Exhibit 13
| O N S O L I D R O C K | | | 2 0 0 8 A N N U A L R E P O R T |
Financial Highlights
| | | 2008 | | | 2007 | |
| | | | | | | |
| FOR THE YEAR ENDED DECEMBER 31 | | (Dollars in thousands, except per share amounts) | |
| Net income | | $ | 3,501 | | | $ | 4,607 | |
| Average shares outstanding | | | 5,575 | | | | 5,558 | |
| Per common share | | | | | | | | |
| Basic net income | | | 0.63 | | | | 0.83 | |
| Diluted net income | | | 0.63 | | | | 0.82 | |
| Cash dividends declared | | | 0.35 | | | | 0.33 | |
| Book value at year end | | | 7.68 | | | | 7.37 | |
| | | | | | |
| BALANCE SHEET DATA AT DECEMBER 31 | | | | | |
| Total assets | | | 611,816 | | | | 571,905 | |
| Total gross loans | | | 439,269 | | | | 420,147 | |
| Allowance for loan losses | | | 5,166 | | | | 4,457 | |
| Total deposits | | | 506,531 | | | | 472,299 | |
| Stockholders’ equity | | | 42,796 | | | | 41,090 | |
| | | | | | | | | |
| CONSOLIDATED RATIOS | | | | | | | | |
| Return on average assets | | | 0.58 | % | | | 0.86 | % |
| Return on average equity | | | 8.34 | % | | | 11.76 | % |
| Tier 1 capital to average assets (leverage) | | | 8.01 | % | | | 8.56 | % |
| Tier 1 capital to risk-adjusted assets | | | 10.50 | % | | | 10.76 | % |
| Total capital to risk-adjusted assets | | | 11.60 | % | | | 11.77 | % |
All share data has been restated to include the effects of 5% stock dividends issued November, 2007 and November, 2008.
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Pictured from left to right are: Charles Vitz, North Haledon Fire Co.,No.2;Thomas Maselli, ASB North Haledon Branch Manager; Abe Van Wingerden, Vice Chairman ASB Board of Directors; Randy George, Mayor of North Haledon; William C. Hanse, Chairman of the ASB Board of Directors; Bruce Iacobelli, North Haledon Town Council Member; Linda Martin, ASB North Haledon Assistant Branch Manager; Mickey Zimmer, North Haledon Fire Co.,No.1. Second row: Robert Dyer, President of the North Haledon Town Council and Paul Van Ostenbridge, President and CEO of Atlantic Stewardship Bank. |
| O N S O L I D R O C K | | | 2 0 0 8 A N N U A L R E P O R T |
Message to the Shareholders
DEAR SHAREHOLDERS AND F RIENDS | Our Corporation remains rock solid, declaring both cash and stock dividends in 2008, in spite of the dramatic downturn in the economy. The cash dividend paid in the fourth quarter of 2008 was the Corporation’s forty-fourth consecutive cash dividend. And, the stock dividend represented the eleventh annual stock dividend paid by Stewardship Financial Corporation. The banking industry is in the midst of one the most economically challenging periods in recent history. Although there were many positive aspects of 2008, as the year progressed, the nation experienced severe economic stress, which impacted the Bank’s customers as well as the performance of Stewardship Financial Corporation.
We are pleased to report that we never participated in the speculative markets, which are responsible for the current economic crisis. The Corporation in no way participated in sub-prime lending and avoided compromising our standards to meet market competition. We have stayed true to our conservative lending and investment portfolio guidelines. This approach has positioned us to actively promote and pursue traditional banking opportunities and will permit future loan and deposit growth.
Net interest income for the year ended December 31, 2008 was $22.3 million and represents a 14.8% increase over the $19.4 million reported for the year ended December 31, 2007.These earnings were impacted by the need to increase the allocation for loan loss reserves as identified in the second half of 2008.The total provision for loan losses was $3.6million for the year ended December 31, 2008 compared to the $530,000 allocated for loan loss reserves for the year ended December 31, 2007. The 2008 increase is primarily attributed to a few underperforming commercial credits. The allocation of additional loan loss reserves was a prudent approach to adequately provide for possible losses within the portfolio.
