SET APART
As we look back on the events of 2011, we clearly see that Stewardship Financial Corporation and Atlantic Stewardship Bank are set apart from other financial institutions. What truly sets us apart is our corporate mission and our purpose of serving the financial needs of the northern New Jersey community, while giving back, or tithing, ten percent of our earnings to Christian and local nonprofit 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.
Know that the LORD has set apart his faithful servant for himself;
the LORD hears when I call to him.
– PSALM 4 : 3
2011 ANNUAL REPORT
FINANCIAL HIGHLIGHTS
| | | 2011 | | | 2010 | |
| FOR THE YEAR ENDED DECEMBER 31 | | (Dollars in thousands, except per share amounts) | |
| Net income | | $ | 684 | | | $ | 1,233 | |
| Net income available to common stockholders | | | 126 | | | | 683 | |
| Weighted average number of common shares outstanding | | | 5,861 | | | | 5,843 | |
| Earnings per common share | | | | | | | | |
| Basic earnings per common share | | | 0.02 | | | | 0.12 | |
| Diluted earnings per common share | | | 0.02 | | | | 0.12 | |
| Cash dividends declared | | | 0.20 | | | | 0.28 | |
| Book value at year end | | | 7.28 | | | | 7.24 | |
BALANCE SHEET DATA AT DECEMBER 31 | | | | | | | | |
| Total assets | | | 708,818 | | | | 688,118 | |
| Total gross loans | | | 456,413 | | | | 451,866 | |
| Allowance for loan losses | | | 11,604 | | | | 8,490 | |
| Total deposits | | | 593,552 | | | | 575,603 | |
| Stockholders’ equity | | | 57,792 | | | | 52,132 | |
CONSOLIDATED RATIOS | | | | | | | | |
| Return on average assets | | | 0.10% | | | | 0.18% | |
| Return on average common equity | | | 0.29% | | | | 1.55% | |
| Tier 1 capital to average assets (leverage) | | | 8.86% | | | | 8.58% | |
| Tier 1 capital to risk-adjusted assets | | | 12.65% | | | | 12.20% | |
| Total capital to risk-adjusted assets | | | 13.91% | | | | 13.45% | |
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At far right, Paula Scott, Assistant Branch Manager, Hawthorne Branch and Richard Schuurman, Business Development Associate with the staff and students of the Sonshine Christian Academy Day Nursery. | | Paul Pellegrine, left, Ridgewood Branch Manager and Paul Savaria, right, Deputy Chief, Ridgewood Emergency Services. |
BOARD OF DIRECTORS
STEWARDSHIP FINANCIAL CORPORATION AND ATLANTIC STEWARDSHIP BANK
 Standing, left to right: Margo Lane; Michael A. Westra, CPA, Vice Chairman; Robert J. Turner,
Secretary; Paul Van Ostenbridge; Richard W. Culp; William J. Vander Eems,
Arie Leegwater. Seated, left to right: William C. Hanse, Esq., Chairman; John L. Steen;
Howard R. Yeaton, CPA; Harold Dyer | 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 Michael A. Westra, CPA, Vice Chairman
President and General Manager,
Wayne Tile Company |
William C. Hanse, Esq., Chairman
Of Counsel Hanse Anderson LLP | Richard W. Culp Executive Vice President, Sales Pearson Education Company | Howard R. Yeaton, CPA Managing Principal, Financial Consulting Strategies LLC |
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MESSAGE TO THE SHAREHOLDERS
Dear Shareholders and Friends:
SET APART. What sets Stewardship Financial Corporation apart from other financial institutions? First, a commitment to our Christian mission of tithing and second, our dedication to shareholders by maintaining solid capital levels that provide the foundation for a strong organization. We also recognize that the needs of our commercial and consumer customers are changing rapidly and we are committed to anticipating their needs through a proactive plan to develop and release new, innovative products and services. We believe that these financial products and services will help our customersto succeed in the present environment and beyond.
We are also cognizant of the fact that small business lending is a driving factor of our current economy. In 2011, we were pleased to have the opportunity to participate in the U.S. Department of the Treasury’s (the “Treasury”) Small Business Lending Fund (SBLF). The SBLF is a voluntary capital program available only to healthy community banks and is designed to encourage lending to small businesses by providing capital to qualified community banks at favorable rates.
