FOR BREAKING NEWS VISIT WWW.QNS.COM OCTOBER 28, 2021 • THE QUEENS COURIER 11
Ridgewood Savings Bank celebrates 100 years of service
BY JULIA MORO
editorial@qns.com
@QNS
Ridgewood Savings Bank recently renovated
its 10,000-square-foot space to
adapt to the growing community aft er celebrating
100 years of service.
Many local offi cials 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.
Th e 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.
Th e redesign included dedicating 1,400
square feet to the digital banking division
and cosmetic retouches to fl oors and
walls. Th e 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. Th e
bank has donated over $29 million in
Paycheck Protection Program loans for
local businesses, helping to protect almost
5,000 jobs last year. Th ey also sponsor
local events as well as teach fi nancial literacy
all over the city.
“We sponsor community events, concerts,
just so many diff erent 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.”
Th e bank made it to the Forbes best-instate
banks list in 2021.
“With the reopening of our main offi ce
and branch, Ridgewood continues to
make it possible for hopes and dreams to
be realized,” Stekol. “Customers can rely
on us for their banking needs and the
modern digital services we off er 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 off ered 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.”
Th e bank fi rst operated out of a converted
taproom at the intersection of Myrtle
and Forest Avenue. Th e original employees
would tirelessly hand out fl yers to residents
encouraging them to keep their savings
at the Ridgewood Savings Bank. Th e
bank stood the test of time, surviving the
Great Depression and stock market crash
of 2008.
“Th e 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.”
Photo credit to Ridgewood Savings Bank
Celebrating Ridgewood Savings Bank’s grand reopening are (left to right) John Hennessey, main
branch manager; Celik Alphonso, assistant manager of main offi ce; Yarisa Baez, branch manager
of Crosby Branch; Leonard Stekol, president, CEO & chairman; Anthony Simeone, executive vice
president.
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