Total deposits for the year ended December 31, 2008 were $506.5 million for an increase of 7.2% over prior year end. Our new branches were strong contributors to this growth. Our Wyckoff Office has grown to in excess of $17.5 million in deposits, Westwood has grown deposits to $9.5 million, and North Haledon has grown to deposits of $17 million. We are encouraged by the positive reception we are receiving in these communities. The local market has become disenchanted with the mega banks in our area, which has resulted in continued growth within our branch network. As a community bank that has always enjoyed a reputation of instilling confidence and trust, and with a branch network that spans three of the strongest counties in New Jersey, we are well-positioned and well prepared to take advantage of the opportunities created by the current banking climate.
Our Lending Division remained active throughout 2008 with the loan portfolio increasing 4.6% or $19.2 million to a total of $439.3 million as of December 31, 2008.We continue to sustain a solid pipeline of new loan requests and have maintained our prudent underwriting standards. This will enable us to continue solid loan growth and enable us to support the local communities within our branch markets. We are pleased to report an increase in residential mortgage lending as rates remain near historic lows. As a result, many homeowners within our marketplace are benefitting from the low rates by reducing their monthly mortgage payments.
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| Atlantic Stewardship Bank Associates Volunteer at the Paterson Habitat for Humanity 2008 Corporate Challenge. |
| O N S O L I D R O C K | | | 2 0 0 8 A N N U A L R E P O R T |
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| Pictured from left to right: Arie Leegwater, ASB Board of Directors; Reverend Trevor Rubingh, Executive Director, New City Kids Church; Abe Van Wingerden, ASB Board of Directors. |
The Corporation was recognized by the U.S. Treasury Department this past year for our continued financial strength and solid capital position. As a result, we were offered the opportunity to receive an infusion of capital under the U.S. Treasury’s Capital Purchase Program. These government funds were only offered to healthy institutions to assist banks in making loans within their communities. Although we did not accept the full amount of capital we qualified for, the Corporation agreed to receive $10 million in the first quarter of 2009 which solidified our already “well capitalized” position. Our participation in the Capital Purchase Program differs vastly from the troubled financial institutions receiving assistance under some of the other TARP programs. Our strong Corporation has been made even stronger as a result of this participation. The increase in our capital levels provides us the ability to continue to grow assets and increases our ability to make new loans.
During 2008, the Bank continued to enhance its product line to meet the ever-changing needs of our customers. By implementing E-Statements we have provided customers with even greater access to their account information. Going “green” also helps the environment, is more secure than paper and reduces our expenses.
We are pleased to introduce our newest product, Power Rate Checking, which rewards customers with a high rate of interest. This free checking account has three simple qualifications that reward our customers for assisting the Bank in the reduction of account related expenses. Information about Power Rate Checking can be found at www.asbnow.com or by calling one of our offices.
We also recently introduced a business cash management product. This highly anticipated online service provides ACH origination and wire transfer authorizations as well as other helpful features accessible directly from the business’ PC.
The introduction of Atlantic Stewardship Insurance Company, LLC allows the Bank to offer employee benefits plans to small and mid size business customers through a partnership with the Preferred Benefits Group. This partnership will deepen our relationships with our commercial customers by providing additional value-added services. Preferred Benefits Group will meet with our business customers to review their existing plans in order to explore alternatives and to provide benefit plans that yield cost savings.
In 2008 Atlantic Stewardship Bank’s Tithing Program continued to be a resource to many organizations in desperate need during this economic downturn. The Bank gave $627,000 to 352 deserving organizations. Since the program’s inception in 1987, $6.3 million in donations have been shared with local food pantries as well as Christian missions, schools, and health care facilities. The Bank recognizes the importance of local civic and non-profit organizations by supporting them with donations as well.
In closing we would like to thank our loyal customer base for your continued support and confidence in Stewardship Financial Corporation and Atlantic Stewardship Bank. Your funds on deposit enable our Tithing Program to continue to aid those in need. We wish to thank our Bank Associates at every level of the organization for their continued hard work and dedication. We are grateful to our shareholders for their unwavering support of the Bank and its mission. The year ahead may present additional challenges for the banking industry, however, our Corporation is well-positioned to meet these challenges with the grace and guidance of our Lord, Jesus Christ, to whom we are thankful.
/s/ William C. Hanse, Esq.
