Business & Tech
Gold Coast Bank Third-Quarter Profits Rise $236K
Islandia-based bank posts fifth straight profitable quarter.
Gold Coast Bank has seen five straight profitable quarters including a third-quarter profit of $236,000, Long Island Business News reported Tuesday.
The bank, based in Islandia with a location in East Setauket, reported total assets of $146 million through Sept. 30, a 26 percent increase over the previous year. Loans and deposits increased as well. CEO Joseph Perri said while the bank's profits came largely via investments, it soon expects to increase lending.
"We need to make more loans and we have a good pipeline. We're closing some very good loans," Perri told LIBN. "We’re ready to come out with an unbelievably low rate for good, quality commercial mortgages. We have so much money, we have to put it out."
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Click here for the full report from LIBN.
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