On September 1, 2011 Stewardship Financial Corporation received $15 million through the purchase by the Treasury of the Corporation’s preferred stock. The Corporation used a portion of the SBLF proceeds to repurchase from the Treasury the full $10 million of outstanding preferred shares issued under the Capital Repurchase Program (“CPP”). We are also pleased to note that, as a result of our active and consistent lending to small and mid-sized businesses, the dividend paid by the Corporation for the fourth quarter of 2011 was at a rate of 1%, the most favorable rate available under the SBLF program and an improvement over the 5% dividend rate under the CPP. The additional capital provided by the SBLF program further solidifies our already well-capitalized position, thereby enhancing our ability to make new loans. Accordingly, we are better able to serve the lending needs of consumers and businesses in our market.
The Corporation was profitable for the year ended December 31, 2011 with net income of $684,000. The Corporation’s earnings were negatively affected by the prolonged local economic downturn which continues to require higher levels of loan loss provi- sions. The allowance for loan losses is based upon management’s evaluation of the adequacy of the allowance including an assessment of known and inherent risks
in the portfolio, actual loss experience, the level of delinquencies, and the estimated net realizable value of collateral based on current market conditions. Many of the Corporation’s loans are secured by commercial real estate. The Northern New Jersey commercial real estate market continued to decline in value in 2011which contributed to our need to fund additional reserves on the loans where the borrowers’ documented ability to meet loan obliga- tions did not support the debt. The loan loss provision of $10.8 million for the year ended December 31, 2011 was higher than the $9.6 million loan loss provision recorded for the year ended December 31, 2010. The loan loss allowance in the amount of $11.5 million, or 2.54% of total loans, as of December 31, 2011 compared favorably to the $8.5 million or 1.88% of total loans a year earlier. Non-accrual loans as of December 31, 2011 were $27.7 million or 6.08% of total loans and the Corporation charged off $7.8 million in loans during the year ending December 31, 2011. The asset quality issues can be attributed in part to the ongoing national and regional economic instability which began in 2008. The Corporation is diligently monitoring its loan portfolio in an effort to address and contain future credit quality concerns.
We recognize that the unfavorable economic conditions persist and this is stressing our commercial borrowers. As such, our management has taken steps to strengthen the Commercial Lending Division by enhancing its team. A new Commercial Lending Division Manager was hired to head-up the team, two new experienced commercial lenders were added, and two additional experienced credit analysts complimented the credit department. Our Credit Workout Officer was hired to oversee and work on the Corporation’s nonperforming assets. In addition to adding these experienced lenders and bankers, the Corporation thoroughly reviewed and enhanced the Commercial Lending Division policies and procedures. Although the Corporation is still an active commercial lender, the qualifying standards for obtaining a loan are appropriately stringent.
We are pleased to report our noninterest income increased $773,000 to $5.2 million for the year ended December 31, 2011 as compared to $4.4 million for the prior year. Noninterest income included gains on sales of residential mortgage loans which totaled $1.2 million for 2011, an increase from $671,000 for the same period a year earlier. The increase in residential mortgage loan sales is the result of an aggressive marketing campaign where the Corporation promoted a Zero Closing Cost Residential Refinance program. This marketing campaign resulted in more mortgages processed in 2011 thereby realizing greater fee income. Mortgage rates remain at historic lows and benefit customers looking to purchase homes as well as those looking to refinance.
Perhaps one of the best indicators of our strength as a corporation is in our ability to continue to move forward. In 2011, Atlantic Stewardship Bank introduced new products and services and made enhance- ments to existing products and services to better meet the needs of our customer base. To make our Online Banking experi- ence more robust, we launched a new Online Banking Homepage that gives our customers more comprehensive access to their accounts, transactions and financial tools and a purchase rewards program. Enhancements were made to ASB Mobile Text Banking as well. The new functionality includes the ability to transfer funds, receive a low balance alert, and add a second phone number to the account.
In 2012, Atlantic Stewardship Bank will introduce a mobile application for the iPhone, iPad and Android devices. This new functionality will allow customers to access their ASB accounts from wherever life takes them. With just a touch of a button, customers will be able to transfer funds between ASB accounts, view balances and transaction history, pay bills, locate ASB branches and ATMs and ultimately, deposit checks by scanning them into their device.
Our Mortgage Department launched a new and improved website at www.asbnowmortgage.com. The new website features: an improved online application that greatly simplifies the mortgage process; a short application to pre-qualify the customer who is just shopping; a pre-qualification calculator;an easy-to-read rates page; and a comprehensive list of our mortgage products.
