Gold Coast Bank to open first branch in Nassau

Gold Coast Bank said Wednesday it had won state and federal approval to open its fifth branch and its first in Nassau County.

The opening of the branch at 210 Old Country Rd., Mineola, is scheduled for later this month, with a grand opening celebration planned for Oct. 25.

Founded in 2008 and based in Islandia, Gold Coast had earlier announced plans for the Mineola branch to join its others in Islandia, Huntington, Setauket and Farmingdale.

The privately held bank reported profits up 50 percent from a year earlier, to $244,000, for the quarter ended June 30. The year-earlier results included a $290,000 gain from the sale of securities, so that the bank would have reported a loss for last year’s second quarter without them.

Total Assets were $175 million at June 30, Gold Coast said, up 37 percent from a year earlier. Gold Coast said the Mineola branch had been approved by the New York State Department of Financial Services and the Federal Deposit Insurance Corp.