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American Community Bank loans review
Long Island business owners can find the basics at this five-branch lender
Bottom line: This Long Island lender offers the basics to small businesses and New York residents. But it has a limited website, even for a community bank.
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Business term loans, business lines of credit, commercial equity lines, SBA 504 loans, commercial mortgages, personal loans, auto loans, HELOCs
Types of loans available
No
Online applications
Details
| Types of loans available | Business term loans, business lines of credit, commercial equity lines, SBA 504 loans, commercial mortgages, personal loans, auto loans, HELOCs |
|---|---|
| Online applications | No |
| Number of branches | 5 |
| Branch hours | 8:30 a.m. to 4 p.m. Monday through Thursday, 8:30 a.m. to 6 p.m. Friday, 9 a.m. to noon Saturdays at all branches except East Northport |
| Customer service hours | Not stated |
| Customer service options | Contact your local branch |
| Mobile app | Yes |
| Routing number | 21413388 |
Review by
Anna Serio
anna.serio@finder.comAnna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Expert review
American Community Bank could be a good fit for small business owners who prefer to have a personal relationship with a lender with strong ties to the community. But its selection of business loans is limited. You can find an SBA 504 loan through this bank, for example, but not financing through the more popular 7(a) program. And even the 504 loans program is limited to commercial mortgages.
Its web design is also a little outdated, even compared to other community banks. Consider another lender if you’re looking for more nuanced options than a term loan or line of credit.
What is American Community Bank?
American Community Bank, or ACB, is a small bank based in Long Island, New York. It has five branches in Commack, East Northport, Glen Cove, Mineola and New Hyde Park. Like most local lenders, it makes an effort to be involved in the community it serves. It regularly hosts local events like free giveaways and raffles at the downtown sound in Glenn Clove or the East Northport Chamber Festival.
What types of loans are available
ACB offers a limited selection of financing for Long Island businesses and residents.
- Business loans. Secured and unsecured term loans to buy equipment, finance another purchase or refinance business debt.
- Business revolving lines of credit. Designed to cover short-term working capital expenses, ACB's credit line gives your business access to cash as needed.
- Commercial equity line of credit. Tap into your business's real estate assets to back a credit line at a lower rate and higher limit.
- SBA 504 commercial mortgage loans. ACB offers the bank portion of this government-backed loan program to buy real estate for business use.
- Commercial mortgage loans. Real estate financing for owner-occupied and investment properties with terms as long as 25 years.
- Unsecured installment loans. Fixed-rate term loans to cover personal expenses, like home improvements, with no collateral requirements.
- Secured installment loans. For lower rates or higher loan amounts, ACB customers can use a CD or savings account as collateral for their loan.
- Auto loans. ACB offers financing for new and used car with fixed rates.
- Home equity lines of credit. Tap into the value of your home to cover a long-term personal project like fixing a roof or redoing your floors at a lower rate than an unsecured loan or credit card.
How borrowing works
Like many lenders of this size, the only way to get an ACB loan is to set up an appointment with a loan officer at a local branch. Bring your business's financials to your first meeting so you can discuss your options. Generally, it's a good idea to go in open to suggestions. Your loan might suggest alternatives to the type of financing you originally wanted, which could be a better fit.
Getting community bank financing can take a few weeks the first time around. But it's typically not as time-consuming once you've developed a relationship with your lender.
How to get started
Set up an appointment by calling ACB's Commercial Lending Department at 516-609-2850. This department is based in the Glen Cove office.
Pros
- Most branches open Saturdays
- Mobile app
- Positive employee reviews
Cons
- Outdated website
- Limited SBA loans
See more business loans
Compare how ACB stacks up against online lenders by selecting a few pieces of information about your business and the loan you want to take out.
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American Community Bank reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | NR |
| Yelp | 1 out of 5 stars, based on 1 customer reviews |
| Glassdoor | 4.3 out of 5 stars, based on 2 customer reviews |
| Indeed | 3.8 out of 5 stars, based on 5 customer reviews |
| Customer reviews verified as of | 30 November 2020 |
ACB doesn't have enough online reviews to give you a picture of the customer experience. It also doesn't have enough complaints to highlight any potential red flags. Ask your neighbors and other businesses in the area to see if anyone has experience borrowing from this bank
What do employees say?
Employees at ACB give mostly positive reviews. Some highlight quality customer service and low-cost products as a perk of the job — including an employee who has been on staff for over 10 years. Others mention a great work-life balance.
These are all good signs for potential borrowers. High employee morale means you're more likely to have the chance to develop a quality, long-term relationship with your lender.
More products available at American Community Bank
Having multiple accounts with a bank can cut down on the turnaround time on a loan and make it easier to manage your finances. Consider also signing up for these accounts if you borrow with ACB.
- CDs
- Checking and savings accounts
- Credit cards
- IOLA accounts
- IRAs
- Money market accounts
Branch locations
Here's how to get in touch with ACB's five Long Island branches.
Commack branch
- Address: 100 Commack Road, Commack, NY 11725
- Phone: 631-864-9800
- Fax: 631-864-8686
East Northport branch
- Address: 1968 Jericho Turnpike, East Northport, NY 11731
- Phone: 631-486-5055
- Fax: 631-486-5052
Glen Cove branch
- Address: 300 Glen Street, Glen Cove, NY 11542
- Phone: 516-609-2900
- Fax: 516-609-8444
Mineola branch
- Address: 285 Jericho Turnpike, Mineola, NY 11501
- Phone: 516-742-4300
- Fax: 516-742-4303
New Hyde Park branch
- Address: 799 Hillside Avenue, New Hyde Park, NY 11040
- Phone: 516-502-6611
- Fax: 516-502-6633
American Community Bank history
ACB is on the young side for a community bank. It was founded in 2001 by a group of local residents in business professions. The goal was to set up a financial institution that kept funds in the local area and offered personalized service. It's reached its relatively small size of five branches without buying out any competitors, and it appears to have plans on staying that way — at least for the foreseeable future.
Read our guide to the best business loans of the year to see how ACB compares.