For our business customers, the Bank introduced Re$ubmitIt, an electronic check recovery service. This service significantly reduces the burden of the business customer trying to collect funds from bounced checks. This service has the potential to double the business customer’s recovery rate. The business customer will collect more checks and get 100% of the face value of all checks that are collected electronically.
In 2012, Atlantic Stewardship Bank will partner with LPL Financial enabling us to become a full-service provider of financial products. Through a subsidiary, Investment Services at Atlantic Stewardship Bank, we will offer access to a complete array of financial instruments and services to our customers including stocks, bonds, mutual funds, annuities, insurance, state-of-the-art technology, and unbiased investment research. LPL Financial Consultants will reside in our branches and be able to provide our customers with professional guidance and excellent service.
The Atlantic Stewardship Bank Tithing Program has been a blessing to many organizations especially as the local and national economies are slow to recover. In 2011, the Bank donated $398,000 to 288 deserving organizations. Since the program’s inception in 1987,$7.7 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. Atlantic Stewardship Bank is proud to be able to continue to share a portion of its profits with those in need.
In closing we would like to thank our shareholders, associates and most of all, our loyal customers for your continued support and confidence in Stewardship Financial Corporation and Atlantic Stewardship Bank. This is truly what sets us apart and allows us to be faithful servants to the Lord in all that we do.
/s/ William C. Hanse
William C. Hanse, Esq.
Chairman of the Board of Directors
/s/ Paul Van Ostenbridge
Paul Van Ostenbridge
President and Chief Executive Officer
BUSINESS DEVELOPMENT BOARDS
| BERGEN | MORRIS | PASSAIC | Ruth Kuder |
Janyce Bandstra Richard Barclay John Belanus J.T. Bolger Mark Borst | David S. Bickel Antonia Daughtry Robert E. Fazekas Gregory A. Golden Brian W. Hanse, Esq., CPA | Vince Brosnan Ben Della Cerra Mary Forshay Paul D. Heerema | William A. Monaghan III, Esq. Mark D. Reitsma, CFP Susan Vander Ploeg Charles Verhoog Ralph Wiegers |
Richard J. Brady, Esq. William R. Cook Peter V. Demarest Robert Galorenzo, MD William F. Gilsenan, Jr. Bartel Leegwater Donald W. Reeder, Esq. Robert G. Schroeder John Scoccola James D. Vaughan III, Esq. | Garret A. Hoogerhyde, CPA Vernon Kuiken Jeffrey T. Massaro Joseph Pellegrino Edward Ramirez Bernadette Solari Abe Van Wingerden Michael Wolansky, CPA | SPECIAL APPRECIATION We extend a heartfelt thank you to Garret A. Hoogerhyde, CPA who is retiring from our Morris County New Business Development Board after many years of service to the Bank. Mr. Hoogerhyde was an incorporator and organizer of the Atlantic Stewardship Bank in addition to serving on the New Business Development Board since its inception. We greatly appreciate his efforts in promoting the Bank for the past 26 years and look forward to his continued support. |
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CUSTOMER CORNER
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Foundation Enterprises LLC has had a partnership with the Atlantic Stewardship Bank since its inception in 2005. Atlantic Stewardship Bank is a critical partner for Foundation Enterprises because of their unwavering commitment to providing assistance to people in need, and to the development of the communities in which they operate. These goals and values are well aligned with the vision of Foundation Enterprises LLC. Foundation Enterprises, LLC was founded in 2005 as a company committed to building community through development and education in Paterson. The company focuses on real estate management and educational development. Colin P. Watson, Sr.
Foundation Enterprises, LLC
Paterson, NJ | | Administrative Consultants Inc. has been in existence since 1989 providing account- ing and consulting services to non profit organizations. We began banking with Atlantic Stewardship Bank in 1994. Since then we have transferred all of our business accounts to Atlantic Stewardship Bank including organizations that our accounting business supports. In December of 2002, we founded Harvest Outreach Ministry International and purchased a building in Paterson, NJ. Atlantic Stewardship Bank provided the financing to us. From this Outreach Center we have been able to support the inner city of Paterson and other inner cities through various outreach programs. Pastor Edward and Melanie Ramirez
Administrative Consultants, Inc.
