Ridgewood Savings Bank

What Ridgewood Savings Bank does

Ridgewood Savings Bank is a mutual savings bank founded in 1921 in Queens, New York, owned by its depositors rather than outside investors. It operates 36 branches across New York City, Long Island, and Westchester County, supported by 540+ employees and approximately $7 billion in total assets. The bank serves individual consumers, small-to-mid-size businesses, and wealth management clients with a full suite of personal and commercial banking products, including checking, savings, money market, CDs, mortgages, home equity, personal and business loans, SBA loans, and commercial real estate financing. It also offers wealth management products (mutual funds, annuities, college savings, term and whole life insurance) through Ridgewood Financial Services.

The bank's core technology stack is a digital banking platform spanning mobile (iOS/Android), online, and telephone channels, integrated with Zelle for P2P payments, MX for personal financial management, Allpoint and MoneyPass for 90,000+ surcharge-free ATMs, and CDARS for multi-million-dollar FDIC coverage. The bank maintains FDIC insurance on all deposits and uses a hybrid go-to-market model combining physical branches, appointment-based specialist banking (mortgage, wealth, business), and self-serve digital account opening. Partnership ecosystem includes EverFi (financial education), College Ave (student loan referrals), EZShield (identity protection), and One Tree Planted (sustainability).

Revenue is generated primarily through net interest income (interest on mortgages, personal, commercial, and home equity loans, plus investment securities), supplemented by deposit account fees, loan origination and servicing fees, and wealth management commissions and licensing revenue. The model is anchored on long-tenured customer relationships (multiple documented customers exceeding 30–50 years) and a foreclosure-resistant mutual charter that prioritizes long-term stability over short-term profit, with subsidiary-free, geographically concentrated operations.

Name

Ridgewood Savings Bank

Legal name

Ridgewood Savings Bank

Website

https://ridgewoodbank.com

Company type

Private

Founded year

1921

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Ridgewood Savings Bank is a $7B-asset mutual savings bank founded in 1921, serving retail and small-business customers across the New York metro area through 36 branches, a digital banking platform, and wealth management services. It is owned by its depositors.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

akta.pro secondary industries

Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE), Real Estate (Commercial Property, REITs) (FSABACAH)

Keywords

• Retail banking services
• Consumer deposit accounts
• Residential mortgage lending
• Small business banking
• Wealth management products

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

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. Interest Income: Traditional banking revenue from interest earned on loans including mortgages, personal loans, commercial loans, and home equity products. Also earns interest on deposits and investment securities.
2. Deposit Account Fees: Monthly service fees on checking and savings accounts (waived based on balance or direct deposit), overdraft fees, and ATM fee reimbursements on premium accounts.
3. Loan Origination Fees: Fees from mortgage origination, commercial lending, SBA loans, and other credit products. Also generates revenue from loan servicing.
4. Wealth Management Services: Financial consulting services including mutual funds, annuities, college savings plans, and insurance products through referrals and in-house consultants.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Ridgewood Savings Bank is a mutual savings bank that provides personal and business banking services, including deposit accounts (checking, savings, money market, CDs), residential and commercial lending, SBA loans, merchant services, payroll, and wealth management products (mutual funds, annuities, insurance). The bank serves consumers, small and mid-sized businesses, and wealth management clients across New York City, Long Island, and Westchester County through 36 branches, a digital platform, and a shared ATM network.

Product overview

Ridgewood Savings Bank is a mutual savings bank offering a unified portfolio of consumer and business banking products across physical branches and a digital platform. The core offering centers on a range of deposit accounts — checking (Premier Checking, Ridgewood Good Checking, Free Green Checking, Student Advantage Checking, BankOn Checking), savings (Statement Savings, Passbook Savings, Smart Move Online Savings, Youth Savings, Vacation/Holiday Club), and CDs (2-Year Treasury Indexed CD, 10-Month Online CD) — supplemented by money market accounts (PowerFlex and Smart Move Money Market). Lending products span mortgages (Good Move Mortgage, Homebuyer Dream Suite, Homefirst, affordable SONYMA programs), personal loans (No Fee Personal Loan, Credit Builder Loan, Secured Loans), home equity products, SBA loans, and commercial real estate financing. Digital services include Mobile/Online Banking, Money Management (MX), Mobile Wallet, Zelle, Bill Pay, Early Pay, Credit Score monitoring, Identity Protection, and the Ridgewood Financial Academy (free financial education). Wealth management encompasses mutual funds, annuities, college savings, and insurance (term and whole life). The bank also partners with College Ave Student Loans for education financing and participates in the Allpoint/MoneyPass ATM networks for surcharge-free access. All products are FDIC-insured and supported by 36 branches and 540+ employees.

