Woodland Bank is to open its first state-owned bank in the US next year.
The bank, which will be the first bank in New York state, will start operations in the first quarter of 2019, said Woodland president and CEO Steve Mazzarella.
The New York-based bank will be able to serve as an alternative to the federally insured bank that has operated in New Jersey and New York since the Great Depression.
The new bank will have about 150 branches and operate more than 60 branches in New England and the eastern seaboard.
Its main business is in banking on the wholesale and retail markets, said Mazzatta, who was also chief executive of the state-run New York State Trustee Bank.
He said Woodlands first bank will not be located in Newland, a small town north of Albany, but will be in the rural community of Biddeford, just north of New York City.
“The Woodland brand is about people who care about their community,” Mazzana said.
“This is a community bank that’s going to be about supporting people.”
Woodland said it plans to provide services to more than 200,000 customers in the state.
It also operates several other banks, including its regional branch in New Bedford, New York.
The Woodlands new bank is the first state bank to open since New York Governor Andrew Cuomo, a Democrat, signed a bill in January to create the state’s first state, regional and national bank.
The bill created the Woodland regional bank to be responsible for providing banking services to rural and suburban areas and rural areas in cities and towns, and also for the provision of commercial, banking and investment services.
New York Governor Chris Christie said Woodies new bank, the Woodlands First National Bank, would give rural and coastal New Yorkers access to banking services in the “big cities of the New York metropolitan area.”
“It’s important for our citizens to have access to bank services and loans from New York and to be able [to] take advantage of the financial services that we have in the New England region,” Christie said in February.
“This is good for our economy, good for rural New York.”
Mazzarella said the bank’s primary focus is on the banking services it will provide, not its location.
“We’re going to go into every community in New Hampshire, in every county in New Haven and in every community,” he said.
Mazzana was speaking at a press conference Monday to announce the opening of Woodlands second bank, Woodland First National, which was approved by New Hampshire voters last November.
Woodland is in the process of opening a third regional branch, Woodlands National Bank.