Putting the Community in Community Banking
February 10, 2019
Walk into any of Ridgewood Savings Bank’s 35 branches across New York City’s five boroughs, Long Island or Westchester, and you’ll be sure to be met by one of our friendly community bankers. Chances are, the person greeting you might even be a neighbor or active at a local civic association, as many of our bankers live in the communities they serve.
Community banks are vital to Main Streets, downtowns, small businesses, and families all across the United States. And Ridgewood Savings Bank, the largest mutual savings bank in New York State, remains a pillar in the communities we serve. Why? We rely on relationships.
We use our core deposits to fund loans for mortgages, small businesses and housing development. In fact, you can literally see where we are putting our money. In 2017, the Bank financed over $200 million in multi-family housing in moderate and low-income neighborhoods and invested another $7.5 million to build or rehabilitate affordable housing for New Yorkers.
Community banks like Ridgewood see things differently than the so-called “Big Box Banks.” We invest in our neighborhoods and offer competitive rates, and new products and services. We care about helping folks to finance their dream of homeownership. Leonard Stekol, chairman, president & CEO, calls it “Ridgewood’s Value Proposition.”
Part of that Value Proposition translates into competitive deposit offering rates, friendly terms on our loans, lower fees, and better service.
Traditional phrases such as “You can bank on it,” or “Take it to the bank” implied banks were viewed first and foremost as havens of stability and trustworthiness in the community. Due to the rising prominence of e-commerce, today’s customers are most readily enticed by convenience. Our values and business model remind members of our community that we will always be there for them, and will constantly seek to earn and keep their trust.
However, we certainly don’t ignore the critical importance of convenience as we continue to enhance our highly rated mobile and internet banking applications and offer customers access to over 55,000 surcharge-free ATM’s.
But even those numbers don’t tell the entire story:
Ridgewood Savings Bank employees dedicated 2,788 volunteer hours – including 845 hours at local soup kitchens – and contributed $57,000 in charitable donations to local community organizations. We contributed $577,000 in corporate giving and charitable donations and dedicated $140,600 in community reinvestment.
As bankers, we know that numbers tell a story. At Ridgewood Savings Bank, they also describe how we feel about the communities we serve.
Happy Year of the Pig!
Come Celebrate (And Save) at Ridgewood Savings Bank
February 5, 2019
According to Chinese astrology, 2019 marks the “Year of the Pig,” a symbol of good fortune, prosperity, and abundance. Take a page from this rich cultural tradition and make this your lucky year, too!
To help our valued customers and their families get started, Ridgewood has two unique offerings to help you kick off a great year to save, invest and make money.
- Our 18-month CD special at 2.68 percent APY*, offers a competitive rate. A CD, or certificate of deposit, is like a savings account, but it comes with a fixed rate of return and a fixed maturity date. CD’s are a great way to save for college, a vacation or life event.
- Then, in the spirit of the holiday, while supplies last, we’ll also hand out our signature red Piggy Banks—a yearlong reminder of the importance of rainy day savings.
And since good advice is worth its weight in gold, we will make our financial advisors readily available for you to discuss your financial goals, to help you develop a savings, retirement, or college funding plan to suit your needs.
Stop by Ridgewood Savings Bank locations across Queens, Brooklyn, Bronx, Manhattan, Westchester, and Long Island to tap into a prime investment opportunity to grow your fortune during the Lunar New Year. To learn more, speak to a team member at one of our 35 branches throughout the region, or open with ease online at www.ridgewoodbank.com.
Did You Know?
- The 2019 Year of the Pig goes from February 5, 2019 to January 24, 2020. During the Chinese New Year, people splurge and treat themselves well. They often buy new clothes and hand out little red envelopes that contain a few dollar bills. This is for good luck. New Year’s Day is celebrated with fireworks and firecrackers to ward off evil spirits, according to Chinese tradition.
- Though the astrological Pig may have his challenges (sleeping and eating too much), he’s thought to bring affluence and his sign is connected to wealth. Pigs are considered to be diligent, compassionate, and generous. They are said to have great concentration: once they set a goal, they will devote all their energy to achieving it.
“Gong hei fat choy!”
*Annual percentage Yield (APY) is as of February 1, 2019. Minimum deposit to open is $500. FDIC Regulations apply. The annual percentage yield assumes interest will remain on deposit until maturity. The bank is not responsible for typographical errors. Substantial penalties for early withdrawal. Offer subject to change and early termination without prior notice at any time. Fees can reduce earnings. Member FDIC