Dear Valued Ridgewood Savings Bank Customers and Community Members
February 2025
Throughout 2024, the banking community encountered several challenges, including prolonged higher interest rates and continued inversion of the yield curve. Despite these obstacles, we approached the year with resilience and determination. As we began the year, we maintained a cautious yet optimistic outlook for capital growth, loan expansion and deposit growth.
Last year’s message highlighted Ridgewood Savings Bank’s robust history of overcoming challenges in its 103 years of operation, and I am delighted to share that we successfully built upon this legacy in 2024. Our commitment to excellence and adaptability allowed us to navigate these challenges with confidence, and continue to serve our customers and communities in a manner they have been accustomed to and deserve.
With these thoughts in mind, let’s review some of the Bank’s significant accomplishments from the past year.
Ridgewood Savings Bank ended 2024 with the highest level of deposits, loans and regulatory capital ever achieved in its proud 103-year history, as assets eclipsed the $7 billion milestone in 2024.
The Bank’s omnichannel deposit network, which includes retail branch, digital network and small business channels, experienced continued success in 2024. We continued to lend prudently on both residential and commercial real estate properties throughout 2024, with our commercial real estate lending still heavily focused upon local multifamily buildings. Our loans to low-to-moderate income borrowers continued to expand as a percentage of our residential lending. We also engaged with our local business communities by funding Small Business Administration (SBA) loans.
Thanks largely to our loyal customers and our efforts to retain valuable financial relationships, our liquidity remained robust while our asset quality also remained strong throughout 2024.
We are proud to report that, through our recently implemented customer feedback platforms, we received overwhelmingly positive results, with an average rating of 4.9 out of 5.0. Your feedback remains invaluable to us, as we strive to ensure that your voice guides our efforts to serve you better every day.
We received meaningful recognition in 2024, being named one of “America’s Best Regional Banks” by both Newsweek and Bankrate®, as well as a “Best Bank” by Money. These accolades are a testament to our team’s dedication to excellence and your unwavering support.
New services such as Early Pay (early receipt of payroll and Social Security Administration ACH deposits for eligible depositors) and Credit Score powered by SavvyMoney (financial education tools) were fully launched in 2024. Both of these services provide our customers more control and convenience in managing their finances.
We were also excited to celebrate the opening of our new state-of-the-art branch in New Rochelle, offering modern conveniences in a location designed to better serve our customers.
In summarizing the accomplishments of the past year, you can truly “Count On Us” to help you achieve “Every Goal” you have, whether your personal goal is to:
- Begin your financial journey or deepen your banking relationship
- Own a residential home or invest in a commercial property
- Use modern digital banking tools or traditional branch banking services
- Start a small business or successfully expand an existing one
Furthermore, no matter the challenges or circumstances that may come up, you can rest assured that Ridgewood Savings Bank will proudly be there to help assist you "Every Day."
On behalf of our Board of Trustees, I extend my heartfelt gratitude to our customers and employees. Ridgewood Savings Bank is more than just a financial institution: We are a dedicated partner in your financial journey. Building upon the numerous accomplishments from this past year, we look forward to many more years of growth, innovation and community engagement.
Warm regards,
Leonard Stekol
Chairman, President & CEO