Crest Savings Bank

What Crest Savings Bank does

Crest Savings Bank is a privately held, FDIC-insured state-chartered savings bank headquartered at 3301 Pacific Avenue in Wildwood, New Jersey, serving Cape May County since 1919. The bank operates eight full-service financial centers across the county (Wildwood, Cape May, Cape May Court House, North Cape May, North Wildwood, Sea Isle City, Villas, Wildwood Crest), plus deposit-taking ATMs, and reports approximately 95 year-round employees with additional seasonal hires. Its core customers are local residents, seasonal visitors, and small-to-medium businesses in Cape May County, with secondary segments in first-time homebuyers and high-net-worth households.

The product portfolio spans consumer deposit accounts (Coastal Life rewards checking at 3.25% APY, Coastal Cash 5% cash-back checking, Anchor Account traditional checking, Freedom digital-first checking, Diamond Savings, tiered money market up to 3.25% APY, and CDs with specials up to 3.40% APY), residential mortgages (15/20/25/30-year fixed and 5/1 ARMs), home equity loans and HELOCs, commercial mortgages and secured lines of credit, merchant services, and wealth management referrals. The underlying technology stack is largely vendor-provided: Digital Insight powers the Cre$tConnect online and mobile banking platform with biometric login, Zelle P2P payments, mobile check deposit, Quicken/QuickBooks Web Connect and Direct Connect, and credit score monitoring; NCR provides the website theme and banking infrastructure; Mastercard provides the debit card rails and tokenized mobile wallet support; and Early Warning Services operates Zelle.

The business model is a classic community bank spread model plus fee and referral income. Net interest income is generated from a $458M loan portfolio (residential mortgages, commercial loans, home equity, consumer loans) funded by a $475M deposit base (checking, savings, money market, CDs), with mortgage and CD rates quoted in the 3%-6.5% range as of disclosure. Non-interest income comes from deposit maintenance and overdraft fees, ATM and wire fees, debit card interchange, merchant services, and referral fees from the LPL Financial and Shoffler Cripps Wealth Management partnership under the Crest Wealth Management brand. Distribution is community-led, with 10% of profits and 1,550 volunteer hours directed to local causes, supported by organic social media, a monthly e-newsletter, in-branch relationship banking, and online account opening. There is no disclosed M&A, venture funding, or geographic expansion outside Cape May County.

Name

Crest Savings Bank

Legal name

Crest Savings Bank

Website

https://crestsavings.bank

Company type

Private

Founded year

1919

Operating status

Operating

Headcount range

11–50 employees

Short description

Crest Savings Bank is an FDIC-insured, privately held community savings bank serving Cape May County, New Jersey since 1919. It operates eight branches offering consumer and business deposit accounts, mortgage and commercial lending, digital banking, and wealth management referrals.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Depository Credit Intermediation (5221)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Savings Banks (Public/State-Owned) (FSABAKAK)

akta.pro secondary industry

Customer Experience & Engagement (CRM, Support, Rewards, Loyalty) (FSAGAAAM)

Keywords

• Community banking
• Consumer deposit accounts
• Residential mortgages
• Commercial lending
• Wealth management

Headquarters

HQ city

Wildwood

HQ country

United States

HQ region

North America

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Net Interest Income: Interest income from loan portfolio including residential mortgages, commercial loans, home equity loans, and consumer loans. Interest paid on deposits including checking, savings, money market, and CDs. Primary revenue driver for the bank.
2. Non-Interest Income: Fees from deposit account maintenance, ATM transactions, overdraft fees, wire transfer fees, and service charges. Also includes debit card transaction interchange and merchant services fees from business customers.
3. Wealth Management Referrals: Referral fees from partnership with LPL Financial and Shoffler Cripps Wealth Management for investment and insurance products including annuities, managed portfolios, and financial planning services.
4. Merchant Services: Credit card processing fees from business customers for accepting debit cards, credit cards, and gift cards through merchant services program.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels6 records

Core offering

Crest Savings Bank is a community savings bank providing deposit accounts (checking, savings, CDs, IRAs), consumer and commercial lending (residential mortgages, home equity loans/lines, commercial mortgages, business lines of credit), merchant services, and wealth management referrals. Products and services are delivered through 8 branch locations across Cape May County, NJ and the Cre$tConnect digital banking platform, serving both individual consumers and local businesses.

