Astoria Federal changes its name in focus on business banking

Astoria Federal Savings and Loan Association planned Monday to become Astoria Bank, a name that the bank said it believes better reflects its increased business banking as well as its traditional consumer services.

The 86-branch Astoria is a unit of Astoria Financial Corp., based in Lake Success.

President and chief executive Monte N. Redman said temporary signage was to be in place Monday and that the bank planned a rebranding ad campaign to accompany the one running now advertising its relatively new business banking unit.

"It puts an exclamation point on all we said we were going to do and all we are doing," Redman said of the name change.

Astoria set about in 2012 to increase its business clientele, and since then the business banking operation has increased from seven people to 40 and made $100 million worth of new loans.

"Astoria Bank is a better name for who we are and what we do today as a leading, full-service community bank," Redman said in an announcement.

The bank plans to open seven more branches in the New York area between now and the end of 2016, the statement said.

SEE PHOTOSSee who got hired, promoted on LI

Astoria has assets of $15.7 billion.