The Bank of New York to Receive Community Development Award from The Bedford Stuyvesant Restoration Corporation
NEW YORK, June 14, 2007 -- The Bank of New York announced today it is being honored by The Bedford Stuyvesant Restoration Corporation (Restoration) for the ongoing support it provides to Restoration’s affordable housing and community revitalization activities. The Bank will receive the “Community Development Award” at Restoration’s 40th Anniversary Celebration event tonight, June 14, 2007. Gerald L. Hassell, President of The Bank of New York will accept the award on behalf of the Bank.
In addition to supporting Restoration’s community initiatives, The Bank of New York supports several revitalization efforts in Brooklyn. The Bank has provided in excess of $500 million in financing for housing and economic development projects over the past five years in Brooklyn. These projects include the construction of over 600 new units of affordable housing and economic development projects in the borough, as well as financing the expansion of the Brooklyn Marriott Hotel.
Lloyd W. Brown, II, executive vice president and head of The Bank New York’s Community Development Division, said, “The Bank is honored to receive the Community Development Award from Restoration. This award acknowledges our longstanding support of Restoration’s community initiatives. As part of our commitment to providing resources to growing communities, mutually beneficial partnerships like the one with Restoration are essential in creating strong, more vibrant neighborhoods.”
For more information about The Bank of New York and its community development services, please call Mark L. Castle, Vice President at
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and wealth management. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
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