Product overview

Crest Savings Bank is a community bank serving Cape May County, New Jersey since 1919, offering a unified banking platform centered on Cre$tConnect digital banking. The product portfolio spans deposit products (checking, savings, CDs, IRAs), lending (residential mortgages, home equity, commercial loans), and wealth management. Key branded deposit accounts include Coastal Life (high-yield rewards checking), Coastal Cash (cash-back checking), Anchor Account (traditional checking), and Freedom Account (digital-first). Lending products cover home mortgages, home equity loans/lines, commercial mortgages, and business lines of credit. Wealth management is delivered through a partnership with Shoffler Cripps Wealth Management/LPL Financial. Digital banking features integrate Zelle P2P payments, mobile deposit, Quicken/QuickBooks connectivity, Apple Pay/Google Pay/Samsung Pay mobile wallets, and debit card controls with fraud monitoring. The bank operates eight branch locations and serves as an FDIC-insured Equal Housing Lender with NMLS# 472651.

Differentiator

Problem solved

Functional benefit

Brands

• Coastal Life: High interest rewards checking account offering 3.25% APY on balances up to $20,000 with ATM fee refunds.
• Coastal Cash
• Anchor Account
• Cre$tConnect
• Crest Wealth Management

Products and services

• Coastal Life Checking High-interest rewards checking account offering up to 3.25% APY on balances up to $20,000 when monthly qualifications are met (15+ debit transactions, $500+ direct deposit, eStatements enrollment). Includes nationwide ATM fee refunds up to $10 and no monthly maintenance fee. Falls to 0.05% APY if qualifications are not met. Targeted at reward-seeking consumers in Cape May County.
• Coastal Cash Checking Cash back rewards checking account earning 5.00% cash back on up to $200 in debit card purchases monthly ($10 maximum per month). Requires one direct deposit/ACH and eStatement enrollment to qualify. Includes ATM fee refunds up to $10 monthly. Targeted at reward-seeking consumers.
• Anchor Account Checking Traditional checking account offering unlimited check writing, interest on balances over $250, 5 free foreign ATM withdrawals per statement cycle, and fee waivers for customers age 55+. $8 monthly maintenance fee waived with $250 minimum daily balance, $500 monthly direct deposit, or age 55+. Targeted at general consumers and seniors.
• Freedom Account Checking Digital-first checking account available to individuals 16 years and older with unlimited check writing, no monthly maintenance fee, no minimum balance requirements, and free non-Crest ATM transactions. Includes free mobile banking, debit card, and bill pay. Targeted at younger consumers and digital-first users.
• Diamond Savings Savings account with tiered interest rates starting at $50 minimum deposit to open and $250 minimum daily balance to avoid $5 monthly fee. Interest rates tiered from 0.05% APY (under $5,000) up to 2.00% APY ($500,000+). Targeted at consumer savers.
• Money Market Account Tiered interest-bearing money market account with $1,000 minimum to open. Rates range from 0.25% APY ($0-$19,999) to 3.25% APY ($2,000,000+). Monthly maintenance fee waived with $1,000+ daily balance. Targeted at higher-balance savers seeking tiered yields.
• Certificate of Deposit (CD) Fixed-term deposit accounts with terms ranging from 3 months to 60 months. Minimum $500 to open. Current special rates include 3.00% APY for 9-month, 3.10% APY for 12-month, 3.20% APY for 19-month, and 3.40% APY for 24-month terms. Interest compounds and credits monthly. Early withdrawal penalties apply.
• Home Mortgages Residential mortgage loans including fixed-rate mortgages (15, 20, 25, and 30-year terms) and 5/1 adjustable-rate mortgages. Purchase, refinance, and construction-to-permanent loan options available. Targeted at consumers purchasing or refinancing homes in Cape May County.
