Best Banks on Long Island and their Affect on Real Estate
The Difference Between Getting a Deal Done & a Deal Falling Apart
Banks are the backbone of business, and they certainly are the fuel for commercial real estate transactions. This fact cannot be disputed.
In 2007, the US economy entered a mortgage crisis that brought about a sustained and significant panic and financial turmoil that reverberated around the world. Due to the turbulent economic climate of the past several years, banks have remained cautious when it comes to lending money. In turn, this has most definitely affected the commercial real estate market.
The climate is different. Today, in order to make deals happen, it is necessary to know which banks to work with and which ones to avoid. Knowing which bank to work with can literally be the difference between a deal getting done and a deal falling apart.
Best of Long Island has a team of experienced researchers, investors, advisors and planners who collaborate to rank Long Island’s best financial institutions. According to their rankings, Bethpage Federal Credit Union ranks number one for three consecutive years. Best of Long island praised Bethpage Federal Credit Union explaining, “While the “too big to fail” banks that brought the U.S. economy to its knees were reluctant to issue loans after getting taxpayer bailouts, this hometown credit union saved many a small businesses as they proved to be one of the few who were still lending when it was needed most.”
Every year, Forbes ranks the 100 largest publicly traded banks. They use data from SNL Financial, which includes return on average equity, net interest margin, nonperforming loans as a percentage of loans and nonperforming assets as a percentage of assets. Using this data, Forbes magazine ranked Signature Bank number two among the nation’s 100 biggest banks in a listing that placed several Long Island-based financial institutions. Signature Bank currently has seven offices on Long Island. BankUnited, which is based in Miami Lakes, Florida, recently joined the New York and Long island communities and was ranked number 8.
The rankings continue to reveal more information that is interesting for Long Island real estate. Here are other ranked New York banks with a presence in Long Island:
- Bank of New York Mellon at number 15
- Capital One at number 20
- Sterling Financial at number 26
- Investors Bancorp at number 34
- Citigroup placed 39th on the Forbes list
- New York Community Bancorp was ranked at 48
- JPMorgan Chase ranked 54th
- Wells Fargo ranked 73rd
- Valley National Bancorp placed 87th
Bank of America finished toward the bottom of the list at number 95, while People’s United Financial, which took over the Bank of Smithtown in 2010, ranked number 96 and Lake Success-based Astoria Financial was ranked 97th.
The data is clear Long Island banks are well represented on the Forbes list. It is important to remember, however, that knowing which bank is the “right bank” can in the end make all the difference in whether a deal materializes or falls apart.