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![]() | STEADFAST IN MISSION As we look back upon the events of 2009 there is one thing that remains clear, Stewardship Financial Corporation and the Atlantic Stewardship Bank continue steadfast in mission. As our organization forges ahead in this unstable environment, we continue to be guided by the Christian principles of the Bank’s founding fathers. Despite the current economic climate, we remain steadfast in mission and true to our purpose, serving the financial needs of the northern New Jersey community and giving back or tithing ten percent of our earnings to Christian and local non-profit organizations. OUR MISSION The Atlantic Stewardship Bank was established to serve the northern New Jersey community’s financial needs and to give back, or tithe, one-tenth of our earnings to the community. We are a confident and progressive institution that meets business and individual banking deposit and borrowing needs. We understand the value of each and every customer and make it a priority to treat each customer fairly and with respect. By investing prudently, we safeguard assets, provide ample capital growth, and recognize our shareholders with a proper return. As a responsible and accountable employer, we cultivate a caring, professional environment where our associates can be productive and are encouraged to grow. We are an independent commercial bank that stands on solid Christian principles, and the American banking regulations established by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the State of New Jersey. We hold these fundamentals paramount in every decision we make; for the good of our customers, our shareholders, and our associates. For a long time now – to this very day – you have not deserted your brothers but have carried out the mission the LORD your God gave you. JOSHUA 22 :3 |
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2009 | 2008 | |||||||
For The Year Ended December 31 | (Dollars in thousands, except per share amounts) | |||||||
Net income | $ | 3,634 | $ | 3,501 | ||||
Net income available to common stockholders | 3,130 | 3,501 | ||||||
Weighted average number of common shares outstanding | 5,832 | 5,854 | ||||||
Earnings per common share | ||||||||
Basic earnings per common share | 0.54 | 0.60 | ||||||
Diluted earnings per common share | 0.54 | 0.60 | ||||||
Cash dividends declared | 0.36 | 0.34 | ||||||
Book value at year end | 7.50 | 7.31 | ||||||
Balance Sheet Data at December 31 | ||||||||
Total assets | 663,844 | 611,816 | ||||||
Total gross loans | 460,476 | 439,656 | ||||||
Allowance for loan losses | 6,920 | 5,166 | ||||||
Total deposits | 529,930 | 506,531 | ||||||
Stockholders’ equity | 53,511 | 42,796 | ||||||
Consolidated Ratios | ||||||||
Return on average assets | 0.57 | % | 0.58 | % | ||||
Return on average equity | 5.92 | % | 8.34 | % | ||||
Tier 1 capital to average assets (leverage) | 9.22 | % | 8.01 | % | ||||
Tier 1 capital to risk-adjusted assets | 11.99 | % | 10.50 | % | ||||
Total capital to risk-adjusted assets | 13.24 | % | 11.60 | % | ||||
All share data has been restated to include the effects of 5% stock dividends paid November 2008 and November 2009. |
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Pictured from left to right: ECSA Board Directors Cheryl Schipper, Ben Spoelstra, Krystyn Boonstra, Scott Martin;
SFC Directors Michael Westra, John Steen; ECSA Foundation Executive Director Garret Nieuwenhuis,
Head of School Thomas Dykhouse; SFC Board ChairmanWilliam Hanse; ECSA Board Chairman Nicholas Kuiken,
ECSA Board Directors Richard Kuder, Roy Bushoven, George Schaaf, Mark Wisse.
SFC Directors Michael Westra, John Steen; ECSA Foundation Executive Director Garret Nieuwenhuis,
Head of School Thomas Dykhouse; SFC Board ChairmanWilliam Hanse; ECSA Board Chairman Nicholas Kuiken,
ECSA Board Directors Richard Kuder, Roy Bushoven, George Schaaf, Mark Wisse.
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Dear Shareholders and Friends,
Stewardship Financial Corporation remains steadfast in our mission, despite the trying economic times faced by the banking industry in 2009. We remain committed to our shareholders, to fulfilling our Christian Tithing Mission, to growing the Corporation in an intelligent and profitable manner and to providing exceptional customer service and assistance to our community.
