Maspeth Federal Savings

What Maspeth Federal Savings does

Maspeth Federal Savings and Loan Association (MFS) is a depositor-owned mutual thrift bank headquartered in Maspeth, Queens, New York, founded in the 1950s and operating under multi-generational Rudzewick family stewardship. The institution serves retail consumers, first-time homebuyers, small business owners, and commercial real estate investors across the NYC metro area through four physical branches (Maspeth main office and Loan Center, Astoria, Rego Park) supplemented by access to more than 95,000 surcharge-free ATMs through the Allpoint and MoneyPass networks. As a mutual thrift, Maspeth operates without public shareholders and reports $2.2 billion in total assets with $18.3 million in 2025 net income — the latest year in a 30-year streak of unbroken profitability.

The product portfolio spans core retail banking (MFS Perks Checking, savings, CDs/IRAs, credit cards, debit Mastercard), consumer and commercial lending (residential mortgages, home equity lines of credit, multi-family and commercial real estate loans), and small business banking augmented by Clover merchant services from Fiserv. The bank's technology layer is built almost entirely on third-party integrations rather than proprietary infrastructure: Ellie Mae (ICE Mortgage Technology) powers the online mortgage application portal, MX provides personal financial management tools, Zelle (operated by Early Warning Services) handles P2P payments, and Fiserv's Clover suite handles merchant POS. Digital delivery is through a web platform and iOS/Android mobile app offering 128-bit encryption, multifactor authentication, mobile check deposit, and biometric login.

Maspeth generates revenue primarily through net interest income on its mortgage-heavy loan book (residential and multifamily lending) minus interest paid on deposits, with supplementary non-interest income from credit card and merchant services fees. Its go-to-market is hybrid: branch-led relationship banking for mortgage origination and small business acquisition, paired with digital self-service for routine deposit and payment activities. The bank has historically maintained a fee-free deposit product set as its core value proposition, differentiating against fee-heavy larger NYC competitors while monetizing through spread economics rather than deposit fees.

Name

Maspeth Federal Savings

Legal name

Maspeth Federal Savings and Loan Association

Website

https://maspethfederal.com

Company type

Private

Founded year

1950

Operating status

Operating

Headcount range

251–500 employees

Short description

Maspeth Federal Savings is a depositor-owned mutual thrift bank in Queens, New York, serving retail consumers, small businesses, and commercial real estate investors with deposit accounts, residential and multifamily mortgages, merchant services, and digital banking across four branches and 95,000+ surcharge-free ATMs.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

akta.pro secondary industries

Savings Automation & Goal-Based Savings (FSAGADAC), Treasury, Cash Management & Liquidity Tools (Sweeps, Cash Concentration) (FSAGAAAG)

Keywords

• Community banking
• Residential mortgages
• Commercial real estate lending
• Merchant services
• Deposit accounts

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

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 residential mortgages, multifamily mortgages, and commercial real estate loans minus interest paid on deposits. Core revenue stream for the mutual thrift.
2. Non-Interest Income: Fees from credit cards, merchant services processing, online banking services, and other banking service charges.
3. Merchant Services: Revenue from processing payments for business customers through Clover POS systems including transaction fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels8 records

Core offering

Maspeth Federal Savings is a depositor-owned mutual thrift bank offering personal deposit products (checking, savings, CDs/IRAs), residential and commercial real estate mortgages, home equity lines of credit, business banking accounts, and Clover merchant payment processing. Services are delivered through four branches in Queens, NYC, an online and mobile banking platform, and a surcharge-free ATM network of over 95,000 machines.

Product overview

Maspeth Federal Savings operates as a community-focused mutual thrift bank offering a unified suite of personal, business, and lending products. The core banking platform centers on deposit accounts (checking, savings, CDs/IRAs) and credit products (mortgages, home equity, commercial real estate), augmented by digital banking services including online/mobile banking, MX Money Management, and Zelle P2P payments. Business banking extends this with dedicated checking, savings, credit cards, Zelle for Business, and Clover merchant services from Fiserv. All products are delivered through branch locations in Queens (Maspeth, Astoria, Rego Park), the loan center, and digital channels. The bank maintains its depositor-owned mutual structure while investing in technology infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• MFS Perks Checking: Fee-free checking account with travel rewards and discounts at participating pharmacies and providers.
• MFS Mobile Banking

