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Banking Development District Program

Ridgewood Savings Bank - Ridgewood, NY

2022 Community Committment Awards Submission

  • Community and Economic Development
  • Asset Size: Medium

The Banking Development District or BDD program is a program designed to encourage the establishment of bank branches in areas across New York State where there is a demonstrated need for banking services, in recognition of the fact that banks can play an important role in promoting individual wealth, community development, and revitalization. Ridgewood Savings Bank (Ridgewood) now has three branches located within a BDD designated area including:

White Plains Road- March 10, 2006; Clinton Hill- July 13, 2017; Sedgwick Avenue- November 2, 2021.

Of special note, the Sedgwick Avenue branch was slated to close in the fall of 2021 as a new state-of-the-art branch in the nearby Norwood section of the Bronx was scheduled to open in late summer. As a result of increased community concern and the impact of one less bank to serve the Sedgwick neighborhood, Ridgewood worked to keep it open. Aided by the Bank's well-established partnerships with New York State Department of Financial Services, University Neighborhood Housing Program, Van Cortlandt Jewish Center, Community Board 8, Association for Neighborhood & Housing Development, Office of New York State Assemblyman Jeffrey Dinowitz (81st District), and the Bronx Borough President's Office, the Bank pursued the BDD designation to continue to serve the many financial needs of the Bronx community from its Sedgwick Avenue branch location.