The busy corridor of businesses along White Plains Road in Williamsbridge now includes a very modern and renovated branch of Ridgewood Savings Bank. On March 10, local officials joined senior bank management for a ribbon-cutting reopening ceremony at 3951 White Plains Road.

 

In his opening remarks, Leonard Stekol, chairman, president, and CEO of Ridgewood Savings Bank, said the reopening involved not only a move to a new location but to a building which had undergone various upgrades. “I want to emphasize that while we moved the White Plains Road branch only a few short blocks, this new state-of-the-art [branch] marks a re-investment in this neighborhood,” he said.

 

With the new location arrives the recently launched Ridgewood BankOn Checking and SBA 7(a) loan program, furthering the availability of financial products for the community and small businesses. “Our roots have always been firmly planted in the local communities to help our customers grow and prosper,” said Stekol. “With the relocation of the White Plains Road branch to a brand-new site and the launch of products to help the community have continued opportunity at a stronger financial future, Ridgewood continues to help ensure hopes and dreams can be realized.”

 

He said the White Plains Road area is home to many thousands of individuals and families who share the bank’s “dreams, hopes, opportunity, and success.” The new location near the corner of East 224th Street formerly housed an H&R Block tax preparation storefront. The move there from the original branch at the intersection of East 220th Street and White Plains Road involved a distance of just four blocks.

Janice Martin knows the local community well. As assistant vice-president and branch manager of White Plains Road since January 2017, she saw an opportunity and an opening for more financial services in the neighborhood. “This specific branch has been in this community for over 16 years,” she told Norwood News.

 

“We just moved over on Dec. 27 from our last location on [East] 220th Street,” she added. “[This community] is considered underbanked, which means there’s not a lot of branches.” According to Bronx Community Board 12’s (CB12) map of Community District 12, the branch is located near the southernmost tip of the Wakefield neighborhood. However, a closer look at the map shows the branch location is also easily accessed by some residents of Williamsbridge to the south and Edenwald to the east.

 

Having a brick-and-mortar branch that customers can walk into is important for the provision of sufficient financial services to both residents and businesses. According to 2019 data from NYC Department of Consumer and Worker Protection (DCWP), residents in CD12 rank in the bottom third in terms of households who are underbanked, and neighborhoods with limited access to banks and credit unions.

 

George Torres is district manager for Bronx CB12 and has high praise for the work Ridgewood has done in the surrounding communities to keep banking services alive. Acknowledging that CB12 itself holds an account at the White Plains Road branch, he highlighted in particular the work of branch manger, Martin, for being tuned in to neighborhood needs. “[We] have an exemplary person here in Janice [Martin],” he said, in part. “Not only does she work here, she lives here,” he added.

“From Day 1, she’s always been involved in the community board,” Torres continued. “We partner often. You do your tax prep in our office all the time and it’s something that the community looks forward to… We appreciate that.”

 

One customer of the White Plains Road branch who has enjoyed a longstanding relationship with the branch is Dr. Johnnie Goff. She is the executive director and owner of Jade Multi-Family Circle Center Nursery School and Afterschool Program, located on Fenton Avenue in Williamsbridge, and has been in business for 35 years. Goff has had a business relationship with the White Plains Road branch for about 10 years.

 

She enumerated three reasons she continues to do her banking there. “One, it’s a family-friendly bank and I like that,” she said. “Two, their manager, Ms. Martin, and all the employees greet you with a smile that [it] makes you want to come back. Third, and final one, is I deal with
children.. and I can always reach out to Ridgewood Bank whether it’s a donation for backpacks, crayons, pencils, Senior Day, Black History [Month].. Whatever I ask for, Ridgewood will come by and say, ‘Here’s some pencils, coloring books, and materials for your children.’ That means a lot for me,” she added.

 

Ridgewood was recognized in 2022 by Forbes’ as a “Best-in-State Bank” and by Bankrate as a “Top Regional Bank. According to its representatives, its BankOn Checking program is a low-fee and affordable checking account with no overdraft fees, to help ensure consumers have access to a secure bank account.

 

Led by Cities for Financial Empowerment Fund (CFE), a national nonprofit, Ridgewood officials said BankOn works to ensure that consumers have access to a safe, affordable transactional banking account, particularly those in the community who are underbanked, to bring them into the financial mainstream. In order to be approved as a BankOn provider, Ridgewood officials said CFE certified that Ridgewood Savings Bank was able to provide the appropriate and safe accounts to customers in need.

Meanwhile, Ridgewood officials said small business owners are going to be better supported with the bank’s SBA 7 (a) loan program, which they said aims to help small businesses get the capital needed to grow and succeed. They added, “Whether investment is meant for purchasing property, working capital, renovating space, buying equipment, or debt refinancing, the SBA 7(a) loan program can support an array of goals to generate growth. The SBA-backed loan offers more flexibility for eligible borrowers, including lower down payments and longer terms.”

Stekol said that from the bank’s founding more than a century ago to becoming New York’s largest mutual savings bank today, it has always been their promise to lend a strong hand to those who make life better for their community. “We remain committed to our promise and invite the public to learn more about our many banking products, digital tools, award-winning service, and how we ‘Multiply the Good’ every day. I also encourage everyone to stop by our new branch between December 27th and January 31st to participate in our sweepstakes to help celebrate our move.”

Martin, meanwhile, is proud of the work Ridgewood has done locally. “I think that we have done a tremendous job not only being a bank in the community, but giving back in various ways,” she said. “Whether it be educationally, whether it’s donating our time to a soup kitchen, or teaching financial literacy. We have been really a staple in this community.”

 

Click here to read a recent story on improving financial literacy in the borough and click here for a separate story which asks, “Will Credit Unions Solve the Affordable Financial Services Crisis?”