Question 1

What is Union County Savings Bank?

Accepted Answer

Union County Savings Bank is a mutual community bank headquartered in Elizabeth, New Jersey. With approximately $1.5 billion in total assets and four branch locations throughout Union County, the institution specializes in traditional community banking services for both personal and business customers.

The bank operates as an independent, locally-owned institution where decisions are made locally and focuses on serving the communities of Union and Essex Counties in New Jersey. As a member of the FDIC, Union County Savings Bank is regulated by the Federal Deposit Insurance Corporation and maintains FDIC insurance that has been in place since January 1, 1934.

Question 2

When was Union County Savings Bank founded?

Accepted Answer

Union County Savings Bank was founded on October 1, 1883, making it one of the longest-serving financial institutions in New Jersey with over 140 years of continuous operation. The bank was established with the purpose of serving the local communities of Union and Essex Counties.

Throughout its history, the institution has maintained its independence and commitment to local decision-making, distinguishing itself from other Elizabeth-based banks that were either merged, acquired, or failed. Under the leadership of Donald Sims, who served as President and CEO from 1965 to 2021, the bank grew from approximately $60-70 million in assets to nearly $2 billion. In October 2021, Joseph Yewaisis assumed leadership as Chairman, President, and CEO, initiating a period of modernization and expansion.

Question 3

Where is Union County Savings Bank headquartered?

Accepted Answer

Union County Savings Bank is headquartered in Elizabeth, New Jersey, at 320 North Broad Street. The bank's headquarters underwent a $5 million renovation project, demonstrating the institution's long-term commitment to the city of Elizabeth.

Additionally, the bank maintains a historic location at 61 Broad Street in Elizabeth, which served as its first headquarters when it was founded in 1883. This building has also undergone a $1 million restoration project. In 2023, Union County Savings Bank opened a new administrative office in Springfield, New Jersey, following a $5.5 million investment to acquire and renovate the building.

Question 4

Where does Union County Savings Bank operate?

Accepted Answer

Union County Savings Bank operates exclusively in Union County, New Jersey, with four full-service branch locations. The bank's branches are located in:
• Elizabeth (2 locations): 320 North Broad Street (headquarters) and 61 Broad Street
• Cranford: 201 North Avenue West
• Union: 642 Chestnut Street

The bank's market area falls within the New York-Newark-Jersey City, NY-NJ-PA metropolitan statistical area. All branches maintain consistent lobby hours (Monday-Friday: 9 AM-5 PM, Saturday: 9 AM-12 PM), and select locations offer drive-through services during weekday business hours.

Question 5

What services does Union County Savings Bank offer?

Accepted Answer

Union County Savings Bank provides a comprehensive range of personal and business banking services. Personal banking services include checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), personal loans, and residential mortgages.

Business banking services encompass business checking, business savings, and commercial lending solutions designed for local businesses, nonprofits, and organizations. The bank emphasizes that it does not sell mortgages, keeping all loans in-house to maintain customer relationships.

Digital banking services are available through the bank's partnership with COCC, which provides modern core banking technology. Customers can access online banking, mobile banking with a responsive interface, mobile check deposit, bill pay, electronic statements, and real-time account alerts. The bank recently launched a multi-lingual website to better serve its diverse customer base.

Question 6

What makes Union County Savings Bank unique?

Accepted Answer

Union County Savings Bank distinguishes itself through several unique characteristics. The bank maintains complete independence, making all decisions locally without selling mortgages to secondary markets. This commitment to keeping loans in-house allows for stronger customer relationships and personalized service.

The institution demonstrates exceptional gender diversity in leadership, with women comprising three-fourths of the bank's management team and one-third of its Board of Directors, which is notably uncommon in the traditionally male-dominated banking industry. This includes Chief Financial Officer Chris McFadden and Board member Kelly Watson, a Vice President and Senior Partner with IBM Consulting.

The bank's community investment is substantial and ongoing. Rather than abandoning urban cores like many financial institutions, Union County Savings Bank has invested over $11 million in recent years to renovate its Elizabeth branches and establish new facilities. The bank actively participates in community initiatives, including financial literacy courses at schools and nonprofit organizations, regular lunch donations to first responders across Union County through Jersey Mike's, and partnerships with local government and business leaders.

Throughout its 140-year history, Union County Savings Bank has maintained what it describes as "surplus and reserve position that continues to be among the best in the nation," reflecting its conservative approach to banking and financial stability.

Question 7

What type of financial institution is Union County Savings Bank?

Accepted Answer

Union County Savings Bank is a mutual savings bank, meaning it is owned by its depositors rather than shareholders. This ownership structure aligns the bank's interests directly with its customers and community.

As a mutual institution, the bank operates without the pressure to maximize shareholder returns, allowing it to focus on long-term customer relationships, competitive rates, and community reinvestment. The bank is classified as a community bank by regulatory standards and operates under the oversight of the FDIC.

This mutual ownership model enables Union County Savings Bank to prioritize stability, conservative lending practices, and personalized service over short-term profit maximization, which has contributed to its longevity and strong financial position over more than 140 years of operation.

Question 8

How does Union County Savings Bank support its community?

Accepted Answer

Union County Savings Bank's commitment to community involvement extends beyond traditional banking services. The bank employs a dedicated team that oversees community engagement initiatives, reflecting its values of trust, transparency, and social responsibility.

Financial education programs include financial literacy courses taught at local schools, nonprofit organizations, and through community seminars, helping residents improve their financial knowledge and decision-making. The bank particularly focuses on serving low-to-moderate-income families and ensuring access to banking services for all community members.

Community partnerships are extensive, with the bank maintaining strong relationships with Elizabeth Mayor J. Christian Bollwage, Springfield Mayor Christopher Capodice, U.S. Representative Tom Kean Jr., and other local leaders. The bank invests in local contractors and residents for construction projects, keeping economic benefits within the community.

Community support initiatives include regular lunch donations to first responders through Jersey Mike's, participation in National Preparedness Month education, and elder financial abuse prevention programs in partnership with the Independent Community Bankers of America (ICBA). The bank operates under the Community Reinvestment Act but emphasizes that its community involvement stems from genuine care and organizational values rather than regulatory compliance alone.

Union County Savings Bank

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About Union County Savings Bank in the United States