Differentiator

Problem solved

Functional benefit

Products and services

• Premier Checking A premium personal checking account for consumers seeking a higher-tier checking relationship with interest-bearing features and bundled benefits. It carries tiered monthly service fees and is designed for everyday banking with debit card access and digital banking.
• Good Checking A standard personal checking account offered with a monthly service fee, providing core checking functionality for everyday consumer use.
• Free Green Checking A no-monthly-fee personal checking account designed for value-conscious consumers who want everyday checking without a recurring service charge.
• Student Advantage Checking A checking account tailored for students, with eligibility based on age and student status, providing core checking functionality for younger customers.
• BankOn Checking A government-backed, second-chance checking account designed to bring unbanked and underbanked consumers into the banking system with simplified features and certification standards.
• Personal Savings Accounts Personal savings accounts for consumers to hold deposits and earn interest, supporting short- and medium-term savings goals.
• Money Market Account A tiered money market deposit account paying interest rates that vary by balance level, providing customers with a higher-yield savings alternative.
• Certificates of Deposit (CDs) Fixed-term certificates of deposit offered to consumers with rates that vary by term length and balance, providing locked-in interest for a defined period.
• Residential Mortgages Residential mortgage loans for homebuyers and homeowners in the bank's service area, offered through the bank's lending group.
• Personal Loans and Lines of Credit Personal loans and revolving personal lines of credit offered to consumer borrowers for personal financing needs.
• Business Checking and Business Savings Accounts Business deposit accounts (checking and savings) offered to small and mid-sized businesses for operating balances and treasury management.
• SBA Loans Small Business Administration (SBA)-backed loans for qualifying small businesses, providing government-guaranteed financing through the bank.
• Commercial Real Estate Loans Commercial real estate loans for businesses purchasing, refinancing, or improving income-producing or owner-occupied properties.
• Merchant Services Merchant card processing and payment acceptance services for business customers to handle point-of-sale and electronic transactions.
• Payroll Services Payroll processing services offered to business customers to administer employee compensation and related tax obligations.
• Mutual Funds Mutual fund investment products distributed to retail customers through the bank's wealth management offering.
• Annuities Annuity products distributed to retail customers by the bank for retirement income and long-term financial planning.
• Insurance Products Insurance products distributed to retail customers through the bank's wealth management offering.
• Surcharge-Free ATM Access (Allpoint and MoneyPass) Network participation that gives customers surcharge-free access to more than 90,000 ATMs through the Allpoint and MoneyPass networks.

Quantifiable outcome

• Up to $10 match upon opening Youth Savings account
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature3 records

Partnerships

Eight partnerships are on record, tiered supporting and core.

• College Ave Student LoanssupportingGTM or Marketing PartnerStudent loan referral partnership helping customers finance college education. Ridgewood refers customers to College Ave for student loan products with competitive rates and multiple repayment options. Loans are offered and serviced by College Ave Student Loans.
• AllpointcoreTechnology or IntegrationATM network partnership providing 90,000+ surcharge-free ATMs for Ridgewood customers. Allpoint is one of the largest surcharge-free ATM networks in the United States.
• MoneyPasscoreTechnology or IntegrationAdditional surcharge-free ATM network partnership expanding access to fee-free cash withdrawals for Ridgewood debit card customers nationwide.
• EZShieldsupportingTechnology or IntegrationID theft protection service included with Premier Checking accounts. Provides 24/7 ID Restoration services and identity theft protection for premium account holders.
• One Tree PlantedsupportingGTM or Marketing PartnerEnvironmental partnership where Ridgewood donates to plant a tree in U.S. national forests for each Free Green Checking account opened. Supports sustainability initiatives and environmental responsibility.
• EverfisupportingGTM or Marketing PartnerFinancial education platform partnership powering Ridgewood Financial Academy. Provides free online financial education modules including Financial Foundations, Owning a Home, Investing in Your Future, and Small Business Essentials.
• Early Warning Services (Zelle)coreTechnology or IntegrationP2P payment integration enabling Zelle transfers for customers to send money quickly and securely. Available on Ridgewood mobile and online banking platforms.
• CDARS (Certificate of Deposit Account Registry Service)supportingTechnology or IntegrationFDIC insurance sweep service allowing customers to access multi-million dollar FDIC coverage through a single bank relationship by distributing deposits across multiple FDIC-insured banks.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Dime Community Bancshares: A New York-focused community bank offering consumer and business deposit products, multifamily and CRE lending, and digital banking. Operates a comparable branch-and-digital community banking model serving the NYC metro area.
• Ponce Bank: A New York City community bank serving similar multicultural and urban communities with comparable deposit, lending, and small business products. Overlapping customer segments and competitive overlap with Ridgewood in the Queens/Bronx metro footprint.
• Carver Federal Savings Bank: A minority-led New York City community savings bank offering consumer deposit accounts, lending, and small business services with a similar urban community banking focus. Comparable charter structure and competitive overlap in the NYC market.
• Emigrant Bank: A New York-based savings bank with a focus on private banking, wealth management, and consumer deposit products. Comparable NY-area community banking footprint and mutual-style independent operation.
• Flushing Financial Corporation: A New York-area bank holding company operating a full-service community banking franchise with comparable consumer and commercial deposit products, multifamily and CRE lending, and a multi-branch NYC metro footprint. Closely aligned business model and product mix.
• Apple Bank: New York-area savings bank offering a similar suite of consumer checking, savings, lending, and digital banking services to retail and small business customers across the NYC metro market. Closely comparable in branch-based community banking model and mutual-style operations.
• New York Community Bancorp (Flagstar Bank): One of the largest thrift and community banking franchises in the New York metropolitan area, serving similar consumer and CRE lending customers through an overlapping branch network and comparable deposit products. Highly comparable mutual-style community banking model in the same geography.

Emerging players

• Quontic Bank: A digital-first, New York-based CDFI bank offering high-yield savings, checking, mortgages, and small business products. Represents the emerging digital-native competitive threat to traditional community banks like Ridgewood.

Broad incumbents

• M&T Bank (People's United): A super-regional bank with a major New York City metro presence following the People's United acquisition, offering a broader suite of consumer, commercial, and wealth products. Sets the competitive benchmark for scale, technology investment, and product breadth that Ridgewood must match within the same geography.

Regional players

• Northfield Bancorp: A Staten Island-headquartered community bank with comparable deposit, mortgage, and small business banking products serving the greater New York metropolitan area. Regional peer with overlapping product set and customer demographic.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xtwitter.com/RidgewoodBank
• YouTubeyoutube.com/ridgewoodbank
• Facebookfacebook.com/ridgewood-savings-bank
• LinkedInlinkedin.com/company/ridgewood-savings-bank
• Instagraminstagram.com/Ridgewoodbank

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 Ridgewood Savings Bank