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| Additional information |
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| Boiling Springs Savings Bank |
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Mission statement:
At Boiling Springs Savings Bank, we believe that true community banking means providing our customers with the best solutions to their financial needs through superior personal and professional service provided by a staff of dedicated people. It also means being a part of the community. We strive to support our communities by making a positive impact on the organizations and neighborhoods within our market.
Our customers are our friends and neighbors. We are dedicated to maintaining our local roots, local management and local values. Our mission is to maintain our service excellence, offer a wide variety of products, competitive rates and minimal fees. |
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History:
Over seventy years ago, Boiling Springs Savings & Loan Association was formed by the combination of the Rutherford Mutual Loan and Building Association and the East Rutherford Savings, Loan and Building Association, which had been founded in the 1870s to provide thrift and home financing services to a growing community. This merger took place on February 21, 1939 and Boiling Springs began with assets of approximately $2 million. The name of the new organization was derived from the original name of the Borough of Rutherford, which had been named after the famed boiling springs in the area. Boiling Springs' accounts became insured by the Federal Savings and Loan Insurance Corporation in April, 1939.
At the end of its first year of operations, Boiling Springs had assets of almost $5 million.
After 20 years of steady growth, the Association opened its first branch, in Lyndhurst, in 1959. Assets at the time had surpassed $15 million. As deposits increased, this office was forced to move into larger quarters, settling into the existing office at 753 Ridge Road, near the North Arlington border, in 1974.
Growth continued and Boiling Springs reached $100 million in assets during 1976.
In 1977, the Association recognized the need to provide better service to the residents of the West End of Rutherford and opened their second branch at 280 Union Avenue.
Shortly thereafter, Boiling Springs decided to make its first move outside of the South Bergen area. In 1980 another branch was opened next to the ShopRite at 236 West Passaic Street in Rochelle Park.
During the early '80s, asset growth was much faster than it had been earlier. The Association passed $200 million in assets in 1982 and $300 million in assets by the end of 1984.
Venturing farther north in Bergen County, the Association opened its fourth branch in the new Boulder Run Shopping Center on Franklin Avenue in Wyckoff in 1984. After over 10 years of growth, this office was renovated and expanded to double its original size in 1995.
The Association passed the $400 million in assets milestone during 1987.
Early in 1989, Boiling Springs opened its first office outside of Bergen County. The Morris County community of Lincoln Park became the home of the fifth branch office. This office is located on Beaverbrook Road, next to the ShopRite.
Recognizing the advantages and economies of scale offered by the savings bank charter, Boiling Springs converted to a state chartered savings bank in September, 1992, becoming Boiling Springs Savings Bank.
The bank further expanded in March, 1995 when it acquired two branches of the former Carteret Savings Bank from the Resolution Trust Corporation. These branches were in Lyndhurst, which was consolidated with the existing Lyndhurst office, and in Hillsdale, which is located at 440 Hillsdale Avenue. With the purchase of these offices, assets went over $500 million.
To better serve the many customers in Essex and Passaic counties, Boiling Springs opened its eighth office in the new Clifton Commons Shopping Center on Route 3 in Clifton in December, 1999. This office sits on the Nutley/Clifton border and primarily serves the residents of these communities.
In December, 1999 Boiling Springs completed its conversion to a Mutual Holding Company. This change allows for additional flexibility for possible future investments and acquisitions.
After almost 60 years of conservative growth and an enviable record of building its financial strength, Boiling Springs, with assets now well over $600 million, realized the need to expand available space and broke ground for its new corporate headquarters on Orient Way in Rutherford in September, 1998. This facility was completed and occupied in mid - 2000.
In 2001 Boiling Springs continued its expansion by purchasing Ridgewood Savings Bank of New Jersey. This acquisition added four branches in Northern Bergen county and increased the bank's total deposits by over $240 million. The Bank's assets surpassed $1 billion in September, 2001.
A new branch was opened in June 2002 in the Borough of Glen Rock. This office is located in the center of town at the intersection of Rock Road and Glen Road.
In September, 2006 a new branch was opened in Upper Montclair and it is a part of the Watchung Plaza shopping area. This office is Boiling Springs' fourteenth branch location and its first in Essex County.
A second Morris County office was opened in October, 2007 in the Lake Hiawatha section of Parsippany-Troy Hills and in May, 2008 another office was opened in Florham Park. In October of 2009 the Montville office opened. This office is Boiling Springs’s seventeenth branch and the fourth branch in Morris County.
In January 2010, both the Park Avevnue and Wyckoff offices were relocated to new sites. The Park Avenue office moved to Boiling Springs' Corporate Headquarters located just a block away at 25 Orient Way and the Wyckoff office moved just across the parking lot to a brand new building in Boulder Run. The new Wyckoff office allowed space for a 2 lane drive-thru, which the office did not have at their old location.
Boiling Springs Savings Bank will continue to expand its network, bringing the home of better banking closer to more homes in Northern New Jersey. |
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Formerly known as:
Boiling Springs Savings And Loan Association |
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