We are pleased to report that Stewardship Financial Corporation had another profitable year despite the downturn in the economy. Our traditional core earnings remain strong and the Corporation declared both cash dividends and a 5% fourth quarter stock dividend. Although core operating results were greater than the previous year, the economy has taken its toll on local business owners and this taxing environment forced the Corporation to devote large amounts of time and resources to manage credit issues.
Net interest income for the year ended December 31, 2009 was $23.3 million representing a 4.7% increase over the $22.3 million reported for the year ended December 31, 2008. Net interest income and margin remained strong during 2009 partially as a result of actively managing deposit costs. The net interest spread and margin for the year ended December 31, 2009 of 3.45% and 3.89%, respectively,were comparable to the net interest spread and margin of 3.43 and 4.00%, respectively for the prior year.
For both years ended December 31, 2009 and 2008, the Corporation recorded a provision for loan losses in the amount of $3.6 million. At December 31, 2009 the total allowance for loan losses amounted to $6.9 million, or 1.50% of total loans as compared to $5.2 million, or 1.18% of total loans at December 31, 2008. The allocation to loan loss reserves is prudent in light of the increase in nonperforming loans to 4.98% of total loans at December 31, 2009. Management continues to work closely with each distressed credit. Each credit situation is unique and we have taken action to assist the borrowers and protect the Bank.
At December 31, 2009 total assets were $663.8 million compared to $611.8 million at December 31, 2008. The securities available for sale and held to maturity portfolios together increased $31.9 million primarily reflecting the leverage strategy enacted to offset the cost of dividends on the $10 million of preferred stock issued under the Capital Purchase Program (CPP). Total deposits for the year ended December 31, 2009 were $529.9 million representing an increase of 4.6% over prior year end. Our Power Rate Checking account, introduced in early 2009 was a strong contributor to this growth with $53.3 million in consumer deposit balances at December 31, 2009. Core deposits continue to strengthen and the percentage of total deposits increased to 66.5% as of year end 2009 compared to 59.1% at year end 2008.
Our Lending Divisions remained active throughout 2009 with the gross loan portfolio increasing 4.7% or $20.8 million to a total of $460.5 million as of December 31, 2009. We must continue to prudently manage our loan portfolio. We continue to be committed to lending to consumers and businesses in our community. To assist in this measure, the Bank has added tenured commercial lenders to the Division with the experience necessary to see us through this difficult period. The Bank welcomed a new Senior Vice President to lead our Commercial Loan Department, resulting in enhanced credit underwriting and management. A new commercial lender with knowledge of our market also joined our team of seasoned lenders. The challenges in this Department grew in 2009 as businesses struggled under unprecedented economic conditions.
The Consumer Lending Division yielded positive results for the Corporation with the majority of earnings derived from consumer loans, including residential mortgage loans. The low interest rate environment provided customers with the opportunity to refinance their current debt. The Bank sells the residential mortgage loans in the secondary market thereby creating a solid source of fee income for the Bank.
During 2009, the Federal Deposit Insurance Corporation (FDIC) faced unusual financial demands as a result of the need to close over 170 banks throughout the United States. In an effort to shore up their reserves, the FDIC: raised the premiums assessed to all banks; charged a special assessment; and required banks to prepay several years of premiums. Although Stewardship Financial Corporation continues to operate profitably and had nothing to do with these losses, we were required to pay a $300,000 unplanned assessment which was a direct charge against earnings. We also met our new FDIC obligation by prepaying $3.2 million in premiums in December of 2009. The prepayment is expected to be expensed over the next three years.
Using the latest technology, the Bank was able to better service its customers in 2009 with the introduction of several new products and services. Business Online Banking, introduced in early 2009, puts business owners in total control of their finances while giving them the freedom to focus on what’s really important: their business. Plus, the power of online efficiency increases the bottom line thanks to reduced administrative costs, from accounts payable to labor. Commercial Deposit Express enables businesses to make check deposits in seconds
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without leaving the office. It’s a secure, affordable service that allows business owners to scan paper checks from their desktop and electronically send the images to ASB for deposit into their account. With Commercial Deposit Express business owners will save time and money, with reduced trips to the bank and the convenience of depositing checks any time, 24 hours a day, 7 days a week.
