Honor Walden Bank Anniversary

Senate Resolution No. 878 BY: Senator LARKIN COMMENDING Walden Savings Bank upon the occasion of celebrating its 145th Anniversary WHEREAS, It is the sense of this Legislative Body that the quality and character of life in this great Empire State is indelibly enriched by the faithful efforts of those financial institutions and their leadership who devote their purpose to promoting economic vitality and to serve the public need; and WHEREAS, Attendant to such concern, and in full accord with its long-standing traditions, this Legislative Body is justly proud to commend Walden Savings Bank upon the occasion of celebrating its 145th Anniversary; and WHEREAS, Along with Walden Savings Bank, the Scott's Corners branch will commemorate its 15th Anniversary and the Middlehope branch will recognize its 10th Anniversary with a free community shred day; and WHEREAS, Walden Savings Bank has been committed to providing its customers with the latest digital banking technology, excellent financial products, and superior service; and WHEREAS, Established in 1872, Walden Savings Bank is a federal chartered mutual savings bank headquartered in Montgomery, New York; the Bank opened the Corporate Headquarters office, located at Crossroads Corporate Park, at the intersection of Route 17K and Route 208 in the Town of Montgomery, on August 15, 2002; and WHEREAS, In 2012, Walden Investment Services, located at Walden Savings Bank, was established to offer personalized advice for financial planning; and WHEREAS, In addition to its headquarters, the bank maintains 11 full service branches in southeastern New York including Walden, Washingtonville, Montgomery, Cornwall-on-Hudson, Pine Bush, New Windsor, Gardiner, Scott's Corners, Circleville, Middlehope and Florida; and WHEREAS, With the exception of the Gardiner branch, located in Ulster County, all of the bank's branches are located in Orange County; for lending purposes, the Bank's primary market area covers Orange County, and extends into parts of Ulster and Sullivan Counties; and WHEREAS, Walden Savings Bank is a member of the Federal Home Loan Bank (FHLB) system and its deposits are insured up to the regulatory maximums by the Bank Insurance Fund (BIF) of the Federal Deposit Insurance Corporation; and WHEREAS, As of December 31, 2016, Walden Savings Bank had $522,824,266 in assets, $473,719,110 in deposits and total equity of $45.9 million or 9.06%; and WHEREAS, Walden Savings Bank is a community-oriented thrift, with a primary strategic objective of meeting the borrowing and deposit needs of its local customer base; historically, the Bank's operating strategy has been reflective of a traditional thrift in which residential mortgage loans and retail deposits constitute the principal components of the Bank's assets and liabilities, respectively; lending diversification by the Bank includes construction, multi-family, vacant land, commercial real estate, consumer loans and commercial business loans; and WHEREAS, The success of Walden Savings Bank is in direct correlation to the efforts of its President and CEO, Derrik R. Wynkoop and Chairman of the Board, Jeffrey D. Crist and its staff, whose involvement is, and always has been, characterized by an impressive commitment, an unbridled enthusiasm, and an uncompromising standard of excellence in all endeavors; and WHEREAS, This Legislative Body looks favorably upon the strong role which institutions such as Walden Savings Bank play in strengthening the social and economic fabric of our communities through providing growth opportunities for citizens and businesses; now, therefore, be it RESOLVED, That this Legislative Body pause in its deliberations to commend Walden Savings Bank upon the occasion of celebrating its 145th Anniversary, and to wish this financial institution continued success in its vital work on behalf of its customers; and be it further RESOLVED, That copies of this Resolution, suitably engrossed, be transmitted to Derrik R. Wynkoop, President and CEO, and Jeffrey D. Crist, Chairman of the Board, Walden Savings Bank.