EAST SYRACUSE, N.Y., Feb. 22, 2008 (PRIME NEWSWIRE) -- Beacon Federal Bancorp, Inc. announced this week that it will break ground on a 30,000 square foot building on Bridge St., East Syracuse. The project will result in the addition of up to 10 jobs at Beacon.
The site will be home to Beacon's newest full-service branch featuring drive-through services -- bringing the total number of Beacon branches to eight. It will also include the offices of Beacon Comprehensive Services Corp. (BCSC), a wholly owned subsidiary of the bank that offers insurance, investment and tax services.
Development of the site to Beacons specifications is by Michael Santaro of Manlius Center Road Associates, LLC; architecture by Zausmer Frisch Associates, Inc.; structural engineering by Palucci Engineering PC; and civil engineering by Clough Harbour & Associates LLP. The site is owned by Santaro and will be leased by Beacon. Construction is expected to be completed by the end of 2008.
"We are very excited about the new building. It will give our valued customers easier access to services and allow us to consolidate administrative functions," said Ross Prossner, President/CEO, Beacon Federal. "It is especially gratifying that this project is taking place here in East Syracuse where Beacon first started 55 years ago."
"Mayor Danny J. Liedka, the East Syracuse Village Planning Board and the overall business community have been very supportive and welcoming and we are looking forward to our grand opening in early 2009," Prossner added.
Founded in 1953, Beacon Federal started as a member-owned credit union serving the employees of Carrier Corp. It transitioned to a depositor-owned, federally insured bank in 1999 and in 2007 to its current status as a public company. It trades on the Nasdaq exchange under the symbol BFED.
Beacon is powered by a 120-person workforce in New York, Massachusetts, Tennessee and Texas -- counting more than 40,000 consumers and 200+ employer groups to its customer base. Beacon's total assets at year-end 2007 were $877.9 million compared to $607.7 million at year-end 2006 -- an increase of $270.2 million.