s Exchange Stabilization Fund to provide loans, loan guarantees, and other investments for direct lending, including:
    • $25 billion for passenger air carriers, and businesses approved to perform inspection, repair, replace, or overhaul services, and ticket agents; $4 billion for cargo air carriers; and $17 billion for businesses important to maintaining national security.
    • $454 billion for loans, loan guarantees, and investments in support of the Federal Reserve’s lending facilities to eligible businesses, states, and municipalities.

All direct lending must meet the following criteria: 1) Alternative financing is not reasonably available to the business; 2) The loan is sufficiently secured or made at an interest rate that reflects the risk of the loan and, if possible, not less than an interest rate based on market conditions for comparable obligations before the coronavirus outbreak; 3) The duration of the loan shall be as short as possible and shall not exceed 5 years; 4) Borrowers and their affiliates cannot engage in stock buybacks, unless contractually obligated, or pay dividends until the loan is no longer outstanding or one year after the date of the loan; 5) Borrowers must, until September 30, 2020, maintain its employment levels as of March 24, 2020, to the extent practicable, and retain no less than 90 percent of its employees as of that date; 6) A borrower must certify that it is a U.S.-domiciled business and its employees are predominantly located in the U.S.; 7) The loan cannot be forgiven; and 8) In the case of borrowers critical to national security, their operations are jeopardized by losses related to the coronavirus pandemic.

Important Update on Banking Centers

As COVID-19 continues to impact our community, we are adjusting our operations to help protect your health and that of our team, and to do our part in slowing the spread of the virus, we have decided to temporarily close two of our Banking Centers. The closure will go into effect on Wednesday, March 25 and will remain closed until further notice. This will help us protect the health and safety of our team, customers and community as we continue to provide essential services to the communities we serve. We have temporarily closed the following locations:

  • Victory Boulevard | 1698 Victory Boulevard | Staten Island, NY 10314 | 718-303-6900
  • 18th Avenue | 6923 18th Avenue | Brooklyn, NY 11204 | 718-942-3636

 

Additionally, the Night Depository and Deposits functions performed at the ATMs will be temporarily unavailable. ATMs will continue to be available for cash withdrawals.

In order to provide appropriate coverage in every market, we remain open at the following Banking Centers and are ready to serve your transaction needs from Monday – Friday 9 AM – 3 PM and Saturday 9 AM – 12 PM:

  • Newburgh | 68 North Plank Road | Newburgh, NY 12550 | 845-561-0003
  • New Dorp | 1361 North Railroad Avenue | Staten Island, NY 10306 | 718-351-0590
  • 3rd Avenue | 8701 Third Avenue | Brooklyn, NY 11209 | 347-695-9040 

 

If you need to consult with a member of our team, please contact your Banking Center to schedule an appointment. As we continue to make modifications to tackle this crisis, we remain committed to serving our community and will continue to operate with full capability. For your convenience we recommend utilizing our digital services to conduct your banking anytime from the convenience and comfort of your home, business or office. Through our contact-less services you can check balances, transfer funds, deposit checks, pay bills or find the nearest ATM 24/7:

 

If you are not enrolled in Empire State Bank Digital Services and, or you need assistance with the process, contact us at 845-561-0003.

For over 15 years we have helped our communities thrive through the exceptional service provided by our team members, which we are grateful to have among us. At the present time, your safety and well-being of our communities is top priority. As we make modifications to tackle the pandemic, we remain committed to serving our community and will continue to operate with full capacity.

Important Update on Banking Center Hours and Availability

As a proactive measure related to COVID-19, effective, March 21, 2020, we are limiting Banking Center operating hours and lobby access. In an effort to prioritize the safety and health of our customers and team members, transactions performed at our Banking Centers will be limited to Drive-Up stations. For Banking Centers without Drive–Up capabilities, transactions will be conducted at the front door. 

Additionally, we will provide lobby service for safe deposit box access, meeting with a team member in person and assistance for those with disabilities will be accommodated by appointment only.

Contact your Banking Center to schedule an appointment. For a full list of these locations and hours, visit: https://esbna.com/locations-hours/

Temporary Empire State Bank Community Banking Centers Hours:

Monday – Friday:

9 AM – 3 PM

Saturday:

9 AM – 12 PM

For over 15 years we have helped our communities thrive through the exceptional service provided by our team members, which we are grateful to have among us. At the present time, your safety and well-being of our communities is top priority. As we make modifications to tackle the pandemic, we remain committed to serving our community and will continue to operate with full capability.

We appreciate your flexibility and understanding during this unprecedented time as we all work together!

Message from Empire State Bank CEO, Philip Guarnieri Regarding The Coronavirus COVID-19

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Message from Empire State Bank CEO, Philip Guarnieri to our valued customers regarding The Coronavirus COVID-19

Nothing is more important to us than the safety and well-being of our communities, customers and team members. In response to the ongoing concerns about the Coronavirus COVID-19, we are closely monitoring the outbreak following the latest guidance from the Centers for Disease Control (CDC).

 

We are doing everything we can to provide a healthy banking experience. Our team members are properly educated and equipped with the tools to ensure safety and assist you at any of our community Banking Centers and Offices. We’ve provided our team members guidance following the CDC’s recommendations to prevent the spread of viruses, amplified the daily cleaning procedures with the use of EPA registered disinfectant on surfaces. We are working to ensure our team members have items like disinfecting wipes, gloves, antibacterial soap, hand sanitizer and tissues available, reiterated to employees the importance of including proper hand washing and hygiene; encouraging sick team members to stay home and restricting business-related air travel during this time.

 

In addition to visiting our Banking Centers, you can always conduct your banking from the comfort of your home through our contact-less services:

  • Contact your designated Business Relationship Manager.
  • Log in to Empire State Bank Online Banking
  • Log in to Empire State Bank Mobile Banking App, available for free for Apple and Android
  • Use your Empire State Bank Debit Card for purchases.
  • Deposit Business checks with Remote Deposit Capture
  • Telephone 24 Hour Banking Support 877-350-5702

 

As a reminder you can check balances, transfer funds, deposit checks or find the nearest ATM 24/7 through our Mobile, Online, Telephone Banking services and Remote Deposit Capture. If you are not enrolled in Empire State Bank Digital Services and, or you need assistance with the process, contact your community Banking Center. Find an Empire State Bank near you.

 

Should you encounter hardship as a result of the Coronavirus, Empire State Bank is prepared to offer assistance, through a range of measures. Contact us at 1-800-331-3036 .

We will continue to monitor developments in connection with Coronavirus COVID-19 and will continue to follow the guidance provided by the CDC and other governmental authorities. As always we remain committed to our employees and the people and communities we serve and thank you for being our valued customer.

 

For the latest information, please visit the CDC website at cdc.gov/covid19.

 

Sincerely,

Philip Guarnieri,

Chief Executive Officer

Empire State Bank Announces New Loan Production Office in Staten Island, New York

Earnings Release – ES Bancshares, Inc. Announce Fourth Quarter and Full Year 2019 Results