Message from the Chairman

2018 was a record year for Ridgewood Savings Bank in many ways, as depicted by just about every measurement, financial and otherwise. Net income for the year exceeded $35 million, which contributed to our capital reaching nearly $720 million. The Bank’s assets grew to $5.5 billion, deposits increased to $4.25 billion and loans reached $3.8 billion. These results represent the highest recorded level in the Bank’s 97-year history. The growth we achieved and the records we set reflect our ongoing commitment to our Core Values: building strong Relationships, fostering Convenience, developing Financial Solutions and offering Competitive Rates to help our customers achieve their financial dreams, Giving Back to the communities we serve, and remaining a Strong and Stable financial institution. We are proud to say that Ridgewood Savings Bank is the largest mutual savings bank in New York State.

Looking beyond the financial results, we are pleased to have completed many initiatives during the year, all of which were designed to deliver on our value proposition. We implemented a new residential loan origination system that has brought efficiencies and convenience to our customers. We launched several new products, including a Business Money Market account, a No Penalty CD, enhanced School/Kids Savings accounts, our Good Move Mortgage Loan, and a Premier Checking account with identity theft protection.

We continued to implement the latest technology, including Mobile Wallet, MX Personal Finance Tool, mobile eStatements, online forms, online and mobile chat and text alerts. For your convenience, we continue to upgrade our banking facilities with drive-up ATMs and comfortable customer lounges with coffee stations and Wi-Fi connectivity.

2018 marked a milestone in Ridgewood’s commitment to giving back to our communities. Since 2002, our employees have raised over half a million dollars for local charities. In 2018 alone, our employees volunteered almost 2,800 hours of their time at community and charitable events. The Bank financed over $170 million in affordable multifamily housing and mixed-use properties and invested an additional $14.5 million to help build, rehabilitate and provide safe and affordable housing for lower-income New York residents. Our corporate giving programs supported many worthy projects, including hospitals, food banks, volunteer fire and ambulance services, youth programs and educational and housing initiatives within our communities.

We continued to conduct financial literacy workshops on topics such as buying a home, budgeting and saving, and credit management. We educated 1,500 senior citizens about how to protect themselves from identity theft, and reached 16,000 students through our participation in the Teach Children to Save and Get Smart About Credit programs sponsored by the American Bankers Association.

We were happy to celebrate several longstanding relationships in our communities during the year. 2018 marked the 70th anniversary of our Laurelton branch, the 20th anniversary of our West Babylon and Grand Avenue branches, the 15th anniversary of our Cobble Hill branch and the 10th anniversary of our Sheepshead Bay branch. Our new locations that opened a year ago in Clinton Hill and Plainview have been very well received by the communities. We held Community Appreciation events at these branches to celebrate their anniversaries.

The year also brought changes to our Board of Trustees. At year-end, Mary A. Ledermann retired from the Board of Trustees, having served since 1999. Mary’s wisdom, integrity and guidance will be greatly missed. We wish her many happy years of retirement.

We welcome two new Trustees to our Board: Brian P. Mooney and Kevin J. Shine, whose diverse experience will provide invaluable guidance and oversight to the Bank’s management.

While our 2018 achievements have given us strong momentum going into 2019, we remain cognizant that many challenges remain ongoing. Looking forward to 2019, we will continue to evolve our branches, contact center and digital delivery channels, while enhancing and increasing product offerings to ensure that our customers experience outstanding service at every touchpoint. We are confident that by staying true to our traditional values, and through the sustained efforts of our dedicated Board of Trustees, supportive Management and loyal Staff, we will continue to develop and deliver modern solutions and share our success with our Customers, our Communities, and our Employees.

From all of us in the Ridgewood family, we thank you for your continued support. We remain ever mindful of the trust you have placed in us. We extend our best wishes to you for good health, happiness and prosperity in 2019.


Leonard Stekol

Leonard Stekol
Chairman, President & CEO