Ridgewood Savings Bank to Acquire City & Suburban Financial Corporation

Hezi Aris Archives Leave a Comment

 

RIDGEWOOD, NY and YONKERS, NY –Ridgewood Savings Bank announced today the
execution of a merger agreement to acquire City & Suburban Financial
Corporation and its subsidiary City and Suburban FSB, based in Yonkers, New
York for $119.1 million in cash.

This is the culmination of a long standing
relationship between the management of our two companies and we are pleased to
have reached a mutual agreement, said Bill McGarry,

Ridgewood

’s Chairman, President and CEO. Our two organizations share a common philosophy of long term
dedication to our employees, a common vision of providing superior services to
our customers and a full commitment to the communities we serve. Joining forces
with City and Suburban will create a superior

New York


based financial institution and we are excited about the future.

Marty Berger, Chairman and CEO of City & Suburban, stated, We are excited about pursuing a shared future with Ridgewood
Savings Bank. Our two institutions are synonymous with family, neighborhood,
and community. We share common beliefs and values about how to service our
customers and help them make their dreams come true. We are delighted to become
a part of

Ridgewood

’s team.

Ridgewood Savings Bank has approximately $3.3 billion in assets, $2.0
billion in loans and $2.6 billion in deposits and operated from 24 branches in
five counties (

Queens

, Kings,

Bronx

,

Suffolk

and

Nassau

).
The transaction will increase

Ridgewood

’s
presence in the greater

New York


area by adding 11 branches and will add approximately $670 million in assets,
$508 million in loans and $571 million in deposits based on year end financial
data and excluding any merger related adjustments.

This acquisition will significantly enhance our
franchise and expand our presence in strategically important new markets, said Bill McGarry. We are
excited to increase our footprint in the

Bronx

and enter

Westchester

County


and

Manhattan

. These markets
represent a tremendous opportunity for growth on both the retail and lending
side of our business and our presence there will serve as a platform for future
growth. City and Suburban has six branches in the

Bronx

,
three branches in

Westchester

County


and two in

Manhattan

.

The transaction is subject to regulatory and City & Suburban shareholders approval.

Tell Your Friends....Share on FacebookTweet about this on TwitterShare on Google+Email this to someoneShare on LinkedInShare on Reddit
Hezi ArisRidgewood Savings Bank to Acquire City & Suburban Financial Corporation

Leave a Reply

Your email address will not be published. Required fields are marked *