ASB Mobile Banking enables customers to securely check balances and transactions anywhere. Any ASB Internet Banking user with a cell phone can use Mobile Banking. There has never been an easier and faster way for consumers to keep on top of their finances. Customers can choose to use text messages, browser based or both.
In an effort to attract the younger market, the Bank recently introduced our inTune Checking account, a free checking account that gives customers the opportunity to earn free iTunes® downloads. There’s no minimum balance and no service fees. Customers need to meet three simple requirements each month to earn free iTunes® downloads. In conjunction with our inTune checking account, the Bank is also offering online account opening, making it easier than ever for the younger generation to open new accounts.
At a time when other corporations are cutting back or even eliminating charitable contributions, the Atlantic Stewardship Bank continued its commitment to give back to the community. In 2009, the Bank gave over $619,000 to 340 deserving organizations. Since the program’s inception in 1987, $7 million has been shared with those in need such as local food pantries, Christian missions, schools and healthcare facilities. Local civic and non-profit organizations are supported by the Bank’s Tithing Program as well. It is a blessing to be able to stand by these worthy organizations despite a challenging economy.
It is with sincere appreciation and gratitude that we acknowledge the contributions of Director Abraham Van Wingerden who is retiring from the Stewardship Financial Corporation Board. Director Van Wingerden previously served as Vice Chairman of the Stewardship Financial Corporation and Atlantic Stewardship Bank Boards and also served as a member of various Board Committees including Executive, Compensation, and Site Selection. Director Van Wingerden has been a staunch supporter of the Corporation and its unique Christian mission and will continue to be an advocate referring both businesses and consumers to our Corporation.
The Stewardship Financial Corporation and Atlantic Stewardship Bank Board of Directors are pleased to have Richard W. Culp as its newest Board member. Director Culp joined the Boards in December of 2009. In his brief tenure, Director Culp has already proven to be a valuable member due to his knowledge of the community, his corporate expertise, and his dedication to our Christian mission and Tithing efforts.
Management acknowledges the efforts of all our associates who were challenged to identify cost saving measures this past year. As a result of this exercise, we were able to implement many new strategies which positively affected the 2009 earnings. We wish to express our gratitude to all our associates who either offered suggestions or who readily adapted to the cost savings initiatives.
In closing, we would like to express our sincere appreciation to all our shareholders, our dedicated associates and the loyal customers for their continued support of Stewardship Financial Corporation and Atlantic Stewardship Bank. It is your unwavering support that allows the Corporation to continue to grow and enables us to fulfill our mission. Although 2009 was a challenging year, we are confident that the Corporation is equipped to move forward with the guidance of our Lord, Jesus Christ.
![]() Diane Ingrassia, Hawthorne Branch Manager and Regional Branch Manager, Sister Marisa DeRose and Paul Van Ostenbridge, President and CEO of ASB. | ![]() |
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William C . Hanse, Esq., Chairman Partner, Hanse & Hanse Richard W. Culp Executive Vice President, Sales Pearson Education Company Harold Dyer Retired Margo Lane Sales and Marketing Manager Collagen Matrix, Inc. | Arie Leegwater Retired John L. Steen President, Steen Sales, Inc. Robert J. Turner, Secretary Retired William J. Vander Eems President, William Vander Eems, Inc. Paul Van Ostenbridge President and Chief Executive Officer Stewardship Financial Corporation and Atlantic Stewardship Bank | Abe Van Wingerden Director, Stewardship Financial Corporation President, Abe Van Wingerden Co., Inc. T/A Van Wingerden Farms Michael A. Westra, CPA, Vice Chairman President and General Manager, Wayne Tile Company Howard R. Yeaton, CPA Managing Principal, Financial Consulting Strategies, LLC |
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Bergen Janyce Bandstra Richard Barclay John Belanus Mark Borst Richard J. Brady, Esq. Andreas Comodromos, CPA William Cook Peter V. Demarest Robert Galorenzo,MD Paul D. Heerema Bartel Leegwater Paul Ruitenberg John Scoccola Roger Steiginga James D. Vaughan III, Esq. David Visbeen | ![]() Peggy Heerema, the director of the Unity Christian Reformed Church Afterschool Program, Fred Everett, President of the Board of the After School Program, William Cook, ASB Business Development Board Member, Arie Leegwater, SFC Director. | |
Morris Antonia Daughtry David De Vries, CPA Robert E. Fazekas Gregory A. Golden Brian W. Hanse, Esq., CPA Garret A. Hoogerhyde, CPA Vernon Kuiken Jeffrey T. Massaro Joseph Pellegrino | Edward Ramirez Bernadette Solari Anita Van Wingerden Passaic Vince Brosnan Mary Forshay Shanti Jost | Ruth Kuder Wayne Kuiken William A. Monaghan III, Esq. Mark Reitsma, CFP Clifford Vander May Susan Vander Ploeg Charles Verhoog Ralph Wiegers |
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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 2009, the Bank’s tithe was $619,000 enabling it to share with 340 recipients. Since the program’s inception, Atlantic Stewardship Bank has distributed $7.0 million in total tithe donations.