William C. Hanse, Esq.
Chairman of the Board of Directors
/s/ Paul Van Ostenbridge
Paul Van Ostenbridge
President and Chief Executive Officer
| O N S O L I D R O C K | | | 2 0 0 8 A N N U A L R E P O R T |
Board of Directors
STEWARDSHIP FINANCIAL CORPORATION AND ATLANTIC STEWARDSHIP BANK
| William C. Hanse, Esq., Chairman | | John L. Steen | | Abe Van Wingerden, Vice Chairman |
| Partner, Hanse & Hanse | | President, Steen Sales, Inc. | | President, Abe Van Wingerden Co., Inc. |
| | | President, Dutch Valley Throwing Co., Inc. | | T/A Van Wingerden Farms |
| Harold Dyer | | | | |
| Retired | | Robert J. Turner, Secretary | | Michael A. Westra, CPA |
| | | Retired | | General Manager, Wayne Tile Company |
| Margo Lane | | | | |
| Sales and Marketing Manager | | William J. Vander Eems | | Howard R. Yeaton, CPA |
| Collagen Matrix ,Inc. | | President, William Vander Eems, Inc. | | Managing Principal, |
| | | | | Financial Consulting Strategies, LLC |
| Arie Leegwater | | Paul Van Ostenbridge | | |
| Retired | | President and Chief Executive Officer | | |
| | | Stewardship Financial Corporation and | | |
| | | Atlantic Stewardship Bank | | |
New Business Development Boards
| BERGEN | | MORRIS |
| Janyce Bandstra | | Antonia Daughtry |
| Richard Barclay | | David DeVries, CPA |
| Mark Borst | | Robert E. Fazekas |
| Richard J. Brady, Esq. | | Gregory A. Golden |
| Andreas Comodromos, CPA | | Brian W. Hanse, Esq., CPA |
| William Cook | | Garret A. Hoogerhyde, CPA |
| Robert Galorenzo, MD | | Vernon Kuiken |
| Paul D. Heerema | | Jeffrey T. Massaro |
| Bartel Leegwater | | Edward Ramirez |
| Paul Ruitenberg | | Anita Van Wingerden |
| John Scoccola | | |
| Roger Steiginga | | PASSAIC |
| Allen Stiles | | Vince Brosnan |
| James D. Vaughan III, Esq. | | Ernest P. De Marco, CPA |
| David Visbeen | | Shanti Jost |
| | | Ruth Kuder |
| | | Wayne Kuiken |
| | | William A. Monaghan III, Esq. |
| | | Mark Reitsma, CFP |
| | | Darryl Siss, Esq. |
| | | Steve Van Der Stad |
| | | Clifford Vander May |
| | | Susan Vander Ploeg |
| | | Charles Verhoog |
| | | Ralph Wiegers |
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| Pictured from left to right: Peggy Weber, ASB Credit Card Services Manager; Kathija Mohammed, Teller ASB Montville Branch; Judi Rothwell, ASB Montville Branch Manager; Morris Business Development Board Member and Food Drive recipient Pastor Ed Ramirez; and Colleen Turi, Teller ASB Montville Branch. |
| O N S O L I D R O C K | | | 2 0 0 8 A N N U A L R E P O R T |
| Each one should use whatever gift he has received to serve others, faithfully administering God’s grace in its various forms. |
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| 1 PETER 4: 10 |
What makes Atlantic Stewardship Bank unique is the fact that every year the Bank gives away 10% of its pre-tax earnings. The Bank was founded on the Biblical Old Testament tenet of tithing or giving back one tenth to God. Each year, Atlantic Stewardship Bank tithes, or shares ten percent of its pre-tax earnings with Christian and local non-profit organizations selected by the Board of Directors. The original founders of the Bank were so deeply committed to this concept, that the Tithing Program defines our mission and is part of our corporate-by-laws.
In 2008, the Bank’s tithe was $627,000 enabling it to share with 352 recipients. Since the program’s inception, Atlantic Stewardship Bank has distributed $6.3 million in total tithe donations.
We thank God for His continued blessings which allow us to continue our mission despite the current economic conditions, and for our ever-growing loyal customer base.
