Question 1

What is Ascendia Bank?

Accepted Answer

Ascendia Bank is a community bank headquartered in Glen Rock, New Jersey, serving the personal and commercial banking needs of customers throughout northern New Jersey. With approximately $390 million in assets and five full-service branches, the bank specializes in residential mortgages, commercial real estate lending, and personalized banking services.

The institution combines traditional community banking values with modern digital capabilities, offering both in-person service and comprehensive online and mobile banking platforms. Ascendia Bank focuses on serving individuals, families, and small to mid-sized businesses in Bergen and Essex counties.

Question 2

When was Ascendia Bank founded?

Accepted Answer

Ascendia Bank was originally founded in 1922 as The Building and Loan Association of Ridgewood. The institution was established to provide local New Jersey residents with a safe place to earn fair returns on savings and secure residential home mortgages during the post-World War I era.

In 1937, the bank changed its name to Glen Rock Savings Bank, reflecting its strong association with the borough of Glen Rock, where it was located near the iconic "Rock" landmark. For nearly a century, it operated under this name, building a reputation for stability and consistency in northern New Jersey.

In October 2021, the bank underwent a strategic rebrand to Ascendia Bank to better reflect its expanded geographic footprint beyond Glen Rock and to communicate a more contemporary, forward-leaning brand image as it approached its 100th anniversary. The name "Ascendia" is derived from the word "ascent," symbolizing the bank's commitment to helping customers reach new heights of financial security.

Question 3

Where is Ascendia Bank headquartered?

Accepted Answer

Ascendia Bank is headquartered at 11 Harristown Road in Glen Rock, New Jersey. The bank moved into this modern headquarters facility in November 2022 as a centennial anniversary gift to itself.

The new headquarters serves as the hub for the bank's operations, housing offices for senior executives, accounting personnel, the Bank Secrecy/Compliance department, and the commercial and residential lending teams. The facility also includes a dedicated mortgage lending center, though it does not function as a full-service branch location.

Question 4

Where does Ascendia Bank operate?

Accepted Answer

Ascendia Bank operates exclusively in northern New Jersey, with five full-service branch locations concentrated in Bergen County and Essex County.

The bank's branch network includes:
• Glen Rock (Bergen County) - 175 Rock Road
• Hawthorne (Bergen County)
• Oradell (Bergen County) - 550 Kinderkamack Road, the bank's newest location opened in 2025
• West Orange (Essex County) - Two branch locations at 474 Prospect Avenue and 83 Northfield Avenue

The bank serves communities throughout the New York-Newark-Jersey City metropolitan statistical area, with a particular focus on residential and commercial customers in its immediate service territory.

Question 5

What services does Ascendia Bank offer?

Accepted Answer

Ascendia Bank provides a comprehensive range of personal and commercial banking products and services:

Personal Banking:
• Checking accounts (including Kasasa Cash® rewards checking)
• Savings accounts (including Kasasa Saver® accounts)
• Money market accounts (New Heights Money Market)
• Certificates of deposit (CDs) with various terms
• Holiday Club accounts
• Residential mortgages
• Home equity loans and lines of credit

Commercial Banking:
• Business checking accounts (including New Heights Business Checking)
• Commercial real estate lending
• Construction loan financing
• Multi-family and mixed-use property mortgages
• Small business lending

Digital Banking Services:
• Mobile banking app with account opening capabilities
• Mobile check deposit
• Online banking and bill pay
• Online mortgage applications
• Account activity monitoring via smartphone
• 24/7 ATM access at all branch locations

Additional Services:
• Wire transfers (domestic)
• Notary public services
• Signature guarantee
• Night deposit service
• Direct deposit
• Merchant services

Question 6

What makes Ascendia Bank unique?

Accepted Answer

Century of Consistent Leadership: From 1960 to 2016, Ascendia Bank had only two president/CEOs - Leonard Pikaard (1960-1993) and Henry Ingrassia (1993-2016) - demonstrating remarkable stability and institutional continuity rare in the banking industry.