Montville, NJ | | Glen Rock Stairs has been family owned and operated for three generations. To us, “family” is a concept that extends beyond the family members working in the business to include employees, customers, suppliers and neighbors. We try to treat all people involved with Glen Rock Stairs with honesty, consideration and respect. And, like Atlantic Stewardship Bank, we also try to nourish our community roots by participating in civic and charitable activities. Glen Rock Stairs has been a longtime Atlantic Stewardship Bank customer because the Bank has always taken care of us. We are confident that we will receive personal service, especially when we call the Bank and are able to speak directly with the person that we need. Nick Veenstra
Glen Rock Stairs
Franklin Lakes, NJ |
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OUR 2011 TITHING PROGRAM
EACH ONE SHOULD USE WHATEVER GIFT HE HAS RECEIVED
TO SERVE OTHERS, FAITHFULLY ADMINISTERING
GOD’S GRACE IN ITS VARIOUS FORMS.
1 PETER 4:10
What sets Atlantic Stewardship Bank apart from other financial institutions 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 2011, the Bank’s tithe was $398,000 enabling it to share with 288 recipients. Since the program’s inception, Atlantic Stewardship Bank has distributed $7.7 million in total tithe donations.
Atlantic Stewardship Bank considers it a blessing to be able to share a portion of our annual profits with worthy organizations. We continue to do so because the philosophy of giving back a portion of what we have earned to God remains just as important today as it was to the original founders of the Bank.
WE ARE PLEASED TO HAVE ASSISTED THE FOLLOWING ORGANIZATIONS WITH OUR 2011 TITHE DISTRIBUTION
*Africa Inland Mission *American Christian School *Back to God Ministries International *Bergen County Society *Bethany Christian Services of New Jersey *Calvary Christian Academy *Calvin College *Calvin Theological Seminary *Cary Christian Center *Cathedral Choir *Catholic Charities | *Christian Health Care Center *Christian Reformed World Relief Committee *Christian Schools International *Crossroads Bible Institute *CUMAC *Dawn Treader Christian School *Eastern Christian Children’s Retreat *Eastern Christian School Association *Elim Christian Services *Eva’s Village | *Faith Ministries of White Lake, NY *Father’s Cupboard *Fellowship Homes *Florence Christian Home *Friendship Ministries *Gideons International Bergen West Camp *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 Food Pantry *Holland Christian Home *Hope House *International Networx *King’s Kids Pre-School and Daycare |
*Lancaster Bible College *Lighthouse Pregnancy Resource Center *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 *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 for Women 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 Interparochial 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 2011 TO THE FOLLOWING ORGANIZATIONS
American Cancer Society American Labor Museum *Athletes in Action Bergen County Wildcats Special Olympics Program *Bethlehem Lutheran Church Upward Christian Basketball League Boca Royale SFF Charity Boys & Girls Club of Northwest NJ *Camp Hope of Hackensack *Catholic Family & Community Services Center for Food Action Changing Images Art Foundation Childhood Cancer Society Children’s Aid & Family Services Children’s Institute Children’s Therapy Center of Fair Lawn and Midland Park Chilton Memorial Hospital *Christian Reformed Church of Midland Park Outreach Ministry *Community Hospice of Bergen County | Community Meals *Cornerstone Chapel Television Ministry Cystic Fibrosis Foundation DACKKs Group for Supportive Housing Deborah Hospital Foundation *Dedication Evangelism *Emergency Food Coalition of Passaic County Emmanuel Cancer Foundation Family Promise of Passaic County FLOW Follies Forum School Foundation for the Handicapped Friends of the Hermitage Gift of Life – Rotary Clubs in District 7490 Girl Scouts of Northern New Jersey *Grace United Methodist Church Nursery School *Grandberg-Michaelson Emerging Leaders Scholarship Fund Hawthorne Baseball/ Softball Association | Hawthorne Caballeros Hawthorne Chamber of Commerce Hawthorne Community Library Foundation Hawthorne Day Hawthorne Domestic Violence Response Team Hawthorne Fire Department Hawthorne High School Hawthorne – Louis Bay 2nd Library Hawthorne PBA Local #200 Hawthorne Rotary Club Hawthorne VFW District #1 Hawthorne Volunteer Ambulance Corps Healing the Children Midlantic *Hispanic Info Center of Passaic Ho-Ho-Kus Memorial Volunteer Ambulance