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| Pictured from left to right:TimothyTileston,Hawthorne Christian Academy Director of Advancement;Donald Klingen,Hawthorne Christian Academy Head Principal;Margo Lane,ASB Board of Directors;and PaulVan Ostenbridge, President and CEO of Atlantic Stewardship Bank. |
WE ARE PLEASED TO HAVE ASSISTED THE FOLLOWING ORGANIZATIONS WITH OUR 2008 TITHE DISTRIBUTION
| *Africa Inland Mission | *Cathedral Choir | *Faith Ministries of White Lake, NY | *Grace Counseling Ministries |
| *American Christian School | *Catholic Charities | *Father’s Cupboard | *Habitat for Humanity |
| *Back to God Ministries | *Christian Health Care Center | *Fellowship Homes | of Bergen County |
| International | *Christian Reformed | *Florence Christian Home | *Harvest Outreach Ministries |
| *Baptist Haiti Mission | World Relief Committee | *Friendship Ministries | *Hawthorne Christian Academy |
| *Bergen County Society | *Christian Schools International | *Gideons International | *Hawthorne Ecumenical Council – |
| *Bethany Christian Services | *CUMAC | Lakeland Camp | Crop Walk |
| of New Jersey | *Dawn Treader Christian School | *Gideons International | *Holland Christian Home |
| *Blessed Sacrament School | *Don Bosco Prep High School | Passaic Valley Camp | *International Networx |
| *Calvary Christian Academy | *Eastern Christian | *Gideons International | *King’s Kids Pre-School and Daycare |
| *Calvin College | Children’s Retreat | Paterson Camp | *Life Givers Network |
| *Calvin Theological Seminary *Care-A-Lot Christian | *Eastern Christian School Association | *Gideons International Ramapo Camp | *Lighthouse Pregnancy Resource Center |
| Nursery School | *Elim Christian Services | *Good Shepherd Mission | *Little Sisters of The Poor & |
| *Cary Christian Center | *Eva’s Village | *Goshen Christian School | St. Joseph’s Home for the Elderly |
| O N S O L I D R O C K | | | 2 0 0 8 A N N U A L R E P O R T |
| *Lord’s Day Alliance of NJ | *North Jersey Home Schoolers Association | *St. Anthony’s School | *United Paterson Development Corporation –After School Literacy & Safe Space Programs |
| *The Luke Society | *Northside Community Christian Reformed Church – Day Camp | *St. Augustine Presbyterian Church – Multi Service Center | *Unity Christian Reformed Church After School Program |
| *Madison Avenue Baptist Academy | *Oasis –A Haven for Women and Children | *St. Elizabeth’s Interparochial School | *Veritas Christian Academy |
| *Madison Avenue Crossroads Community Ministries | *Operation Double Harvest – Haiti | *St. Joseph’s Regional Medical Center | *Waldwick Seventh Day Adventist School |
| *Mary Help of Christians Academy | *Paterson Habitat For Humanity | *St. Joseph’s Wayne Hospital | *Wayne Interfaith Network |
| *Mid Atlantic Ministries | *Prison Fellowship Ministries | *St. Luke Community Development Center | *Western Theological Seminary |
| *Mississippi Christian Family Services | *Puritan Reformed Theological Seminary | *St. Philip’s Camp Youth Development Program & Coffee Pot Ministry | *Westminster Theological Seminary |
| *Mt. Hope Camp | *Ridgewood YMCA | *St. Pius X School | *World For Christ Crusade |
| *Mustard Seed School | *Ringwood Christian School | *Star of Hope Ministries | *Wyckoff Christian Pre-School |
| *Netherlands Reformed Christian School | *Ron Hutchcraft Ministries | *Strategic Prayer Command | *Wyckoff Family YMCA |
| *New City Kids | *The Salvation Army – Paterson Branch | *Sussex Christian School | *Wyckoff Reformed Church Food Pantry |
| *New Hope Community Ministries | *Siena Village at Wayne | *Touch The World Ministries | *YWCA of Bergen County |
| *New Jersey Family Policy Council | *Sonshine Christian Academy | *Trinity Christian School | |
| *Northeast Community Transformation | | | |