In spite of the current economic climate, Atlantic Stewardship Bank has been blessed with sustained growth, and we consider it a privilege to be able to share our profits with worthy organizations. As the Atlantic Stewardship Bank’s customer base grows, so does the bank’s ability to help others, and for this we give thanks.
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Richard Powers, ASB Business Development Officer, Paul Pellegrine,
Ridgewood Branch Manager and Richard Clayton, CEO of the
Ridgewood YMCA.
We are pleased to have assisted the following organizations with our 2009 tithe distribution
* Africa Inland Mission * American Christian School * Back to God Ministries International * Baptist Haiti Mission * Bergen County Society * Bethany Christian Services of New Jersey * Calvary Christian Academy * Calvin College * Calvin Theological Seminary * Care-A-Lot Christian Nursery School * Cary Christian Center | * Cathedral Choir * Catholic Charities * Christian Health Care Center * Christian Reformed World Relief Committee * Christian Schools International * CUMAC * Dawn Treader Christian School * Eastern Christian Children’s Retreat * Eastern Christian School Association * Elim Christian Services * Eva’s Village | * Faith Ministries o fWhite Lake, NY * Father’s Cupboard * Fellowship Homes * Florence Christian Home * Friendship Ministries * Gideons International Lakeland Camp * Gideons International Passaic Valley Camp * Gideons International Ramapo Camp * Good Shepherd Mission * Goshen Christian School * Grace Counseling Ministries | * Habitat for Humanity of Bergen County * Harvest Outreach Ministries * Hawthorne Christian Academy * Hawthorne Ecumenical Council – Crop Walk * Holland Christian Home * Hope House * International Networx * King’s Kids Pre-School and Daycare * Lancaster Bible College * Lighthouse Pregnancy Resource Center |
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* Little Sisters of The Poor & St. Joseph’s Home for the Elderly * Lord’s Day Alliance of NJ * The Luke Society * Madison Avenue Baptist Academy * Madison Avenue Crossroads Community Ministries * Mary Help of Christians Academy * Mid Atlantic Ministries * Mississippi Christian Family Services * Mt. Hope Camp * Mustard Seed School * Netherlands Reformed Christian School * New City Kids * New Hope Community Ministries * New Jersey Family Policy Council | * Northeast Community Transformation * North Jersey Home Schoolers Association * Northside Community Christian Reformed Church Day Camp * Oasis –A Haven forWomen and Children * Operation Double Harvest – Haiti * Paterson Habitat for Humanity * Prison Fellowship Ministries * Puritan Reformed Theological Seminary * Ridgewood YMCA * Ringwood Christian School * Ron Hutchcraft Ministries * The Salvation Army – Paterson Branch * Siena Village at Wayne | * Sonshine Christian Academy * St. Anthony’s School * St. Augustine Presbyterian Church–Multi Service Center * St. Elizabeth’s Inter parochial School * St. Joseph’s Regional Medical Center * St. Joseph’s Wayne Hospital * St. Luke Community Development Center * St. Philip’s Camp Youth Development Program & Coffee Pot Ministry * St. Pius X School * Star of Hope Ministries * Strategic Prayer Command * Sussex Christian School * Touch the World Ministries | * Trinity Christian School * United Paterson Development Corporation –After School Literacy & Safe Space Programs * Unity Christian Reformed Church After School Program * Veritas Christian Academy * Waldwick Seventh Day Adventist School * Wayne Interfaith Network – Food Pantry * Westminster Theological Seminary * World for Christ Crusade * Wyckoff Christian Pre-School * Wyckoff Family YMCA * Wyckoff Reformed Church Food Pantry * YWCA of Bergen County |