• Homebuyer Dream Program First-time homebuyer grant program offering up to $30,000 for down payment and closing costs. Administered in partnership with Federal Home Loan Bank of New York. Requires income at or below 80% AMI, Cape May County residency, and completion of homeownership counseling. Targeted at low-to-moderate income first-time homebuyers.
• Home Equity Loans Fixed-rate home equity loans for primary/secondary properties with terms of 5, 10, 15, and 20 years. Rates range from 7.000% to 7.750% APR depending on term and LTV. Max 70-80% CLTV depending on lien position. Targeted at homeowners seeking fixed-rate equity borrowing.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity with 10-year interest-only draw period converting to 15-year amortizing payments. Variable rate tied to Wall Street Journal Prime with 4.00% floor and 17.00% maximum APR. Targeted at homeowners seeking flexible equity access.
• Commercial Mortgages Commercial real estate loans for office buildings, hotels, motels, and income-generating properties. Fixed or variable rate options with 15-30 year repayment terms. Down payment required; loan amount based on property value. Targeted at local businesses purchasing or refinancing commercial real estate.
• Secured Revolving Line of Credit Business line of credit secured by commercial real estate providing flexible access to funds up to a predetermined limit. Allows borrowing, repayment, and re-borrowing as needed for cash flow management. Targeted at small to medium businesses managing working capital.
• Crest Wealth Management Wealth advisory services offered through partnership with Shoffler Cripps Wealth Management/LPL Financial. Services include financial planning, investment management (stocks, bonds, mutual funds, managed portfolios), retirement planning, IRAs, annuities, insurance, and estate strategies. Staffed by CFP-certified professionals including Tod D. Shoffler with 25+ years experience. Targeted at high-net-worth individuals and families.
• IRA Savings Individual Retirement Account savings with $100 minimum deposit, tiered interest rates up to 3.25% APY for balances $500,000+. No bank penalties for early withdrawals (IRS penalties may apply). Targeted at retirement savers.
• IRA CDs IRA Certificate of Deposit accounts combining CD stability with tax-advantaged IRA structure. Traditional and Roth IRA options available with terms from 12-60 months and $500 minimum deposit. Targeted at retirement savers seeking fixed returns.
• Merchant Services Business payment processing accepting credit cards, debit cards, gift cards, and check receipts. Includes EMV terminals, fast approval (97%), quick settlement, and simplified billing with multiple report options. Targeted at local small to medium businesses.
• Remote Deposit Capture Electronic check deposit service for business customers allowing deposits 24/7 from office using desktop scanner and bank-provided software. Eliminates need for physical branch visits and reduces fraud risk. Targeted at local businesses with daily check receipts.
• Cre$tConnect Digital Banking Digital banking platform providing online and mobile banking access to account management, including balance viewing, fund transfers, bill payment, mobile check deposit, Zelle P2P payments, card controls, credit score monitoring, and biometric authentication (Face ID/Touch ID). Available via web browser and native mobile apps for iOS, Android, Apple Watch, and Wear OS. Targeted at consumer and business digital banking users.
• Student Savings Savings account for students with $1 minimum deposit to open, no minimum balance to earn interest, and automatic conversion to Diamond Savings when student turns 18. ATM cards available for ages 14+ with parent/guardian on account. Targeted at students and minors building savings.
• Business Checking Business checking account with $8 monthly maintenance fee waived with daily balance $800+. First 100 items deposited or cashed free, $0.25 per additional item. Cash Management monthly fee $25. Remote Deposit Multi-Item Capture $40. Targeted at local small to medium businesses.

