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 Mt. Kisco, NY - In its first entry into the Northern Westchester market, Community Mutual Savings Bank, the county’s oldest locally based bank, Thursday, celebrated the official Grand Opening of its new Mount Kisco branch office.
The new 2,900-square-foot branch office, which is located at 12 South Bedford Road at the intersection of Routes 117 and 172, is the Bank’s fifth branch in Westchester County. The Bank’s other branch offices are located in Greenburgh, Mount Vernon, West Harrison and Eastchester.
“We are delighted to open our newest branch office in Mount Kisco. This is an excellent market for the kind of community-oriented banking that has been the hallmark of our Bank for more than 120 years,” said John E. Ritacco, President and Chief Executive Officer of Community Mutual Savings Bank. Speaking at ribbon-cutting ceremony attended by local and county officials, Mr. Ritacco added, “We believe this new branch, which offers outstanding visibility in a high traffic area, provides a tremendous opportunity for us to expand our franchise into the Northern Westchester market.”
“I wish Community Mutual Savings Bank success in Mount Kisco and am excited that they want to be in our community. Mount Kisco is an attractive place to do business and I am pleased that they chose our Village. I wish them all the success in the world,” said Mount Kisco Mayor J. Michael Cindrich.
As part of the Grand Opening ceremonies, Mr. Ritacco presented a $5,000 donation to officials from Northern Westchester Hospital. “At Community Mutual Saving Bank we pride ourselves on having deep roots in the communities we serve. It is with great pleasure that we make this donation to our new neighbor --- Northern Westchester Hospital,” he said.
The new Mount Kisco branch is located adjacent to a CVS drugstore and across the street from Northern Westchester Hospital. The once vacant two-story building has been completely renovated and features a modern interior space with the Bank’s signature blue and green décor and attractive wood finishes. The exterior is currently being renovated by CVS and will have new signage and completely repaved parking areas.
The grand opening of Community Mutual Savings Bank’s new branch office comes at a time when some of the nation’s largest banking institutions -- battered by bad loans and high-risk investments -- are closing branches and cutting staff.
“We have taken a more conservative and traditional approach to banking that is focused on serving the needs of the local community especially the small and mid-sized businesses that have been underserved by the larger banks. We are a financially strong and secure institution with no subprime loans in our portfolio,” said Mr. Ritacco.
Mr. Ritacco said Community Mutual Savings Bank is well-positioned to compete in today’s ever-changing banking environment. “While big banks struggle during these difficult times to focus on the customers, we have money to lend to the small businesses and residential mortgage customers. Whether it’s online banking or remote capture check scanning for business customers, we have the talent and technology to deliver the finest products and services available on the market today. More importantly, we offer the kind of personal and responsive service that only a community bank can provide. That’s because all our decisions are made locally by employees who live and work in the community.”
Community Mutual Savings Bank offers a full line of products and services to the retail consumer and small business customers including Personal Checking, Money Market Accounts, CDs, Statement Savings, IRAs, Passbook Savings, Mortgages, Home Equity Loans, Auto & Personal Loans; Business Checking, Lines of Credit, Term Loans, Commercial Real Estate Loans, Merchant Services, Remote Capture check scanning, Interest on Lawyer Accounts (IOLA). Online banking for retail customers and businesses is available through the Bank’s website www.cmsbk.com
Founded in 1887 with a single branch location in Mount Vernon, NY, Community Mutual Savings Bank converted from a mutual savings bank charter to stock company in April 2007 raising $20 million with its initial stock offering. The Bank’s holding company, CMS Bancorp, Inc. is publicly traded on NASDAQ under the ticker symbol “CMSB”. The Bank’s corporate headquarters is located at 123 Main Street, White Plains, NY.
Forward-Looking Statement
This press release may include certain forward-looking statements based on current management expectations. Readers should not place undue reliance on any such forward-looking statements contained in this press release, which speak only as of the date made. Factors of particular importance to CMS Bancorp, Inc. include, but are not limited to: (i) changes in general economic conditions, including interest rates; (ii) changes in conditions in the real estate market or the local economy; (iii) competition among providers of financial services; (iv) changes in the quality or composition of loan and investment portfolios of the Bank; (v) changes in accounting and regulatory guidance applicable to banks; and (vi) price levels and conditions in the public securities markets generally. These factors could affect CMS Bancorp’s financial performance and could cause the actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. Neither CMS Bancorp nor the Bank undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
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