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Walden Savings Bank - Your Bank. Our Community.

President's Message


We are pleased to report on the 2014 performance for Walden Savings Bank (WSB). While this open letter provides important information about the Bank, it also affords an opportunity to celebrate our accomplishments and identify the important contributions we make to our community. We truly believe that these contributions are what sets us apart from our competition.

Our 2014 highlights include:

• WSB employees contributed more than 1,800 community service hours this past year.

• A dedicated staff that continues to provide exceptional and quality service as exemplified by a Customer Satisfaction Survey rating of 96.8%.

• Our customers voted Walden Savings Bank as Best Bank and as a Winner for mortgage services through the Times Herald-Record Readers’ Choice Awards.

• Solidifying our financial position by strengthening our Equity Capital to $42.4M or 9.36%.

• Deposits reached an all-time high of $408.2M as we welcomed over 2,800 new personal and business customers. We are proud to welcome many new customers who were abandoned when their previous bank left town.

• Strengthened our Business Development, Commercial and Retail lending teams and are proud to offer you the most experienced lending professionals in the region. We continue to provide an all-access, local lending process and this past year our divisions originated over $68.4M in new loans.

• Walden Investment Services continues to expand its client base as even more customers enjoy one-stop shopping for financial planning, insurance and retirement needs.

• Launched new products and services to enhance our customers’ experience including the addition of a self-service coin machine in our Walden branch, gift cards, instant issue debit cards and the surcharge free Allpoint ATM Network.

• Celebrated the 15th Anniversary of our New Windsor branch and marked it by making charitable contributions to eight non-profits in the local community including Greater Newburgh Symphony Orchestra, Independent Living Inc., Saint Christopher’s Inc., Newburgh Armory Unity Center, Purple Heart Hall of Honor Inc., Boys & Girls Club of Newburgh, New Windsor Volunteer Ambulance Corps Inc. and Safe Harbors of the Hudson.

• The American Cancer Society recognized WSB at its Annual Gala for our commitment to the Hudson Valley community and the Association of Fundraising Professionals presented us with the Corporate Philanthropy Leadership Award.

We recognize you have choices when it comes to banking and remain committed to improving our customers’ experience. We are pleased to announce that this year our mobile application will allow customers to process check deposits with a smart phone or mobile device. We are also looking forward to celebrating branch anniversaries in our Village of Montgomery (40th), Pine Bush (25th) and Florida (5th) branch locations.

Our Board of Directors, Senior Management and all of our employees thank you for our continued success. We are honored to serve you and our community.



Derrik R. Wynkoop
President & C.E.O.

Jeffrey D. Crist
Chairman, Board of Directors

Directors & Officers


Jeffrey D. Crist
Chairman of the Board
Ira. D. Conklin, III 1994
Barbara Edmunds 1996
Stephen E. Burger 1999
Dr. Peter V. Masci 1999
Gill Mackay 2006
Edward F.X.
Gallagher, Jr.
Derrik R. Wynkoop 2012

Directors Emeritus

David C. Lustig, Jr.
Marcus H. Millspaugh, Jr.
Jeffrey A. Sohns
Richard L. Jansen


President & C.E.O Derrik R. Wynkoop
Executive Vice President & C.O.O. Catherine Terwilliger
Senior Vice President, Retail Lending Daniel P. Downing
Senior Vice President, Commercial Lending Brian Ratynski
Vice President & C.F.O. John Scognamiglio
Vice President, Commercial Loans Robert E. Ambrose
Vice President, Retail Delivery & Marketing John M. Carola
Vice President/Corporate Secretary Joann Menendez
Vice President, Human Resources Pamela Spieler
Vice President, BSA Officer Gail G. Swalm
Vice President, Information Technology Cindy L. Voss
Vice President, Commercial Loans Greg Roe
Vice President, Business Development William F. Vacca
Assistant Vice President, Data Operations Timothy T. Hoppe
Assistant Vice President, Mortgage Servicing Gloria Kozlowski
Assistant Vice President, Controller Alicia Moir
Assistant Vice President, Human Resources Karin Winum
Assistant Corporate Secretary Johnnieanne Hansen

About Walden Savings Bank

Established in 1872, Walden Savings Bank is a federal chartered mutual savings bank headquartered in Montgomery, New York. The Bank opened the Corporate Headquarters office, located at Crossroads Corporate Park, at the intersection of Route 17K and Route 208 in the Town of Montgomery, on August 15, 2002. All administrative functions have been consolidated, along with a full service branch office.

In addition to its headquarters, the bank maintains 11 full service branches in southeastern New York (Walden, Washingtonville, Montgomery, Cornwall-on-Hudson, Pine Bush, New Windsor, Gardiner, Scotts Corners, Circleville, Middlehope and Florida). With the exception of the Gardiner branch, which is located in Ulster County, all of the banks branches are located in Orange County. For lending purposes, the Bank's primary market area covers Orange County, and extends into parts of Ulster and Sullivan Counties, which border Orange.

Walden Savings Bank is a member of the Federal Home Loan Bank (FHLB) system and its deposits are insured up to the regulatory maximums by the Bank Insurance Fund (BIF) of the Federal Deposit Insurance Corporation. As of June 30, 2015, Walden Savings Bank had $480,159,170 in assets, $433,119,772 in deposits and total equity of $43.7 million or 9.11% of total assets. Walden Savings Bank is a community-oriented thrift, with a primary strategic objective of meeting the borrowing and deposit needs of its local customer base. Historically, the bank's operating strategy has been reflective of a traditional thrift in which 1-4 family residential mortgage loans and retail deposits constitute the principal components of the Bank's assets and liabilities, respectively. Lending diversification by the Bank includes construction, multi-family, vacant land, commercial real estate, consumer loans and commercial business loans.

Active management coupled with progressive thinking, ensures that the Bank's customers can avail themselves of the latest technology, products, and services.

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