Additionally, the bank has provided support throughout 2009 to the following organizations | |||
Allendale/Waldwick PBA Local #217 American Cancer Society American Diabetes Association American Heart Association American Red Cross of Northern New Jersey * Bergen Catholic High School Bergen County United Way – Warm Homes Program Bergen County Wildcats Special Olympics Program Bergen Highlands Rotary Club Bergen Philharmonic Orchestra *Bethlehem Lutheran Church Upward Christian Basketball League Bonim Builders Boys & Girls Club of Northwest NJ The Buddy Walk of Bergen County Calvin Coolidge School PTO Camp Hope of Hackensack * Cathedral of St. John the Baptist Church Youth Group * Catholic Family & Community Services Center for Alcohol & Drug Resources Center for Food Action Changing Images Art Foundation Childhood Cancer Society Children’s Aid & Family Services | Children’s Love Fund of Midland Park Chilton Memorial Hospital Cody’s Foundation Community Blood Services Foundation Community Hospice of Bergen County Community Meals * Compassion International Co-Operative Nursery School of Ridgewood Creative Living Counseling Center Cyprus Children’s Fund Cystic Fibrosis Foundation DACKKs Group for Supportive Housing Deborah Hospital Foundation * Dedication Evangelism * Emergency Food Coalition of Passaic County Emmanuel Cancer Foundation * Faith Foundation * Fellowship of Christian Firefighters Forum School Foundation for Free Enterprise Foundation for the Handicapped Fraternal Order of Police Lodge #411 Friends of the Fair Lawn Memorial Cemetery Friends of the Hermitage | Frost Valley YMCA Gift of Life – Rotary Clubs in District 7490 Girl Scouts of Northern New Jersey * Goodwill Rescue Mission * Grace United Methodist Church Nursery School Greater Paterson Chamber of Commerce Haledon Emergency Ambulance Association Hawthorne American Legion Hawthorne Baseball/Softball Association Hawthorne Board of Health – Food Pantry Hawthorne Caballeros Hawthorne Chamber of Commerce Hawthorne Community Library Foundation Hawthorne Domestic Violence Response Team Hawthorne Fire Department Hawthorne High School Hawthorne High School Band Parents Association Hawthorne High School PTO Hawthorne High School Share Hawthorne Lions Club Hawthorne – Louis Bay 2nd Library Hawthorne PBA Local #200 Hawthorne Rotary Club | Hawthorne Special Recreation Hawthorne Thomas Jefferson School PTO Hawthorne VFW District #1 Hawthorne Volunteer Ambulance Corps Healing the Children Midlantic Hispanic Multi-Purpose Service Center Ho-Ho-Kus Memorial Volunteer Ambulance Corps The Holmstead School * Hope Ministry * Immaculate Conception Church Golf Outing * Interchurch Softball League Jamboree Scholarship Fund Jerry Speziale Community Outreach Foundation Jewish Family Service of North Jersey * Knights of Columbus 5920 – Msgr. Joseph Brestel Council * Knights of Columbus 5257 – St. Luke’s Council Lakeland Regional High School FBLA Chapter Leukemia & Lymphoma Society The Love Fund of Wyckoff Marge and Debra Shortway Foundation * Martin Luther King, Jr. Day |
* Martin Luther King, Jr. Senior Center Memorial Day Nursery * Metro Kiddie Academy Christian Pre-School & Daycare Midland Park Ambulance Corps Midland Park Baseball Association Midland Park Chamber of Commerce Midland Park High School Athletic Boosters Midland Park Junior Football & Cheerleading Association Midland Park Lions Club Midland Park Memorial Library Midland Park PBA Midland Park Public Education Foundation Midland Park Volunteer Fire Department Midland Park/Wyckoff VFW Post #7086 Mohawk Athletic Club of Hawthorne Molly Foundation for Juvenile Diabetes * Moms In Touch International Montville Baseball & Softball Association Montville Chamber of Commerce