Question 1

What is Ridgewood Savings Bank?

Accepted Answer

Ridgewood Savings Bank is the largest mutual savings bank in New York State, operating as a community-focused financial institution. With approximately $7.4 billion in assets and 38 branches, the bank serves customers throughout New York City's five boroughs, Long Island, and Westchester County. Ridgewood specializes in traditional banking services with a strong emphasis on residential mortgages and personal savings products.

The bank operates under a mutual ownership structure, meaning it is owned by its depositors rather than shareholders. This structure allows Ridgewood to focus on long-term customer relationships rather than quarterly earnings.

Question 2

When was Ridgewood Savings Bank founded?

Accepted Answer

Ridgewood Savings Bank was chartered on June 18, 1921, as the Savings Bank of Ridgewood. The bank was founded by 14 local entrepreneurs and business leaders in Ridgewood, Queens, including a butcher, a baker, and an undertaker who served as the group's leader.

The founders believed that a bank should be actively involved in its community and wanted to create a financial institution where neighbors could help neighbors. On its first day of operation, following an opening ceremony conducted by New York City Mayor John F. Hylan, the bank took in $50,000 in deposits and opened 519 accounts. The name was officially changed to Ridgewood Savings Bank in 1929.

Question 3

Where is Ridgewood Savings Bank headquartered?

Accepted Answer

Ridgewood Savings Bank is headquartered in Ridgewood, Queens, New York. The bank's iconic Main Office is located at the corner of Myrtle and Forest Avenues, the same location where it first opened in 1921.

The cornerstone for the current headquarters building was laid in 1929, and the building was designed by architects Halsey, McCormack and Helmer, Inc. The facility has undergone several renovations over the decades but remains a landmark in the Ridgewood community.

Question 4

Where does Ridgewood Savings Bank operate?

Accepted Answer

Ridgewood Savings Bank operates 38 branches across the New York metropolitan area. The bank serves customers throughout Queens, Brooklyn, Manhattan, the Bronx, Long Island (including Nassau and Suffolk counties), and Westchester County.

The bank significantly expanded its footprint in 2007 when City and Suburban Bank joined Ridgewood, adding 12 branches in the Bronx, Manhattan, and Westchester County. In addition to its retail branches, the bank operates mortgage centers, a retirement planning services department, training facilities, and a mobile branch that travels to various locations throughout the region.

Question 5

What services does Ridgewood Savings Bank offer?

Accepted Answer

Ridgewood Savings Bank offers a comprehensive range of retail banking services including savings accounts, money market accounts, certificates of deposit, and checking accounts with competitive interest rates. The bank is particularly known for its residential mortgage lending, offering affordable mortgages to New York-area homebuyers.

Additional services include home equity loans and lines of credit, personal loans, and retirement planning services. The bank provides modern digital banking solutions including mobile banking, online account management, and digital payment services. Ridgewood also operates New York City's first drive-up teller window (opened in 1957) and maintains a unique mobile branch for customer convenience.

Question 6

What makes Ridgewood Savings Bank unique?

Accepted Answer

Ridgewood Savings Bank stands out for its resilience and community commitment throughout its 100+ year history. The bank successfully weathered the Great Depression when many other banks were closing, demonstrating the strength of its customer relationships and conservative management approach.

The bank has received national recognition, including being named "Best Regional Bank in 2021" by Bankrate, ranking #2 on Forbes' "Best-in-State Banks" list for New York State, and receiving Banking Choice Awards for its New York City and Long Island service areas. Ridgewood's mutual ownership structure means that profits are reinvested to benefit customers through better rates and services rather than being distributed to external shareholders. The bank's motto, "Traditional Values with Modern Solutions," reflects its commitment to combining community banking principles with contemporary technology.

Question 7

What type of financial institution is Ridgewood Savings Bank?

Accepted Answer

Ridgewood Savings Bank is a mutual savings bank, a specific type of state-chartered savings institution. As a mutual savings bank, it is owned by its depositors rather than shareholders, which distinguishes it from traditional commercial banks and stock savings banks.

This mutual structure allows the bank to prioritize customer interests and long-term relationships over short-term profits. Mutual savings banks traditionally focus on accepting deposits and making residential mortgage loans, though they have expanded over time to offer a broader range of banking services. Ridgewood's designation as the largest mutual savings bank in New York State underscores its leadership position within this institutional category.

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About Ridgewood Savings Bank in the United States