Quantifiable outcome

• Homebuyer Dream Program grants up to $30,000 available for qualifying first-time homebuyers in Cape May County
• +3 more outcomes

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability6 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• LPL Financial LLCcoreStrategic or Co-development PartnerPartnership with LPL Financial for wealth advisory services through Crest Wealth Management. LPL is a registered investment advisor and broker-dealer (member FINRA/SIPC). Shoffler Cripps Wealth Management provides Certified Financial Planner services including investment planning, retirement planning, risk management, tax strategies, education planning, and estate strategies through this partnership.
• Shoffler Cripps Wealth ManagementcoreStrategic or Co-development PartnerStrategic partnership where Shoffler Cripps Wealth Management, led by CFP professional Tod Shoffler with 25+ years of experience, operates within Crest Wealth Management at Crest Savings Bank. Provides comprehensive financial planning services including the '3 C's Plan' (Confident, Comprehensive, Certified Financial Plan) to bank customers.
• MastercardcoreTechnology or IntegrationMastercard debit card partnership for Coastal Life, Coastal Cash, Freedom, and business debit cards. Enables contactless payments, chip transactions, mobile wallet integration with Apple Pay, Google Pay, and Samsung Pay. Includes MasterCard Identity Theft Alerts protection service for cardholders.
• Early Warning Services, LLC (Zelle)coreTechnology or IntegrationPartnership enabling Zelle person-to-person payment services within Cre$tConnect digital banking. Allows customers to send and receive money directly between bank accounts. Zelle is integrated directly into the mobile app with no separate app download required. Over 100 million people are enrolled with Zelle nationally.
• Federal Home Loan Bank of New York (FHLBNY)minorOthersPartnership with FHLBNY for the Homebuyer Dream Program (HDP), a first-time homebuyer assistance program providing grants up to $30,000 for down payment and closing costs. Crest Savings Bank serves as a participating member institution, submitting grant applications on behalf of eligible homebuyers to FHLBNY for approval.
• Digital Insight (Digital Insighth)coreTechnology or IntegrationDigital Insight provides the online and mobile banking platform powering Cre$tConnect. Platform includes bill payment, mobile deposit, transfers, account management, credit score monitoring, card controls, and fraud protection services. Mobile apps available for iOS and Android devices.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Regional players

• OceanFirst Financial Corp. Large New Jersey-based community bank with broad deposit and lending franchise across the Jersey Shore, including Cape May County. Comparable in core consumer and small business banking products but materially larger scale; a natural acquirer profile for Crest.
• First Bank (NJ): New Jersey-headquartered community bank with similar size, deposit gathering, and consumer/SMB lending strategy across the state.
• Manasquan Bank: New Jersey community bank serving Monmouth and Ocean counties with consumer, mortgage, and SMB banking — similar size, charter type, and product mix to Crest.
• Magyar Bank: New Jersey community bank with comparable consumer and small business banking profile, focused on central New Jersey markets.
• Two River Community Bank: New Jersey community bank with comparable size, deposit and small business lending focus, serving the central Jersey Shore region.
• 1st Constitution Bank: New Jersey community bank with comparable size and consumer/SMB banking focus across central and northern New Jersey. Similar asset base and product breadth.
• Sturdy Savings Bank: New Jersey state-chartered mutual savings bank headquartered in Cape May County, serving similar southern New Jersey coastal communities. Closest direct comparable in charter type, geography, and product mix.

Broad incumbents

• Valley National Bank: Large New Jersey-headquartered regional bank with broad consumer, mortgage, and SMB banking; includes geographic overlap in coastal markets and is a potential acquirer of community banks like Crest.
• Peapack-Gladstone Financial Corporation: New Jersey-based commercial bank with strong private banking and wealth management focus, similar premium deposit and lending strategy but in a different geography.
• Lakeland Bank: Larger New Jersey community bank with broader geographic footprint; comparable consumer, mortgage, and SMB products but materially larger scale.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/crestsavings
• Facebookfacebook.com/crestsavings
• LinkedInlinkedin.com/company/crest-savings-bank
• Instagraminstagram.com/crestsavings

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Crest Savings Bank