Rapid Commercial Lending Growth: The bank has experienced dramatic growth in commercial real estate lending, originating over $60 million in commercial real estate loans within a 12-month period in recent years. This represents a significant strategic pivot, as commercial lending was virtually non-existent at the bank just four years prior.

Digital Transformation Focus: Recognizing that its average customer age was 66 in 2018, Ascendia Bank embarked on an aggressive digital transformation to attract younger customers. The bank now offers mobile account opening, online mortgage applications, and comprehensive digital banking services that rival much larger institutions - a rarity for a community bank of its size.

Community-Focused Lending: Ascendia Bank deliberately positions itself as a community lender, focusing on loans that larger banks might overlook. The bank emphasizes serving local financial needs, particularly in multi-family housing, mixed-use properties, and small business lending within its northern New Jersey communities.

Modern Branch Design: The bank's newer locations feature open-concept, modern-industrial design elements that prioritize customer experience and approachability, moving away from traditional bank layouts to create more inviting, collaborative spaces.

Question 7

What type of financial institution is Ascendia Bank?

Accepted Answer

Ascendia Bank is a state-chartered community bank regulated by the Federal Deposit Insurance Corporation (FDIC). As a community bank, it focuses on relationship-based banking with personalized service for individuals and local businesses.

The institution operates as a mutual savings bank, meaning it has no stockholders and is owned by its depositors. This structure allows the bank to focus on long-term community relationships rather than short-term shareholder returns.

With approximately $390 million in total assets, Ascendia Bank falls into the category of a small to mid-sized community bank. According to FDIC data, community banks like Ascendia account for just 15% of the banking industry's total loans but hold disproportionately high shares of commercial real estate loans (30%), small business loans (36%), and agricultural loans (70%) - demonstrating their vital role in local economic development.

The bank is a Member FDIC and an Equal Housing Lender, providing federally insured deposit accounts up to applicable limits.

Question 8

What was the significance of the 2015 merger?

Accepted Answer

In the fall of 2015, Glen Rock Savings Bank (now Ascendia Bank) acquired Llewellyn-Edison Savings Bank of West Orange, New Jersey through a merger. Llewellyn-Edison was a four-branch institution that significantly expanded Glen Rock Savings Bank's geographic footprint into Essex County.

Following the merger, the bank consolidated operations by closing the Livingston, Augusta, and Wyckoff branch offices, emerging as a four-branch institution with over $260 million in assets. The merger brought the bank its current West Orange locations, which remain two of the bank's five branches today.

This acquisition represented a pivotal moment in the bank's history, transforming it from a single-county institution focused solely on Bergen County into a multi-county operation serving both Bergen and Essex counties. The expanded footprint was one of the key factors that led to the bank's eventual rebrand from Glen Rock Savings Bank to Ascendia Bank in 2021.

Question 9

How has Ascendia Bank invested in leadership and security?

Accepted Answer

In 2025, Ascendia Bank made significant leadership additions to strengthen its commercial operations and cybersecurity infrastructure:

Jonathan Jacobs joined as Vice President and Commercial Lending Manager with over 20 years of commercial lending and credit analysis experience. Jacobs oversees all commercial lending activities, including underwriting, loan approvals, construction loan management, and commercial credit relationships. He previously managed loan portfolios exceeding $90 million and brings expertise from regional banks and federal credit unions.

Paul Skinner joined as Senior Vice President and Chief Information Security Officer with over 40 years of IT and operations leadership in banking. Skinner manages IT infrastructure, cybersecurity protocols, system integrations, database and network management, and disaster recovery planning. His experience includes leading core banking system conversions and launching digital platforms.

Additionally, John D. Allen IV assumed the role of President and CEO in August 2025, representing a leadership transition as the bank continues its growth trajectory and strategic evolution. These appointments demonstrate the bank's commitment to expanding its commercial lending capacity while ensuring robust cybersecurity and technology infrastructure to support its digital transformation.

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