ADDITIONALLY, THE BANK HAS PROVIDED SUPPORT THROUGHOUT 2008 TO THE FOLLOWING ORGANIZATIONS
| Accessible Racing | College Club of Ridgewood | Frost Valley YMCA | Hawthorne PBA Local #200 |
| Allendale/Waldwick PBA Local #217 | Community Blood Services Foundation | Gift of Life – Rotary Clubs in District 7490 | Hawthorne Regular Republican Organization |
| American Red Cross Disaster Relief Fund | Community Hospice of Bergen County | Girl Scout Council of Northern New Jersey | Hawthorne Rotary Club |
| American Red Cross of Northern New Jersey | *Compassion International | Glen Rock Central Business District Commission | Hawthorne Soccer Association |
| Bergen County United Way – Warm & Cold Homes Program | Co-Operative Nursery School of Ridgewood | *Goodwill Rescue Mission | Hawthorne VFW District #1 |
| Bergen County Wildcats Special Olympics Program | *Covenant Christian Reformed Church – GEMS’ Girls Club | *Grace United Methodist Church Nursery School | Hawthorne Volunteer Ambulance Corps |
| Bergen Philharmonic Orchestra | Creative Living Counseling Center | Greater New York Home Furnishings Association | Healing the Children Midlantic |
| Berkeley College Scholarship Fund | Cyprus Children’s Fund | Haledon Borough – Centennial Celebration | HoHoKus Memorial Volunteer Ambulance Corps |
| *Bethlehem Lutheran Church | DACKKs Group for Supportive Housing | Haledon Emergency Ambulance Association | *Hope Ministries |
| Upward Christian Basketball League Boys & Girls Club of Northwest NJ | Deborah Hospital Foundation | Hawthorne Baseball/ Softball Association | *Interchurch Softball League |
| Boys & Girls Club of Paterson & Passaic | *Dedication Evangelism | Hawthorne Board of Health -Food Pantry | Jamboree Scholarship Fund |
| Camp Hope of Hackensack | *Department for Persons with Disabilities C.A.R.E. | Hawthorne Caballeros | Jerry Speziale Community Outreach Foundation |
| *Campus Crusade for Christ | *Emergency Food Coalition of Passaic County | Hawthorne Chamber of Commerce | Jewish Family & Children’s Service of Wayne |
| *Cathedral of St. John the Baptist Church Youth Group | *Emmanuel Baptist Church – Women of Emmanuel | Hawthorne Community Library Foundation | Leukemia & Lymphoma Society |
| *Catholic Family & Community Services | Eva and Bruce Gallagher Fund | Hawthorne Cubs Football Association | The Love Fund of Wyckoff |
| Center for Alcohol & Drug Resources | *Fellowship of Christian Firefighters | Hawthorne Domestic Violence Response Team | Mahwah – George Washington School |
| Center for Food Action | Forum School | Hawthorne Fire Department | Mahwah High School Class of 2008 |
| Children’s Aid & Family Services | Foundation For Free Enterprise | Hawthorne High School | Mahwah Youth Sports Boosters |
| The Children’s Love Fund of Midland Park | Foundation for the Handicapped | Hawthorne High School Band Parents Association | Make-A-Wish Foundation |
| Chilton Memorial Hospital | Friends of the Hermitage | Hawthorne Knights of Columbus | Marge and Debra Shortway Foundation |
| *Christian Overcomers | Friends of the Louis Bay 2nd Library | | *Martin Luther King, Jr. |
| | Friends of the Midland Park Library | | *Mattaniah Choir |
| | | | Memorial Day Nursery |
| | | | *Metro Kiddie Academy Christian Pre-School & Daycare |
| | | | Day Midland Park Ambulance Corps |
| O N S O L I D R O C K | | | 2 0 0 8 A N N U A L R E P O R T |
| Midland Park Baseball Association | North Haledon Fire Company #2 | Ridgewood High School Football Scholarship Committee | Waldwick Public Library |
| Midland Park Boy Scout Troop 157 | North Haledon Recreation Committee | Ridgewood Lacrosse Association | Waldwick Recreation Trust Fund |
| Midland Park Chamber of Commerce | North Jersey Chorus | Ridgewood PBA Local #20 | Waldwick Soccer Association |
| Midland Park High School | *North Porch Women & Infants Center | Ridgewood Public Library Foundation | Waldwick VFW Post 1049 |
