Tom O’Brien Honored at CDC Luncheon

On Friday, October 12, 2007, State Bank President and CEO, Tom O’Brien, was honored by the Community Development Corporation (“CDC”) of Long Island at their 38th Anniversary Luncheon. Founded in 1969, Community Development Corporation of Long Island is a not-for-profit organization whose mission is to marshal resources to extend participation in Long Island’s version of “The American Dream” to people whose circumstances have precluded that participation. CDC of Long Island is committed to assisting families and small businesses with services that support housing and economic development.

Each year at their luncheon, CDC honors individuals who exemplify their mission. Tom, as CEO of State Bank, was chosen due to the Bank’s recent financing to CDC for The Cottages at Mattituck. The Cottages at Mattituck is a workforce housing development that has been constructed in the Town of Southold. The Cottages at Mattituck were designed for working families and single individuals who cannot afford to purchase a home on the open market. CDC received 147 applications for the Cottages at Mattituck. This past December, all applicants who completed the CDC homebuyer education classes and submitted a mortgage pre-approval participated in a housing lottery. Twenty-two families were selected to have the opportunity to purchase the homes. Russell Smith, one of the lucky homeowners selected in this lottery, presented Tom with his award.

We congratulate CDC on their continuing efforts to help individuals fulfill their dreams!

Celebrating at the CDC luncheon was (l to r): Jo-Ann Stokes, Owner of Real to Reel Video Productions (CDC Client), Honorable Rick Lazio, Executive Vice President – JPMorgan Chase, Wilbur Klatsky, CEO – CDC of Long Island, Marianne Garvin, President – CDC of Long Island, Tom O’Brien, President and CEO – State Bank of LI, and Russell Smith, Homeowner, Cottages at Mattituck

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