Ridgewood Savings Bank celebrates 100 years
of service, new renovations to main offi ce
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TIMESLEDGER | QNS.COM | OCT. 29 - NOV. 4, 2021 9
BY JULIA MORO
Ridgewood Savings
Bank recently renovated its
10,000-square-foot space to
adapt to the growing community
after celebrating 100 years
of service.
Many local officials and
bank employees attended a
ribbon-cutting ceremony on the
morning of Wednesday, Oct. 20,
to unveil the bank’s newly renovated
main branch, located at
71-02 Forest Ave. in Ridgewood.
The bank was founded in
1921 and serves as the largest
savings bank in New York
state, with $6 billion in assets.
Ridgewood has 35 branches
across New York City as well as
Yonkers, Westchester and Long
Island.
The redesign included dedicating
1,400 square feet to the
digital banking division and
cosmetic retouches to floors and
walls. The bank also cleaned
and restored its mural painted
by Angelo Magnanti in the
1930s with the inscription, “Saving
is the Secret of Wealth.”
Leonard Stekol, chairman,
president and CEO of Ridgewood
Savings Bank, has been
working for the bank for 30
years and said when he started,
there were many more people
visiting 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
has donated over $29 million in
Paycheck Protection Program
loans for local businesses, helping
to protect almost 5,000 jobs
last year. They also sponsor local
events as well as teach financial
literacy all over the city.
“We sponsor community
events, concerts, just so many
different events in our neighborhood,”
Stekol said. “We’re
looking forward to days we can
continue to gather and sponsor
some of these events that are
coming back.”
The bank made it to the
Forbes best-in-state banks list
in 2021.
“With the reopening of our
main office and branch, Ridgewood
continues to make it possible
for hopes and dreams to
be realized,” Stekol said. “Customers
can rely 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
ribbon cutting, noting the extraordinary
service Ridgewood
Savings Bank offered for 100
years.
“Having a business not only
survive for 100 years, but to
thrive and continue to grow is
a rarity in this day and age,”
Addabbo said. “Ridgewood Savings
Bank started with humble
beginnings and has evolved into
an award-winning bank with a
real commitment to the community.
It is that dedication to
their customers and their community
that have kept this bank
going.”
The bank first operated out
of a converted taproom at the intersection
of Myrtle and Forest
Avenue. The original employees
would tirelessly hand out
flyers to residents encouraging
them to keep their savings at
the Ridgewood Savings Bank.
The bank stood the test of time,
surviving the Great Depression
and stock market crash of 2008.
“The main branch reopening
is a testament to our history
and resilience — a resilience
that has been tested like never
before,” Rajkumar said. “I know
Ridgewood Savings Bank will
continue to be a force for good in
New York City for the next 100
years.”
Local lawmakers and bank employees celebrate 100 years of
service and renovations to the main building in Ridgewood.
Photo by Julia Moro
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