Quontic Bank

Quontic is a U.S.-based bank headquartered in Manhattan, New York City. Quontic has additional locations in Astoria, New York; Melville, New York; Flushing, New York; and Miami, Florida.[1] Though the bank offers traditional branch, in-person banking, it has gained media attention for its mobile banking[2] app, home loans[3][4][5][6][7] and reverse mortgages.[8][9]

Quontic Bank
Private company
IndustryBanking
FoundedGreat Neck, New York, USA 2009 (2009)
HeadquartersManhattan, New York City, New York, United States
Key people
Steven Schnall (CEO)
ProductsRetail Banking
Commercial Banking
Mortgage loan
Reverse mortgage
Total assetsUS$ 325 million (2017)
Number of employees
220
Websitewww.quonticbank.com

History

In late 2009, real estate developer and entrepreneur Steven Schnall bought Golden First Bank; a small, troubled bank in Great Neck, New York with $24 million in assets. Terms of the sale allowed Schnall to buy the bank with a clean balance sheet.[10] Schnall assembled a new team, injected fresh capital, and renamed it "Quontic Bank."[11] In March 2011, Quontic opened a second branch in the Astoria, Queens neighborhood of New York City[12] Later in 2011, it shuttered the Great Neck location and moved its headquarters to Astoria.[13] Since its humble beginnings, Quontic has relocated its headquarters to Manhattan, New York, in Rockefeller Plaza. Quontic continues to operate a bank branch in Astoria.[14] Though Quontic had expanded its offices to states such as Georgia, New Jersey, and Massachusetts, it now has locations in just 2 states: Florida, and New York.

Locations

New York

Quontic Bank was founded in New York and headquartered in the Astoria, Queens neighborhood of New York City. The Astoria location has a full-service branch and home mortgage office, which has gained media attention for its lending to Queens' large immigrant community.[15]

Quontic Bank operated a home mortgage office in Jericho, Long Island before moving to Melville in October 2016.[16][17][18][19]

Florida

Quontic Bank operates a home mortgage office in Coral Gables, a city southwest of Downtown Miami.

References
  1. "Quontic Bank locations".
  2. Ansari, Aeman. "Toronto-based Sensibill expands in the US with Quontic Bank partnership." BetaKit. November 28, 2017.
  3. Olick, Diana. "Bank requires few mortgage documents: Seems like housing deja vu." CNBC. June 7, 2016.
  4. Barnard, Patrick. "Return Of the ‘Low Doc’ loan is nothing to fear." MortgageOrb. June 8, 2016.
  5. Solomont, E.B.. "The death of the all-cash Chinese buyer – and what it means for NYC banks." The Real Deal. March 27, 2017.
  6. Bockmann, Rich. "I’m too sexy for this … loan?" The Real Deal. April 1, 2017.
  7. Nelson, Lee. "No doc mortgage: What’s available now." The Mortgage Reports. June 15, 2017.
  8. Spanko, Alex. "Reverse mortgages start at the kitchen table, but scaling proves hard." Reverse Mortgage Daily. February 27, 2017.
  9. Spanko, Alex. "Reverse mortgage endorsement pattern continues with July drop." Reverse Mortgage Daily. September 12, 2017.
  10. Smith, Andrew. "Despite shaky economy, some see opportunity for new banks." Newsday. December 19, 2009.
  11. Tennery, Amy. "NY Mortgage Trust founder launches bank." The Real Deal. November 24, 2009.
  12. Doda, Bob. "Quontic Bank coming to Queens." Queens Courier. March 9, 2011.
  13. Schnoonover, Jessie."Broadway welcomes Starbucks, Quontic Bank." Queens Gazette. April 13, 2011.
  14. Rios, Emily. "Banking on Astoria's small businesses." We Heart Astoria. March 21, 2017.
  15. Cortese, Amy. "The Queens bank growing with the city's working-class families." Crain's New York Business. November 8, 2017.
  16. Winzelberg, David. "Bank moves home loan offices to Melville." Long Island Business News. October 4, 2016.
  17. McAtee, Paige. "Bank Upgrades Offices to Melville." Half Hollow Hills Patch. October 4, 2016.
  18. Reich-Hale, David. "Quontic Bank plans to double staff at new Melville office." Newsday. October 10, 2016.
  19. Law, Janee. "Bank relocates to Route 110 corridor." Long Islander News. October 13, 2016.
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