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Brooklyn Federal Savings Bank

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Brooklyn Federal Savings Bank

Overview:

Brooklyn Federal Savings Bank was chartered in March, 1887 as the Brooklyn City Savings and Loan Association located at 91 Court Street in the City of Brooklyn. Its purpose was to promote thrift and home ownership to the people in the downtown section of the city. In 1935, it was the first Brooklyn based institution to receive a Federal charter and its name was changed to Brooklyn Federal Savings and Loan Association.

In May of 1960, it opened the Kings Bay branch located at 3780 Nostrand Avenue in the Sheepshead Bay area of Brooklyn. This location was chosen because this community was lacking basic financial services.

In 1965, the Bank purchased a six-story office building located at 81 Court Street, Brooklyn. After refurbishing the building, in January 1966, the Bank relocated its main office to the new location.

In September of 1973, the Wantagh branch was opened at 1164 Wantagh Avenue in the Cherrywood Shopping Center in Wantagh, Long Island. In November 1999, the Islandia branch was opened in the Islandia Shopping Center. In May of 2008, the Commack branch was opened at 1174 Jericho Turnpike in Commack, Long Island. This is the Bank's fifth branch and first stand-alone branch, which includes a drive-up window and a drive-up ATM machine. These suburban locations were chosen in an effort to diversify the Bank’s customer base. It was believed that Brooklyn Federal would have a high recognition rate among suburban residents, most of who were transplanted from Brooklyn.

In 1987, Brooklyn Federal Savings and Loan Association celebrated a century of service to the community. In June of 1990, the Bank changed to a Federal Savings Bank charter and was renamed Brooklyn Federal Savings Bank.

In 2005, the Bank was reorganized into a Mutual Holding Company. This gave the Bank’s depositors the opportunity to purchase up to 30% of the Bank’s appraised value. The Capital raised by the stock offering was deployed primarily to originate Commercial loans.

As of June 30, 2009, the Banks consolidated assets totaled about $527.1 million. Savings and Demand Accounts totaled $394.4 million, representing about 21,465 accounts. Mortgage related loans totaled $423.2 million, representing approximately 900 loans. Regulatory Capital totals approximately $80.5 million. The Bank employs 74 full-time and 29 part-time employees.

The Board of Directors is made up of 7 successful businessmen who either live, work or have roots in the community. The management team is led by the Bank’s Chief Executive Officer, who has 47 years of banking experience. The other members of the management team have no less than 20 years of experience.

Brooklyn Federal Savings Bank has been responsible for providing housing for thousands of families through its financing of homes and apartment buildings, thus promoting the “American Dream”.

All of us at Brooklyn Federal consider it a privilege to be your community bank.

A lot of things changed through the years, but one thing has remained the same: our commitment to meeting the needs of our customers and communities.

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