| Midland Park High School Athletic Boosters | North Stars Association for Competitive Gymnastics | Ridgewood Rotary Clubs | Waldwick Volunteer Ambulance Corps |
| Midland Park Lions Club | Oakland –Valley Middle School | *Ridgewood United Methodist Church Child Appreciation Day | Wayne Adult Community Center |
| Midland Park PBA | Operation Smile | Ridgewood Veterinary Hospital – Benefit for Local Animal Shelters | Wayne – Community Volunteer Fire Company #1 |
| Midland Park Public Education Foundation | Opportunity Knocks | *Royal Family Kids Camp | Wayne Counseling and Family Services |
| Midland Park Softball Association | The Order of the Lamp Scholarship Fund | Ruth Estrin Goldberg Memorial | Wayne Day |
| Midland Park Volunteer Fire Company | *Our Lady of the Valley School | *St. Gerard’s Church 35thAnniversary | Wayne Hills High School |
| Mike Geltrude Foundation | Pancreatic Cancer Action Network | *St. Joseph Church Outreach Programs | Wayne Hills High School Band Boosters |
| Mohawk Athletic Club of Hawthorne | Paramus Association for Competitive Gymnastics | *St. Peter’s Prepatory School | Wayne Lions Club |
| Molly Foundation for Juvenile Diabetes | Pascack Valley Chamber of Commerce | Share Housing Association for Ridgewood and Environs | Wayne Little League – NJ District 2 |
| *Moms In Touch International | Passaic County Bar Association | (SHARE) | Wayne Police Athletic League |
| Montville Baseball & Softball Association | Passaic County Historical Society | Shomrei Torah – Wayne Conservative Congregation | Wayne Public Library |
| Montville Chamber of Commerce | Pequannock Street Fair | Social Service Association of Ridgewood &Vicinity | Wayne Rotary Club |
| Montville Fire Department | Pequannock Township Food Pantry | Sons of the American Legion Post – Pequannock | Wayne Township Memorial First Aid Squad |
| Montville Free Public Library | Pequannock Township Little League | The Strength and Honor Fund | Wayne Township Parks and Recreation Department |
| Montville Kiwanis Club | Pequannock Township Public Library | Suburban Woman’s Club of Pompton Plains | Wayne VFW Post #1931 |
| Montville – Lazar Middle School PTO | Pequannock Township Volunteer Fire Department Engine Co.#1 | Summit Speech School | West Bergen Mental Healthcare |
| Montville Township Drug Awareness Council | Pequannock UNICO | Temple Israel & Jewish Community Center | Westwood Baseball Association |
| Montville Township Fourth of July Committee | Pompton Falls Volunteer Fire Department #3 | *Time to Care Ministries | Westwood Cares |
| Montville Township High School | Pony Power Therapies | Torpedoes Soccer Club | Westwood Dragon Soccer Club United Corp |
| Montville Township High School Ice Hockey | Promise Community Development Corporation | Towaco Civic Association | Westwood Roller Hockey Association |
| Montville Township High School Parent Teacher Council | Prospect Park Volunteer Fire Department | Tri-County Chamber of Commerce –Wayne | Westwood Softball Association |
| Montville Township High School STAGE | Ramapo-Bergen Animal Refuge | *Turning Point | William Paterson University |
| Montville Township Library Endowment Fund | Ramapo High School | United by Autism | Wyckoff Boy Scout Troup 89 |
| National Federation of the Blind | *Rhema Project Rescue Literacy Program | The USO | Wyckoff Chamber of Commerce |
| New Bridge Services | Ridgewood Baseball & Softball Association | Valley Hospital | Wyckoff – Dwight D. Eisenhower Middle School |
| New Jersey Citizen Action Education Fund | Ridgewood Biddy Basketball | The Village School | Wyckoff Education Foundation |
| New Jersey Community Development Corporation | Ridgewood Columbian Club | Waldwick Baseball Association | Wyckoff Fire Department |
