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Ridgewood Savings Bank recently remodeled its 10,000 square foot space to accommodate the growing community after celebrating 100 years of service.
Many local officials and bank employees attended a groundbreaking ceremony on Wednesday October 20 morning to unveil the bank’s newly renovated main branch, located at 71-02 Forest Ave. at Ridgewood.
The bank was founded in 1921 and is the largest savings bank in New York State, with $ 6 billion in assets. Ridgewood has 35 branches in New York City as well as Yonkers, Westchester and Long Island.
The redesign included the allocation of 1,400 square feet to the digital banking division and cosmetic touch-ups to the floors and walls. The bank also cleaned and restored its mural painted by Angelo Magnanti in the 1930s with the inscription “Savings is the secret of wealth”.
Leonard Stekol, president and CEO of Ridgewood Savings Bank, has worked for the bank for 30 years and said that when it started, many more people visited the branch in person. But he said the bank has adapted to optimize its online banking system, ATM network and call center.
Ridgewood Savings Bank works to be an active member of the community. The bank donated more than $ 29 million in Paycheck Protection Program loans to local businesses, helping protect nearly 5,000 jobs last year. They also sponsor local events and teach financial literacy In all the city.
“We sponsor community events, concerts, so many different events in our neighborhood,” Stekol said. “We look forward to the days when we can continue to bring together and sponsor some of these returning events. “
The bank was included on Forbes’ list of the best banks in the state in 2021.
“With the reopening of our main office and branch, Ridgewood continues to make hopes and dreams come true,” Stekol. “Customers can count on us for their banking needs and the modern digital services we offer to make their lives easier. “
State Senator Joseph Addabbo and Assembly Member Jenifer Rajkumar attended the inauguration, highlighting the extraordinary service provided by Ridgewood Savings Bank for 100 years.
“Having a business not only survive for 100 years, but thrive and continue to grow is a rarity these days,” Addabbo said. “Ridgewood Savings Bank started with humble beginnings and has grown into an award-winning bank with a real commitment to the community. It is this dedication to their customers and their community that has made this bank work.
The bank first operated from a converted tap room at the intersection of Myrtle and Forest Avenue. The original employees tirelessly distributed flyers to residents encouraging them to keep their savings at Ridgewood Savings Bank. The bank has stood the test of time, surviving the Great Depression and the 2008 stock market crash.
“The reopening of the main branch is a testament to our history and our resilience – a resilience that has been tested like never before,” said Rajkumar. “I know Ridgewood Savings Bank will continue to be a force for good in New York City for the next 100 years.”