Leonard Stekol, chairman, president and CEO of Ridgewood Savings Bank (Ridgewood), announced on Jan. 11 the relocation of Ridgewood’s White Plains Road branch to a new state-of-the-art space at 3951 White Plains Road, just four short blocks away from its former site. With the new location arrives the recently launched Ridgewood BankOn Checking and SBA 7(a) loan program, which Ridgewood officials said furthers 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.”

Recognized in 2022 by Forbes’ as a “Best-in-State Bank” and by Bankrate as a “Top Regional Bank,” Ridgewood officials said its recently launched community-focused products include:

• Ridgewood BankOn Checking, a low-fee, checking account with no overdraft fees, to help ensure consumers have access to a secure bank account. According to Ridgewood, led by Cities for Financial Empowerment Fund (CFE), a national nonprofit organization, BankOn works to ensure that consumers have access to a safe, affordable transactional banking account, particularly for those who live in communities which are underserved in terms of banks and brings them into the financial mainstream. In order to be approved as a BankOn provider, Ridgewood officials said the CFE certified that Ridgewood Savings Bank was able to provide the appropriate and safe accounts to customers in need.

• Ridgewood’s SBA 7 (a) loan program for small businesses which Ridgewood officials said aims to help small businesses get the capital needed to grow and succeed. Whether investment is meant for purchasing property, working capital, renovating space, buying equipment, or debt refinancing, according to Ridgewood officials, the SBA 7(a) loan program can support an array of goals to generate growth. They added that the SBA-backed loan offers more flexibility for eligible borrowers, including lower down payments and longer terms.

“From our founding more than a century ago to becoming New York’s largest mutual savings bank today, it has always been our promise to lend a strong hand to those who make life better for their community,” Stekol said. “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.”

The public are encouraged to visit the new location and enter a $500 gift card sweepstakes to celebrate the big move.

As reported, Ridgewood opened a new bank branch in Norwood in September 2021, while the Sedgwick Avenue branch in Van Cortlandt Village which was slated to be shut at one point remains open.

Products, services, terms and conditions are subject to change. Loans are subject to credit approval. Sweepstakes rules are available at the White Plains Road branch.

Check out our previous stories on nd on financial literacy among Bronx youth and whether credit unions will solve the affordable financial services crisis in The Bronx and elsewhere.

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Welcome to the Norwood News, a bi-weekly community newspaper that primarily serves the northwest Bronx communities of Norwood, Bedford Park, Fordham and University Heights. Through our Breaking Bronx blog, we focus on news and information for those neighborhoods, but aim to cover as much Bronx-related news as possible. Founded in 1988 by Mosholu Preservation Corporation, a not-for-profit affiliate of Montefiore Medical Center, the Norwood News began as a monthly and grew to a bi-weekly in 1994. In September 2003 the paper expanded to cover University Heights and now covers all the neighborhoods of Community District 7. The Norwood News exists to foster communication among citizens and organizations and to be a tool for neighborhood development efforts. The Norwood News runs the Bronx Youth Journalism Heard, a journalism training program for Bronx high school students. As you navigate this website, please let us know if you discover any glitches or if you have any suggestions. We’d love to hear from you. You can send e-mails to norwoodnews@norwoodnews.org or call us anytime (718) 324-4998.