Bank Lends a Helping Hand in Storm’s Aftermath

Setauket’s Gold Coast Bank is offering reduced waiting time for loans in the wake of Tropical Storm Irene, part of an effort to aid affected residents that included opening the branch’s conference room and offering free Wi-Fi internet to anyone in need during the resulting power outages, the bank’s president said.

“This past week, a number of groups used our conference room to strategize on how to deal with the outage,” said president Joseph Perri, whose Setauket branch opened in May. He said the reduced waiting time was possible due to the waiving of a federal regulation that requires banks to wait three days after an application before handing money over.

“That’s the benefit of a small bank – you’re able to move very, very quickly without having to wait for corporate,” Perri said.

He received a call from chairman John Tsunis on the Sunday night following the storm. The two talked about what the bank could do under the circumstances, and the programs were put into place the next day, Perri said.

The emergency Home Equity Line of Credit (HELOC) program is designed to guarantee home and business owners access to money in less than 72 hours when a “bona fide personal emergency” is demonstrated, according to a release from the bank. The program takes advantage of a Federal Deposit Insurance Corporation (FDIC) initiative that was announced August 30 as Hurricane Irene approached, allowing expedited funding for those affected by the storm.

Suffolk County and the Federal Emergency Management Agency (FEMA) are taking similar steps, announcing this week the federal approval of Individual Assistance funding for affected home and business owners for up to $30,200, with additional loans available in greater amounts.