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Walden Savings Bank - Your Bank. Our Community.

President's Message

AN OPEN LETTER TO OUR CUSTOMERS AND THE COMMUNITY

We are pleased to report on the 2013 financial and operational results for Walden Savings Bank (WSB). I hope you enjoy this open letter celebrating our accomplishments. While we are proud of our financial highlights, especially in light of the economic and regulatory environment, we are most proud of the contributions we have made to our local community, some of which are featured in the accompanying photos. For example, this past year the bank contributed over $127,000 to benefit local not for profit organizations and our staff contributed 1,650 community service hours.

Additional 2013 highlights include:

• A dedicated staff that continues to provide exceptional and quality service as exemplified by a Customer Satisfaction Survey rating of 97.5%.

• Our customers voted Walden Savings Bank a winner in three categories; Best Bank, Best Mortgage Company and Best Investment Services Company through the Times Herald Record Readers' Choice Awards. We are honored to be the only bank to win in all three categories.

• Solidifying our financial strength by increasing Equity Capital to $40.2M or 9.21%.

• Deposits reached an all-time high of $392.9M as we welcomed over 800 new personal and business customers.

• Our commercial and retail lending divisions originated over $85.8M in new loans. We have money to lend, and our funds are put right back into our local community!

• Walden Investment Services expanded its client base and now has nearly $20M in assets under management as more customers enjoy one-stop shopping for all their financial needs!

• Our credit recovery and collections area helped our borrowers through challenging economic times and reduced our loan delinquencies back to levels experienced before the economic downturn of 2008.

• We launched new products and services to enhance the customer experience, including Turbo Tax®, Lifelock® identity theft protection, our iPad App, Facebook, and robust Customer Education and Mortgage sections on our website.

• We celebrated the 40th Anniversary of our Washingtonville branch and added a self-service coin machine, free of charge to customers!

In 2014, we remain committed to being your bank of choice and are working to add enhancements to your banking experience, including an additional self-service coin machine in our Walden Office, instant issue debit cards and the surcharge free Allpoint ATM Network. We also look forward to celebrating our 15th Anniversary in our New Windsor branch.

Our Board of Directors, senior management and all of our employees wish you a prosperous year ahead. We are honored to serve you and our community.

Sincerely,

WALDEN SAVINGS BANK

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

Jeffrey D. Crist
Chairman, Board of Directors

Directors & Officers

Directors

Richard L. Jansen 1992
Jeffrey D. Crist
Chairman of the Board
1994
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.
2010
Derrik R. Wynkoop 2012

Officers

President & C.E.O Derrik R. Wynkoop
Executive Vice President & C.O.O. Catherine Terwilliger
Vice President & C.F.O. John Scognamiglio
Vice President, Commercial Loans Robert E. Ambrose
Vice President, Retail Delivery Susan Bennett
Vice President, Retail Lending Daniel P. Downing
Vice President, Financial Advisor Francis X. Dwyer
Vice President, Marketing, 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, 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, Commercial Loans Greg Roe
Assistant Vice President, Human Resources Karin Winum
Assistant Treasurer Lois E. Bartholomew
Assistant Vice President and Board Secretary Lynn Romaine


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 December 31, 2013, Walden Savings Bank had $437,634,672 in assets, $392,937,689 in deposits and total equity of $40.2 million or 9.17% 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.

General Use Policy


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