Montville Fire Department Montville Free Public Library Montville Kiwanis Club Montville – Lazar Middle School Parent Teacher Council Montville Township Drug Awareness Council Montville Township First Aid Squad Montville Township Fourth of July Committee Montville Township High School Parent Teacher Council National Federation of the Blind New Bridge Services New Jersey Citizen Action Education Fund New Jersey Community Development Corporation New Jersey Good Sam Club New Jersey State Fireman’s Association of Paterson New Jersey State Organization of Cystic Fibrosis North Haledon Borough North Haledon PBA Local 292 North Haledon Recreation Committee | North Haledon UNICO North Jersey Chorus * North Jersey Home Schoolers Association Choral Program North Stars Association for Competitive Gymnastics The Order of the Lamp Scholarship Fund The Orpheus Club * Our Lady of Consolation Golf Outing * Our Lady of the Valley School * Packanack Community Church of Wayne Golf Outing Pascack Valley Chamber of Commerce Pascack Valley Meals on Wheels Passaic County Education Association Passaic County Historical Society Pequannock Street Fair Pequannock Township FirstAid & Rescue Squad Pequannock Township Food Pantry Pequannock Township Little League Pequannock Township Public Library Pequannock Township – Stephen J.Gerace Home & School Association Pequannock Township Volunteer Fire Department Engine Co. #1 Pequannock Township Volunteer Fire Department Engine Co. #2 Pequannock UNICO Pompton Falls Volunteer Fire Department #3 * Power House Christian Church Prospect Park Volunteer Fire Department * Rhema Project Rescue Literacy Program Ridgewood Chamber of Commerce Ridgewood Columbian Club Ridgewood Conservatory – First Night 2010 Ridgewood Dads’ Night – Somerville-Hawes Schools Ridgewood Education Foundation Ridgewood Emergency Services (FOREST) Ridgewood High School Association Ridgewood High School Band Association | Ridgewood High School Football Scholarship Committee Ridgewood Lacrosse Association Ridgewood PBA Local #20 Ridgewood Rotary Clubs Ridgewood Woman’s Club * Royal Family Kids Camp Saddle River Day School Sean Fisher Memorial Scholarship Fund Share (Share Housing Association for Ridgewood and Environs) Shomrei Torah –Wayne Conservative Congregation Sons of theAmerican Legion Post – Pequannock * St. Clements Episcopal Church Ministry Programs * St. Joseph Church Outreach Programs * St. Joseph’s Regional High School * St. Joseph’s Wayne Hospital Auxiliary * St. Luke’s Church Ministry Programs * St. Nicholas Charity Golf Classic Suburban Woman’s Club of Pompton Plains Taking Strides Against Mental Illness Temple Beth Tikvah Religious School Resource Program Temple Israel & Jewish Community Center * Time to Care Ministries Torpedoes Soccer Club Towaco Civic Association Tri-County Chamber Of Commerce * Turning Point UJA Federation of NY United by Autism * United Methodist Church Golf Outing The USO Valley Hospital Waldwick Baseball Association Waldwick Chamber of Commerce Waldwick Community Alliance Waldwick Fire Department Waldwick High School Waldwick – Julia A. Traphagen School PSO Waldwick Lions Club Waldwick Middle School | Waldwick &Midland Park Junior Wrestling Team Waldwick PBA Waldwick Public Library Waldwick Soccer Association Waldwick VFW Post 1049 Waldwick Volunteer Ambulance Corps Wayne Adult Community Center Wayne –Anthony Wayne Middle School PTO Wayne Boy Scout Troop #102 Wayne – Community Volunteer Fire Company #1 Wayne Counseling and Family Services Wayne Day Wayne Hills High School Wayne Hills High School Band Boosters Wayne Lions Club Wayne Little League Wayne Police Athletic League Wayne PBA Local 136 Wayne Public Library Wayne – Schuyler Colfax School PTO Wayne Township