The Empire Connection – Empire State Bank is Selected for the Lenders Award -August Edition

The Empire Connection

The Business Initiative Corporation of New York (BICNY) presented Empire State Bank with the Terence L. Martin Lenders Award. Empire State Bank was recognized as the top SBA 504 third party lender approving the top overall dollar volume loan in New York. Empire State Bank has helped many small businesses acquire funding and made capital available to small business in New York. The 504 program provides long term, fixed rate financing for small businesses to purchase business properties, equipment, create jobs and to support economic development. 

The award was announced June 12 at the Nineteenth Annual Bronx Bankers Breakfast in the Bronx, New York, which drew more than 900 people. The Business Initiative Corporation Terrence L. Martin Lender’s Award is related to Empire State Bank’s work with granting finance to assist the growth of Elle Woodworking, a design and fabrication millwork shop that produces Artisan furnishings for commercial and residential projects. 

Jeanne Sarno, 1st VP Business Relationship Manager was recognized for her individual efforts. She was the top producing individual lender with the SBA 504 loan program totaling $1.38 million. Mrs. Sarno has been with Empire State Bank since 2004, providing her in-depth business lending expertise and providing her clients with deposit, financing and cash management solutions. 

“We are honored to be recognized for our efforts in supporting small business across New York. We set out to help our customers obtain working capital they need in order to purchase buildings or equipment, and we make the process quick and easy through our partnership with the BICNY,” said Jeanne Sarno.

Financial Highlights

For the full financial results, please visit:

Financial Numbers

Our Team

Our culture is built on integrity, teamwork, excellence and commitment. We take pride in our team and strive to create workplaces where we promote development and career growth. Our employees are the forefront of what we do and we are committed to training and developing our employees to grow and succeed. We are proud to announce our most recent employee promotions.


Peggy Edwards

First Vice President, Director of Human Resources and Corporate Secretary

Annmarie Mitchell

First Vice President, Chief Loan Underwriter

Catharine Maggs

Vice President, Loan Servicing Manager

Bryan Lahey    

First Assistant Vice President, Bank Operations Manager

Esmeralda Xheleshi

Assistant Vice President, Marketing Director

Josephine Gioffre

Closing Coordinator

Jeffrey Wilsey 

Senior Accountant

Laifun Y. Wong

Business Relationship Manager


Fuel your business with an SBA loan

Successful entrepreneurs realize the importance of obtaining adequate financing to support growth while preserving cash flow. SBA (U.S. Small Business Administration) financing can provide flexible opportunities that provide long-term financing for most credit worthy business purposes. The SBA can provide a guarantee on loans up to $5 million. Loan proceeds can be used to purchase real estate, make improvements to business property, purchase equipment, expand a business, provide working capital as a use of proceeds, consolidate debts, purchase a business or finance a franchise. SBA guaranteed loans are not direct loans from the U.S. government. Instead, they are loans provided directly by a local lender with a partial guarantee provided by the SBA. The government’s involvement relates to the guarantee only in the event of default. The guarantee provides your lender with the opportunity to offer extended repayment terms and lower down payment. Contrary to a common myth about SBA financing, it does not take an inordinate amount of time to obtain funding. A good local lender will expedite the SBA application process so that it is simple and completed in a timely manner. Another common misconception is that SBA financing is only for companies that are unable to receive traditional bank financing. On the contrary, SBA financing will not be extended to any business that does not demonstrate the ability to repay debts. The longer terms allowed with SBA financing can enable a company easier debt qualification based on lower payments. Closing costs for an SBA loan generally include an SBA guarantee fee, which is assessed on a sliding scale depending on the loan amount. It is important to note that this fee and other closing costs are normally included in the loan amount and consequently paid over the term of the loan. 

The flexibility provided by SBA financing makes it attractive for all types of businesses. It is a financing option that should be considered whenever most types of business on all type expanding or attempting to improve its cash flow. 

Empire State Bank offers financing options to qualified and eligible borrowers on SBA loans. Businesses interested in financing for expansion, working capital or to purchase equipment or owner-occupied real estate should contact 1 (800) 285-0096 and a Business Relationship Manager will be in touch to discuss your financing options. For more information about Empire State Bank business banking, visit

Customer Services

For assistance with products or services call 1(800)331-3036, visit a local Empire State Bank office or write to:

Corporate Headquarters

           68 North Plank Road

           Newburgh, NY 12550

           Telephone: 845-561-0003

Investor Services

Bancshares, Inc. can be accessed by visiting the Investor Relations website at


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American Stock Transfer & Trust Company LLC

Tel (800) 937-5449 (inquiries)

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ESB Bancshares


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Transfer Agent

American Stock Transfer & Trust Company LLC

Tel (800) 937-5449 (inquiries)

Tel (718) 921-8124 (services)



ESB Bancshares