Corps *Hole in the Wall Gang Camp The Holmstead School *Hope for a Thousand Hills *Hope Ministry | *Immaculate Heart of Mary School *Interchurch Softball League Inter Club Facchetti of New Jersey Jamboree Scholarship Fund *Jersey Shore Will Graham Celebration Jewish Family Service of North Jersey *JFM Network *Knights of Columbus 5257 – St. Luke’s Council *Knights of Columbus 5920 – Msgr. Joseph Brestel Council *Knights of Columbus 6033 – Presentation Council *Legacy Minded Men Love Fund of Wyckoff Mahwah Youth Sports Boosters *Martin Luther King Jr. Day Committee Memorial Day Nursery *Metro Kiddie Academy Christian Pre-School & Daycare Midland Park Ambulance Corps Midland Park Baseball Association |
Barbara Vincent, left, Westwood Branch Manager and Wendy Megerman, right, Director of Volunteers and Operation, Community Hospice of Bergen County
Midland Park Children’s Love Fund Midland Park Girls Softball Association Midland Park High School 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 Company Midland Park Volunteer Fire Department Midland Park / Wyckoff VFW Post #7086 Mohawk Athletic Club of Hawthorne Molly and Lindsey Diabetes Research Foundation Montville Baseball & Softball Association Montville Boy Scout Troop 777 Montville Fire Department Montville Free Public Library Montville Kiwanis Club Montville Township Chamber of Commerce Montville Township Drug Awareness Council Montville Township First Aid Squad Montville Township Fourth of July Committee Montville Township Women’s Club *Morris Habitat for Humanity NewBridge Services New Jersey Choral Society New Jersey Citizen Action Education Fund New Jersey Community Development Corporation North Haledon PBA Local 292 North Haledon Recreation Committee North Haledon UNICO North Jersey Chorus Order of the Lamp Scholarship Fund | Pascack Valley Chamber of Commerce Passaic County Historical Society Pequannock Street Fair Pequannock Township Food Pantry Pequannock Township High School Band Parents Association Pequannock Township Little League Pequannock Township Public Library Pequannock Township Regional Chamber of Commerce Pequannock Township Volunteer Fire Department Engine Co. #1 Pequannock Township Volunteer Fire Department Engine Co. #2 Pequannock UNICO Phoenix Center Pompton Falls Volunteer Fire Department #3 Prospect Park Volunteer Fire Department Ramapo High School Ridgewood Biddy Basketball Ridgewood Chamber of Commerce Ridgewood Dads’ Night – Somerville-Hawes Schools Ridgewood Emergency Services (FOREST) Ridgewood Public Library Foundation Ridgewood Rotary Club Ridgewood – Willard Elementary School Ringwood Travel Baseball Association *Royal Family Kids Camp Share (Share Housing Association for Ridgewood and Environs) Sons of the American Legion Post – Pequannock *St. Joseph Church Outreach Programs *St. Luke’s Church Ministry Programs *St. Paul Interparochial School *St. Thomas Aquinas College Temple Beth Tikvah Religious School Resource Program Temple Israel & Jewish Community Center | Thomas A. Maselli Memorial Scholarship Fund Torpedoes Soccer Club Towaco Civic Association Tri-County Chamber of Commerce *United Methodist Church Outreach Ministries The United Way of Passaic County – Flood Relief & Recovery Valley Hospital Waldwick Baseball/Softball Association Waldwick Chamber of Commerce Waldwick Community Alliance Waldwick Fire Department Waldwick High School Waldwick Lions Club Waldwick Public Library Waldwick Recreation Trust Fund Waldwick VFW Post 1049 Waldwick Volunteer Ambulance Corps Wayne Adult Community Center Wayne – Community Volunteer Fire Company #1 Wayne Counseling and Family Services Wayne Day Wayne Hills High School Wayne Hills High School Band Boosters Wayne – John F. Kennedy School | Wayne Lions Club Wayne Little League Wayne Police Athletic League Wayne Public Library Wayne Township Memorial First Aid Squad Wayne Valley High School Project Graduation Wells Mountain Foundation Scholarship Fund West Bergen Mental Healthcare West Milford – Marshall Hill School Westwood Borough – Summer Concert Series Westwood – Dragon Soccer Club United Corp Westwood Roller Hockey Association Westwood Softball Association Wyckoff Chamber of Commerce Wyckoff Fire Department Wyckoff Fire Company #1 Wyckoff – Midland Park Rotary Club Wyckoff Free Public Library Wyckoff Parks and Recreation *Wyckoff Reformed Christian Pre-School Wyckoff Volunteer Ambulance Corps Youth Consultation Service *Zion Lutheran School |
OFFICERS
Wayne Hills Branch Manager, John Lindemulder, third from the right, with the members of the Wayne Township Memorial First Aid Squad.