Memorial First Aid Squad Wayne Township Parks and Recreation Department Wayne Valley High School PTO West Bergen Mental Healthcare Westwood Dragon Soccer Club United Corp Westwood Roller Hockey Association Westwood Softball Association William Paterson University Woodcliff Lake Baseball Wyckoff Boy Scout Troup 89 Wyckoff Chamber of Commerce Wyckoff – Dwight D. Eisenhower Middle School Wyckoff Fire Department Wyckoff Fire Department Company #1 Wyckoff -Midland Park Rotary Club Wyckoff Public Library Wyckoff Volunteer Ambulance Corps Youth Consultation Service * Zion Lutheran School |
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Stewardship Financial Corporation Officers William C. Hanse, Esq. Chairman of the Board of Directors Michael A. Westra, CPA Vice Chairman of the Board of Directors Paul Van Ostenbridge President and Chief Executive Officer Robert J. Turner Secretary Claire M. Chadwick Senior Vice President and Chief Financial Officer John W. Hain, Sr. Senior Vice President and Senior Commercial Loan Manager Julie E. Holland Senior Vice President and Chief Risk Officer Robert C. Vliet Senior Vice President Angela P. Turi Vice President Mary Beth Steiginga Assistant Secretary Atlantic Stewardship Bank Officers Paul Van Ostenbridge President and Chief Executive Officer ![]() Michael J. Wade, Captain, Montville Township Volunteer First Aid Squad and Judi Rothwell, Montville Branch Manager. | Claire M. Chadwick Senior Vice President and Chief Financial Officer John W. Hain, Sr. Senior Vice President and Senior Commercial Loan Manager Julie E. Holland Senior Vice President and Chief Risk Officer Robert C. Vliet Senior Vice President Jeanne Chichelo Vice President Diane Ingrassia Vice President Rene Miranda Vice President Douglas Olsen Vice President Cynthia A. Perrotta Vice President Richard D. Powers Vice President Raymond J. Santhouse Vice President Gail K. Tilstra Vice President Angela P. Turi Vice President David J. Van Lenten Vice President Alma M. Baxter Assistant Vice President Karen Bulley Assistant Vice President Janet Decker Assistant Vice President Richard Densel Assistant Vice President John S. Krantz Assistant Vice President Nicholas Latora Assistant Vice President | Joseph Lomoriello Assistant Vice President Thomas A. Maselli Assistant Vice President Karen Mullane Assistant Vice President Paul J. Pellegrine Assistant Vice President Louise Rohner Assistant Vice President Clarence Reinstra Security Officer Yanet Cordero deMarti Assistant Secretary Richard P. Cuneo Assistant Secretary Ellie King Assistant Secretary Grace Lobbregt Assistant Secretary Kristine Rasile Assistant Secretary Judi Rothwell Assistant Secretary Mary Beth Steiginga Assistant Secretary Tonni von Schaumburg Assistant Secretary Barbara Vincent Assistant Secretary Peggy Weber Assistant Secretary John Lindemulder Administrative Assistant Jean M. Schaver Administrative Assistant William J. Tussi Administrative Assistant Joan Van Houten Administrative Assistant Kenneth C. Wehinger Administrative Assistant |
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ATLANTIC STEWARDSHIP BANK
RECOGNIZED FOR BANKING EXCELLENCE
ASB Ranked Among Top 200 Community Banks
Atlantic Stewardship Bank was recently listed among the Top 200 Community Banks ranked by US Banker Magazine. The banks and thrifts are ranked by three-year average Return on Equity. The trade publication found that banks that resisted the temptation to boom during the fast growth years of the decade did not go bust during the real estate collapse and thus have become some of the industry’s best performers. Once again proving the old adage that “slow and steady wins the race”, at least when it comes to growth in the community banking industry.
