A Statement by Ridgewood Savings Bank in Response to Recent News
March 13, 2023
As you may have heard, in recent days bank failures have occurred at Silicon Valley Bank in California and Signature Bank in New York. These failures were related to their unique business models resulting in volatile conditions which created substantial risk to the banks and their customers. Federal and state banking regulators have acted quickly to make deposit customers whole.
As your local community bank, we want to reassure you that your money and deposits are very safe and stable at Ridgewood Savings Bank.
For over a century, Ridgewood Savings Bank has carefully and prudently managed and invested our customers’ hard-earned deposits. You can feel confident that your deposits are securely placed at our bank for the following reasons:
- We have a diversified base of many tens of thousands of customers, comprised mostly of individuals who live or work in the communities we proudly serve.
- As a savings bank, each depositor is insured for at least $250,000 by the Federal Deposit Insurance Corporation (FDIC). For more information about this insurance coverage, please click on the following link FDIC Insurance Coverage.
- Ridgewood Savings Bank has no exposure to speculative markets such as crypto currencies.
- The great majority of our loans are collateralized by real estate properties and have been carefully underwritten.
- We have a consistent track record of earnings and capital generation.
- Our capital levels are, and have been, consistently well above the levels established by regulators.
- We consistently maintain access to diversified liquidity sources.
We want to thank you for being a Ridgewood Savings Bank customer and placing your trust and your savings with us. All of us take that assurance you place in us very seriously and we work diligently to maintain that responsibility each day as demonstrated in our Community Bank Advantage video.
We wish to remind you that we are here with you and here for you for over 100+ years.
About Ridgewood Savings Bank
Founded in 1921, Ridgewood Savings Bank continues to serve the community as a strong and stable mutual savings bank with over $6.8 billion in assets and 36 branches located throughout the New York metropolitan area. It has ranked as one of the top two banks on the prestigious Forbes America’s ‘Best-in-State Banks’ list in New York State for three consecutive years. Since inception, Ridgewood Savings Bank has remained true to its community bank roots and mission to provide its customers the best possible service and banking experience. As it continues to refine and enhance its services and delivery channels, Ridgewood Savings Bank will continuously strive to be the bank that offers “Traditional Values with Modern Solutions.”