| New Jersey Good Sam Club | Ridgewood Dads’ Night – Somerville-Hawes Schools | Waldwick Boy Scout Troop 88 | Wyckoff Fire Department Company #1 |
| New Jersey State Organization of Cystic Fibrosis | Ridgewood Downtown for The Holidays | Waldwick Chamber of Commerce | Wyckoff-Midland Park Rotary Club |
| North Haledon Chapter of UNICO National | Ridgewood Emergency Services (FOREST) | Waldwick – Crescent School Parent School Association | Wyckoff Volunteer Ambulance Corps |
| North Haledon Fire Company #1 | Ridgewood Fourth of July Committee | Waldwick Education Foundation | Wyckoff Woman’s Club |
| | Ridgewood High School Band Association | Waldwick Fire Department | YM-YWHA of North Jersey |
| | | Waldwick High School & Middle School | *Zion Lutheran School |
| | | Waldwick Knights of Columbus #5257 | |
| | | Waldwick Lions Club | |
| | | Waldwick Police Department | *Denotes Christian Charity |
| O N S O L I D R O C K | | | 2 0 0 8 A N N U A L R E P O R T |
Officers
| STEWARDSHIP | | |
| FINANCIAL CORPORATION | | |
| OFFICERS | | |
| | | |
| William C. Hanse, Esq. | Richard D. Powers | Brian Carmen |
| Chairman of the Board of Directors | Vice President | Security Officer |
| | | |
| Abe Van Wingerden | Raymond J. Santhouse | Yanet Cordero deMarti |
| Vice Chairman of the Board of Directors | Vice President | Assistant Secretary |
| | | |
| Paul Van Ostenbridge | Gail K. Tilstra | Richard P. Cuneo |
| President and Chief Executive Officer | Vice President | Assistant Secretary |
| | | |
| Robert J. Turner | Angela P. Turi | Ellie King |
| Secretary | Vice President | Assistant Secretary |
| | | |
| Claire M. Chadwick | David J. Van Lenten | Grace Lobbregt |
| Senior Vice President | Vice President | Assistant Secretary |
| and Chief Financial Officer | | |
| | Alma M. Baxter | Kristine Rasile |
| Julie E. Holland | Assistant Vice President | Assistant Secretary |
| Senior Vice President | | |
| and Chief Risk Officer | Karen Bulley | Judi Rothwell |
| | Assistant Vice President | Assistant Secretary |
| Robert C.Vliet | | |
| Senio rVice President | Janet Decker | Mary Beth Steiginga |
| | AssistantVice President | Assistant Secretary |
| Angela P.Turi | | |
| Vice President | Richard Densel | Barbara S. Vincent |
| | Assistant Vice President | Assistant Secretary |
| Mary Beth Steiginga | | |
| Assistant Secretary | John S.Krantz | Tonni von Schaumburg |
| | Assistant Vice President | Assistant Secretary |
| ATLANTIC | | |
| STEWARDSHIP BANK | Nicholas Latora | Peggy Weber |
| OFFICERS | Assistant Vice President | Assistant Secretary |
| | | |
| Pau lVan Ostenbridge | Thomas A. Maselli | John Lindemulder |
| President and Chief Executive Officer | Assistant Vice President | Administrative Assistant |
| | | |
| Claire M. Chadwick | Karen Mullane | Jean M. Schaver |
| Senior Vice President | Assistant Vice President | Administrative Assistant |
| and Chief Financial Officer | | |
| | James O’Brien | William J. Tussi |
| Julie E. Holland | Assistant Vice President | Administrative Assistant |
| Senior Vice President | | |
| and Chief Risk Officer | Paul J. Pellegrine | Joan Van Houten |
| | Assistant Vice President | Administrative Assistant |
| Robert C. Vliet | | |
| Senior Vice President | Louise Rohner | Kenneth C. Wehinger |
| | Assistant Vice President | Administrative Assistant |
| Jeanne Chichelo | | |
| Vice President | | |
| | | |
| Diane Ingrassia | | |
| Vice President | | |
| | | |
| M. Bernard Joustra | | |
| Vice President | | |
| | | |
| Rene Miranda | | |
| Vice President | | |
| | | |
| Douglas Olsen | | |
| Vice President | | |
| | | |
| Cynthia A. Perrotta | | |
| Vice President | | |
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| Pictured from left to right:MonicaWolfe and Gordon Stanley of The Lighthouse Pregnancy Resource Center,Diane Ingrassia,ASBVice President and Regional Branch Manager; and PaulVan Ostenbridge,ASB President & CEO. |