Atlantic Stewardship Bank Receives 4 – Star Rating
Atlantic Stewardship Bank announced that it recently received a 4-Star or Excellent rating, from Bauer Financial, Inc. an independent bank rating company located in Coral Gables, FL. The rating is based on the overall financial picture of the bank and at 4-Stars, Atlantic Stewardship Bank can consider itself one of the strongest banks in the nation.
ASB Among Top Community Bank Home Equity Lenders
Atlantic Stewardship Bank recently announced that it is among the Community Banks with the Largest Portfolios of Home Equity Loans as reported in the January 5, 2010 issue of the American Banker publication. The list was compiled using data as of June 30, 2009 and included independent banks with less than $1 billion in assets or whose holding companies have less than $1 billion. Additional data is available at www.AmericanBanker.com.
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STEWARDSHIP FINANCIAL CORPORATION | ||
CORPORATE ATTORNEYS Stewardship Financial Corporation McCarter & English, LLP Attorneys at Law 4 Gateway Center Newark, NJ 07102 973-622-4444 Atlantic Stewardship Bank Hanse & Hanse 2035 E. Hamburg Turnpike Suite E Wayne, NJ 07470 973-831-8700 | STEWARDSHIP FINANCIAL CORPORATION We are proud to advise the following brokers make a market in Stewardship Financial Corporation stock: Keefe, Bruyette & Woods, Inc. 787 Seventh Avenue, 4th Floor New York, NY 10019 212-887-7777 Sandler, O’Neill & Partners, L.P. 919 Third Avenue, 6th Floor New York, NJ 10022 800-635-6851 Stifel, Nicolaus & Company, Inc. 18 Columbia Turnpike Florham Park, NJ 07932 800-793-7226 | TRANSFER AGENT REGISTRAR AND DIVIDEND REIMBURSEMENT AGENT To report a change of name or address, or a lost stock certificate or dividend check, contact: Registrar and Transfer Company 10 Commerce Drive Cranford, NJ 07016 800-368-5948 www.rtco.com Shareholder Relations Stewardship Financial Corporation Corporate Division 201-444-7100 www.asbnow.com |
BRANCH LOCATIONS AND STAFF
HEADQUARTERS – MIDLAND PARK 630 Godwin Avenue Raymond J. Santhouse Branch Manager, Vice President & Regional Manager Karen Mullane Assistant Branch Manager & Assistant Vice President HAWTHORNE 386 Lafayette Avenue & 1111 Goffe Road Diane Ingrassia Branch Manager, Vice President & Regional Manager Grace Lobbregt Assistant Branch Manager & Assistant Secretary MONTVILLE 2 Changebridge Road Judi Rothwell Branch Manager & Assistant Secretary NORTH HALEDON 33 Sicomac Road Thomas A. Maselli Branch Manager & Assistant Vice President Linda Martin Branch Operations Manager | PEQUANNOCK 249 Newark-Pompton Turnpike Louise Rohner Branch Manager & Assistant Vice President Kristine Rasile Assistant Branch Manager & Assistant Secretary RIDGEWOOD 190 Franklin Avenue Paul J. Pellegrine Branch Manager & Assistant Vice President Catherine Grinkin Assistant Branch Manager WALDWICK 64 Franklin Turnpike Richard Densel Branch Manager & Assistant Vice President Michelle Albert Assistant Branch Manager WAYNE 400 Hamburg Turnpike Douglas Olsen Branch Manager, Vice President & Regional Manager Janet Garippa Assistant Branch Manager | WAYNE HILLS 87 Berdan Avenue John Lindemulder Branch Manager & Administrative Assistant WAYNE VALLEY 311 Valley Road Richard P. Cuneo Branch Manager & Assistant Secretary WESTWOOD 200 Kinderkamack Road Barbara Vincent Branch Manager & Assistant Secretary WYCKOFF 378 Franklin Avenue Thomas A.Maselli Branch Manager & Assistant Vice President Joan Van Houten Assistant Branch Manager & Administrative Assistant |
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