Question 1

What is Crest Savings Bank?

Accepted Answer

Crest Savings Bank is a community-focused savings bank headquartered in Wildwood, New Jersey, serving Cape May County. With approximately $620 million in total assets and eight full-service branch locations, the bank specializes in residential and commercial lending while offering comprehensive personal and business banking services.

As a stock savings bank supervised by the FDIC, Crest Savings Bank has built a strong reputation as one of the largest suppliers of commercial lending in the Wildwoods region. The bank employs around 95 year-round employees, expanding to approximately 110 during the busy summer season to serve the area's seasonal tourism market.

Question 2

When was Crest Savings Bank founded?

Accepted Answer

Crest Savings Bank was founded on September 19, 1919, by 70 subscribers who established it as the Wildwood Crest Building and Loan Association. The institution was created to provide mortgage financing to support the growing population of the island community.

The bank's first residential loan was approved by the Board of Directors on September 23, 1919, for $1,000 to Mr. Bailey for his home in Wildwood Crest. Over more than a century, the institution evolved through several name changes: from Wildwood Crest Building and Loan Association to Crest Savings and Loan Association in 1919, then to Crest Savings Bank, S.L.A. in 1995, and finally to its current name, Crest Savings Bank, in October 2000.

In 2000, the bank converted from a mutual savings bank to a stock savings bank. Initially regulated by the Office of Thrift Supervision, the bank transitioned to FDIC supervision in 2011.

Question 3

Where is Crest Savings Bank headquartered?

Accepted Answer

Crest Savings Bank is headquartered at 3301 Pacific Avenue in Wildwood, New Jersey. The headquarters building, known as the Holly Beach Financial Center, is a restored Classical Revival structure originally built in 1902 for Marine National Bank.

The bank relocated its headquarters from Wildwood Crest to this historic Wildwood location in July 2001. The building underwent a $1 million restoration completed in 2000, and was subsequently placed on both the New Jersey Register of Historic Places (October 2000) and the National Register of Historic Places (December 2000). In May 2001, the bank received a New Jersey Historic Preservation Award from the New Jersey Department of Environmental Protection for its rehabilitation efforts.

Question 4

Where does Crest Savings Bank operate?

Accepted Answer

Crest Savings Bank operates exclusively throughout Cape May County, New Jersey, with eight full-service branch locations. The bank maintains branches in Wildwood (headquarters), Wildwood Crest (opened 1988), North Wildwood (1996), Villas (2001), North Cape May (2002), Sea Isle City (2005), Cape May (2019), and Cape May Court House (2021).

The bank's market area encompasses the Wildwoods and surrounding coastal communities in the Ocean City, NJ Core Based Statistical Area. This strategic positioning allows the bank to serve both year-round residents and the significant seasonal population that visits Cape May County's resort communities.

Question 5

What services does Crest Savings Bank offer?

Accepted Answer

Crest Savings Bank offers a comprehensive range of personal and business banking services. Deposit products include checking accounts, savings accounts, money market accounts, and certificates of deposit. The bank's lending portfolio includes residential mortgages, commercial real estate loans, business loans, and consumer loans.

The bank operates under the digital banking platform branded as Cre$tConnect, offering 24/7 online and mobile banking services. Digital services include mobile check deposit, fund transfers, bill payment, secure messaging with bank representatives, document upload capabilities, FICO score access, loan payment options, and the ability to apply for new accounts or loans online.

The bank also provides wealth management services, retirement planning, and investment advisory services. Additional services include deposit ATMs, drive-up banking facilities, and remote deposit capture for business customers.

Question 6

What makes Crest Savings Bank unique?

Accepted Answer

Crest Savings Bank distinguishes itself through its deep commitment to historic preservation and community investment. The bank's headquarters in the restored Marine National Bank building serves as a centerpiece of Wildwood's downtown revitalization efforts and stands as a tangible reminder of the region's banking heritage.

The bank was recognized as one of the first community banks in New Jersey to implement forward-thinking digital services, including internet banking, mobile deposit, and deposit ATMs. This combination of preserving historical architecture while embracing modern technology reflects the bank's philosophy of honoring tradition while serving contemporary needs.

With over 105 years of continuous service to the same community, Crest Savings Bank has become the bank of choice for multiple generations of families in Cape May County. The institution's focus on commercial lending has made it a vital partner in the economic development of the Wildwoods' predominantly seasonal tourism market.

Question 7

What type of financial institution is Crest Savings Bank?

Accepted Answer

Crest Savings Bank is a Stock Savings Bank chartered under New Jersey state law and regulated by the Federal Deposit Insurance Corporation (FDIC). This institution type combines traditional savings bank characteristics with stock ownership structure.

As an FDIC-supervised savings bank, Crest Savings Bank focuses primarily on residential and commercial real estate lending while offering full-service consumer and business banking products. The stock savings bank structure allows the institution to raise capital through equity while maintaining its community banking focus and commitment to serving the depositors and borrowers of Cape May County.

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About Crest Savings Bank in the United States