Products and services

• MFS Perks Checking Fee-free personal checking account offering travel rewards plus savings and discounts at participating pharmacies and providers, targeted at retail consumers in the NYC metro area.
• Savings Accounts Personal savings products including Statement Savings, Young Savers, Vacation/Holiday Club, and Passbook Savings accounts for retail consumers.
• CDs and IRAs Certificate of Deposit and Individual Retirement Account products offering term-based savings with competitive rates for personal banking customers.
• Debit Mastercard Contactless chip debit card with EMV technology, surcharge-free ATM access across Allpoint and MoneyPass networks, travel notifications, and mobile payment compatibility for retail banking customers.
• Credit Cards Personal and business credit card products offering flexible spending and rewards programs for individual and business banking customers.
• Online and Mobile Banking Full-featured digital banking platform providing 24/7 account access, transfers, bill payment, mobile check deposit, and integration with money management and P2P payment services for retail and business customers.
• Residential Mortgages Home loan products including Fixed-Rate Mortgages, First-Time Home Buyer Programs, First Responder and Military Discount Programs, and Refinancing options, processed through Ellie Mae's mortgage platform.
• Home Equity Line of Credit Revolving credit line secured by home equity for home improvements or major expenses, available to borrowers with two or more years of mortgage payment history.
• Commercial Real Estate Loans Commercial mortgage products including multi-family, mixed-use, commercial use, commercial lines of credit, construction loans, and land loans for property investors and business owners.
• Business Checking Fee-free business checking accounts with access to online banking, mobile banking, Zelle for Business, and Clover merchant services for small business customers.
• Business Savings Business savings accounts for depositing and growing business funds with competitive rates for small businesses.
• Business Credit Cards Credit card products designed for business spending needs with flexible rewards and reporting for small business customers.
• Merchant Services (Clover POS) Payment processing and business management solutions via Clover POS systems (Go, Compact, Flex, Mini, Station Solo, Station Duo, Kiosk, Kitchen Display System) and Virtual Terminal powered by Fiserv for restaurants, retailers, and service businesses.
• ATM Network Surcharge-free ATM access through Allpoint and MoneyPass networks providing over 95,000 fee-free ATMs plus unlimited Maspeth Federal ATMs with deposit capabilities.

Quantifiable outcome

• 23% year-over-year net income growth to $18.3 million in 2025
• +1 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core.

• Clover from FiservcoreTechnology or IntegrationStrategic partnership with Clover from Fiserv providing payment processing and business management solutions for small business customers. Clover offers various POS systems including Go, Compact, Flex, Flex Pocket, Mini, Station Solo, Station Duo, Kiosk, and Kitchen Display System designed for restaurants, retailers, and service businesses.
• Allpoint NetworkcoreTechnology or IntegrationATM network partnership providing Maspeth Federal customers access to over 95,000 surcharge-free ATMs across the Allpoint network with deposit capabilities at Maspeth Federal ATMs.
• MoneyPasscoreTechnology or IntegrationATM network partnership providing surcharge-free ATM access to Maspeth Federal customers through the MoneyPass network of over 95,000 ATMs.
• Zelle / Early Warning ServicescoreTechnology or IntegrationPartnership with Zelle (operated by Early Warning Services, LLC) enabling fast, safe person-to-person money transfers directly between bank accounts, typically within minutes. Maspeth Federal customers can send, receive, and request money using just an email address or U.S. mobile number.
• MX Money ManagementcoreTechnology or IntegrationIntegration with MX Personal Finance providing personal money management tools within online and mobile banking. Features include accessing all financial accounts in one place, spending insights, custom budget categories, and goal visualization.
• Ellie Mae (Black Knight)coreTechnology or IntegrationMortgage technology platform powering the online mortgage application portal (mymortgage-online.com) enabling pre-approval, application submission, document uploads, and loan status tracking for residential and commercial mortgages.

Scale indicators5 records

Recent moves4 records

Expansion highlights5 records

Direct peers

• Ridgewood Savings Bank: Mutual savings bank headquartered in the NYC metro area (Queens) with a similar product mix of deposit accounts, residential mortgages, and community-focused banking. Directly comparable in size, structure, and customer base to Maspeth Federal.
• Apple Bank for Savings: Mutual savings bank serving the New York metropolitan area with a comparable mix of consumer deposits, residential mortgages, and small business banking. Closely aligned mutual structure and regional community banking model.
• Dime Community Bank: Community bank headquartered in Brooklyn, NY, focused on commercial real estate, multifamily lending, and small business banking in the NYC metro—closely matching Maspeth Federal's core lending focus and geographic footprint.
• Flushing Bank: Community-oriented bank serving the NYC metro area with a strong multifamily and commercial real estate lending franchise, plus consumer and small business banking. Comparable product mix and target customer segments to Maspeth Federal.
• Hanover Community Bank: New York-based community bank serving Long Island and NYC with similar emphasis on multifamily lending, small business banking, and deposit gathering. Closely matched peer in size, geography, and product mix.
• Emigrant Bank: Privately held New York community bank with a focus on mortgages and wealth management in the NYC metro. Comparable in private/independent structure and regional concentration to Maspeth Federal.
• Carver Federal Savings Bank: Minority-led community bank in NYC with a focus on consumer and small business banking in underserved urban markets. Comparable community-bank positioning and product offerings, though smaller in scale.

Regional players

• ConnectOne Bancorp: New Jersey and New York-based community bank with a strong multifamily and commercial real estate lending franchise in the greater NYC metro. Comparable lending focus and customer segments, but operates from a different primary geography.
• Berkshire Hills Bancorp: Northeast regional community bank with consumer, small business, and CRE lending across multiple states. Comparable as a community banking platform, though with broader geographic reach than Maspeth Federal's Queens-only footprint.

Broad incumbents

• New York Community Bank (Flagstar Financial): Much larger community banking franchise with deep concentration in NYC multifamily lending. Overlaps directly on core lending products and target customer base, but operates at significantly greater scale and as a public company.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/maspethfederal
• YouTubeyoutube.com/channel/UCb7jPO8r4bQtMPljALyglGg
• Facebookfacebook.com/maspethfederal
• LinkedInlinkedin.com/company/1931688
• Instagraminstagram.com/maspethfederalsavings/?hl=en

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

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 Maspeth Federal Savings