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 Julie E. Holland
Senior Vice President
and Chief Risk Officer Mark J. Maurer
Senior Vice President
and Commercial Loan
Division Manager Robert C. Vliet
Senior Vice President
and Consumer Loan Manager John W. Hain, Sr.
Senior Vice President Angela P. Turi
Vice President Mary Beth Steiginga
Assistant Vice President | ATLANTIC STEWARDSHIP BANK OFFICERS Paul Van Ostenbridge
President and
Chief Executive Officer Claire M. Chadwick
Senior Vice President and
Chief Financial Officer Julie E. Holland
Senior Vice President and
Chief Risk Officer Mark J. Maurer
Senior Vice President
and Commercial Loan
Division Manager Robert C. Vliet
Senior Vice President
and Consumer Loan Manager John W. Hain, Sr.
Senior Vice President Karen Bulley
Vice President Jeanne Chichelo
Vice President Thomas P. Dacey
Vice President Diane Ingrassia
Vice President David Komor
Vice President Kevin Kress
Vice President | Douglas Olsen
Vice President Cynthia A. Perrotta
Vice President Richard D. Powers
Vice President Raymond J. Santhouse
Vice President Ben Spoelstra
Vice President Gail K. Tilstra
Vice President Angela P. Turi
Vice President Richard Densel
Assistant Vice President Nicholas Latora
Assistant Vice President John Lindemulder
Assistant Vice President Grace Lobbregt
Assistant Vice President Karen Mullane
Assistant Vice President Paul J. Pellegrine
Assistant Vice President Clarence Reinstra
Assistant Vice President Louise Rohner
Assistant Vice President Mary Beth Steiginga
Assistant Vice President | Christine M. Buchanan
Assistant Secretary Janet Garippa
Assistant Secretary Catherine Grinkin
Assistant Secretary Ellie King
Assistant Secretary George Kotevski
Assistant Secretary Cynthia Mendoza
Assistant Secretary Kristine Rasile
Assistant Secretary Judi Rothwell
Assistant Secretary Jean M. Schaver
Assistant Secretary Paula Scott
Assistant Secretary Rigo Silva
Assistant Secretary Alejandro Urquico
Assistant Secretary Joan Van Houten
Assistant Secretary Barbara Vincent
Assistant Secretary Tonni Von Schaumburg
Assistant Secretary Kenneth C. Wehinger
Assistant Secretary |
ASB Associate Ellie King, center, visits with Holland Home residents at the Annual Tea. Mary Beth Steiginga Assistant Vice President
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 Anderson LLP
2035 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, NY 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 Kristine Rasile
Assistant Branch Manager
& Assistant Secretary HAWTHORNE
386 Lafayette Avenue
& 1111 Goffle Road Diane Ingrassia
Branch Manager, Vice President
& Regional Manager Paula Scott
Assistant Branch Manager
& Assistant Secretary MONTVILLE
2 Changebridge Road Judi Rothwell
Branch Manager
& Assistant Secretary NORTH HALEDON
33 Sicomac Road Grace Lobbregt
Branch Manager
& Assistant Vice President Linda Martin
Branch Operations Manager | PEQUANNOCK
249 Newark-Pompton Turnpike Louise Rohner
Branch Manager
& Assistant Vice President Joan Van Houten
Assistant Branch Manager
& Assistant Secretary RIDGEWOOD
190 Franklin Avenue Paul J. Pellegrine
Branch Manager
& Assistant Vice President Catherine Grinkin
Assistant Branch Manager
& Assistant Secretary 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
& Assistant Secretary | WAYNE HILLS
87 Berdan Avenue John Lindemulder
Branch Manager
& Assistant Vice President George Kotevski
Assistant Branch Manager
& Assistant Secretary WAYNE VALLEY
311 Valley Road Alejandro Urquico
Branch Manager
& Assistant Secretary WESTWOOD
200 Kinderkamack Road Barbara Vincent
Branch Manager
& Assistant Secretary WYCKOFF
378 Franklin Avenue Karen Mullane
Branch Manager
& Assistant Vice President |
630 Godwin Avenue,Midland Park, NJ07432
201-444-7100 877-844-BANKwww.asbnow.com
