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Ridgewood Savings Bank acquires Yonkers-based bank

On July 16, Ridgewood Savings Bank announced the completion of its acquisition of City & Suburban Financial Corporation and its subsidiary, City & Suburban Federal Savings Bank, based in Yonkers, New York.
“The culmination of this strategic acquisition marks an important beginning for the expanded footprint of Ridgewood Savings Bank,” said William C. McGarry, chair, president and CEO of Ridgewood Savings Bank.
The bank, which was chartered in 1921, will now have an increasing presence in the Bronx, Westchester and Manhattan, increasing its number of branches to 35 in seven New York counties, including Brooklyn, Queens, Nassau and Suffolk.
“Though we have clearly become a more prominent New York-based financial institution,” McGarry explained, “our commitment to our customers, local communities, and employees will never waver.”
Ridgewood Savings Bank will ensure a transparent transition for City & Suburban customers, according to McGarry. A full conversion of electronic systems and data is expected to be completed in September, and customers will be able to continue to bank seamlessly at their local branches.
“We are excited to increase our presence and also expand the service offerings for our customers in the Bronx as well as into local Westchester County and Manhattan neighborhoods,” Walter Reese, Senior Vice President of Retail Banking, said.
“Along with providing comprehensive banking and financial services,” he added, “we look forward to creating the same one-on-one personalized relationships with customers as we have done for so many years in Queens, Brooklyn, and on Long Island.”
The acquisition of City & Suburban added 12 branches and approximately $678 million in assets, $480 million in loans, and $580 million in deposits, based on June 30, 2007 financial data, making Ridgewood Savings Bank the largest mutual savings bank in New York State with $4.1 billion in assets, $2.5 billion in loans and $3.2 billion in deposits.

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