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| Rondout Savings Bank |
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Overview:
Rondout Savings Bank is a hometown bank currently celebrating 140 years of excellence in service to the community.
For us, 140 years is an important milestone, but what’s most important is not just the years we’ve been here, but the lives we’ve touched along the way. Families who were able to purchase their own home and achieve their dreams, and businesses that were established or expanded, providing employment for more people in our community and contributing to our region’s financial health.
You see, we base our success on helping others succeed. Since 1868 we’ve been partnering with local businesses and individuals to meet financial needs and achieve corporate and personal goals through a wide range of personal and business deposit and loan accounts and convenience services. It’s what we do best. It’s what we love to do. And we’d love to do it for you.
What can you expect as a customer of Rondout Savings Bank?
Accountability
As a mutual savings bank we answer to our stakeholders – our customers, the community and our employees – not stockholders whose interests may not parallel our community’s needs. When we say we’re committed to the community, we mean it.
Accessibility
Our people are your neighbors and friends. Our board and management and their families live here and share neighborhoods, schools, houses of worship, clubs, charities and associations with you and your family. All decisions are made locally, with local interests in mind.
Professionalism
Our Board of Trustees and Senior Management staff are, we believe, the best in the business. Put their talents to work for you!
Responsiveness
We work every day to earn the business of individuals and organizations in our community, and, in turn, we invest in the community to keep it a rich, rewarding and vibrant place for us all to live and work. In addition to volunteering our time and talents on local boards and committees, we annually donate 10% of earnings to area non-profits as a “Dividend to the Community” to support local education and youth programs, health and human services, culture and the arts.
Strength and dependability
We do all this while maintaining a rock solid balance sheet and strong capital position to assure our financial strength and stability throughout fluctuating market conditions. That’s why we’ve been here for 140 years and that’s why we’re unaffected by the current upheaval in the financial industry stemming from risky choices and poor decisions; you won’t find that kind of risk-based behavior at Rondout. In fact, we’ve just received our 67th consecutive 5-Star Superior Rating from BauerFinancial, an independent national rating service that has recognized Rondout as one of the strongest, best-managed financial institutions in the country.
Appreciation
We never forget that you have financial choices, and we appreciate your choice to do business with us. We’ll work hard every day to earn your continued trust and satisfaction. And that’s a promise! |
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History:
After the Civil War, returning veterans were eager to get a new start and put their lives back together. Although there was already a bank in uptown Kingston, Cornell and other business leaders felt Rondout, now much busier than the older village of Kingston, needed its own bank. He saw it as a bank where workers could safely save their money and a few could borrow. So, on May 1, 1868 (or shortly thereafter), on the second floor of the Masonic Building down by the creek (at the corner of Broadway and East Strand), Rondout Savings Bank opened its doors. It had a little over $61,000 in capital.
The success of Rondout's industries in moving coal, bluestone, and Rosendale cement to the cities on the Eastern seaboard helped ensure the bank's success. In 1890, with assets a little less than $1 million, Rondout Savings Bank moved to a storefront office in the Cornell Steamboat Company Building at the foot of Broadway. In 1928, with assets at $5 million, the bank moved to its first freestanding building at 26 Broadway.
By the 1960s, the industries that had built Rondout had long since died out and many of its commercial buildings were vacant. An Urban Renewal program forced Rondout Savings Bank to relocate. We stayed close to our roots by moving just up the hill to our present location at 300 Broadway. Since 1967 when we moved in, we've grown from $22 million to close to $200 million in assets. The geographical community that we serve has grown from a village (which long ago was combined into the City of Kingston) to a county-and-a-half (Ulster County and Northern Dutchess County). |
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