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Ridgewood Savings Bank

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Dear Valued Customers

February 24, 2022

As we reflect upon the past year for this annual update, what stands out is how it was marked by historic accomplishment and recognition for Ridgewood Savings Bank, a fitting tribute to the 100th anniversary of its founding in 1921.

Industry Recognition

In 2021, the Bank was recognized as the Best Regional Bank of 2021 by Bankrate. In receiving this honor, the Bank was praised for offering a wide variety of products and services that often come with attractive perks (e.g., an expansive surcharge-free ATM network and debit rewards programs) and helpful digital features (e.g., Alexa Voice Banking, Money Management for budgeting, and Zelle® payment service).

Our Bank was also featured as a high performer in two independent customer surveys. The first such survey, conducted by Statista and Forbes, identified the best banks in each state. The second independent study – the 2021 Banking Choice Awards – used the largest and most comprehensive measure of banking customer experience in the world.

A Dedicated Community Partner

As we transition from our first 100 years to our next 100 years of operations, we remain continuously dedicated to our mission to be a premier community bank that offers outstanding customer service through a combination of Traditional Values and Modern Solutions.

In July 2021, we opened a new state-of-the-art retail branch in the Norwood community of the Bronx. Shortly thereafter, the deposits of the nearby Jerome Avenue branch were transferred into the Norwood branch. Furthermore, through coordinated efforts with numerous partners in the local community, as well as the New York State Department of Financial Services, we were able to receive a Banking Development District (BDD) Program designation for our existing branch located in the Bronx community of Van Cortlandt Village.

The Bank continued to provide financial support and expertise throughout its communities in 2021. Bank employees conducted 19 virtual Homebuyers Workshops for various community groups during the year. In addition, the Bank offered financial assistance to approximately 150 organizations to aid them in enhancing the overall quality of life in their local communities, and participated in the third Paycheck Protection Program (PPP) administered in early 2021 by the Small Business Administration of the federal government. During 2021, 246 PPP loans totaling $16.5 million were funded by the Bank to local small businesses.

In 2021, we supplemented our tradition of educating our communities on financial literacy by launching Ridgewood Financial Academy, which provides customers online access to information on topics such as paying for college, homeownership and retirement planning.

Improving the Overall Experience of Our Customers and Employees

Our dedicated customers and employees remain the foundation for all of the success noted previously. Despite the ongoing challenges of the COVID-19 pandemic, we completed several product and facilities upgrades in 2021 that we believe will benefit our customers for years to come.

During the first half of 2021, we joined the MoneyPass® nationwide, surcharge-free ATM network of approximately 32,000 ATMs, adding to the 55,000 surcharge-free ATMs already accessible under our participation in the Allpoint® ATM network. We also successfully launched an online appointment scheduling application, as well as unsecured business credit card and online IRA account opening products. In the latter half of 2021 we completed the substantial renovation of our flagship Ridgewood branch, including our Digital Channels and Call Center office space, blending modern elements while still retaining the traditional look. We also made upgrades to our website, making it far more streamlined and user-friendly.

Throughout the entirety of 2021, we offered enhancements to our customer offerings, including an e-delivery option for pertinent account disclosures, documents and transaction receipts. We also hosted various activities celebrating the Bank’s 100th anniversary of founding through our microsite RSB100.com. Despite the challenges imposed by the lingering COVID-19 pandemic, the 100th anniversary activities we hosted in 2021 successfully paid tribute to the proud and successful history of the Bank, the great contributions of our employees, as well as to our loyal customers, who will ultimately provide the greatest influence upon the level of our future success.

Historic Financial Performance

We are also proud to report that in 2021, our Bank achieved the highest level of operating income, total assets, total deposits and total capital recognized since inception.

Unwavering Gratitude and Thanks

As we continue to navigate these challenging times together, we are eternally grateful for the loyalty and dedication of both our customers and employees. On behalf of our Board of Trustees, and all of our Management and Staff, we wish you good health, happiness and prosperity in 2022. Together, let us make the Bank's next century even more prosperous than its first.

 

Leonard Stekol


Leonard Stekol
Chairman, President & CEO