Norwood: Ridgewood Savings Bank location change in September 2021
By SÍLE MOLONEY
The Ridgewood Savings Bank branch, located at 3445 Jerome Avenue in Norwood, will close and relocate effective September 3, 2021, according to a letter dated May 17 received by customers. A new local branch of the bank, which the letter says has been in business for 100 years, will open over the summer (no specific date has yet been given) and will be located at 320 East 204th Street, Norwood. .
In the letter sent to clients, a copy of which was seen by Norwood News, bank officials write that they will move all accounts currently held at the Jerome Avenue branch to a “new and modern branch nearby” at the 204th Street location.
According to bank officials, customers will receive the same service at the new location as at the old one. Speaking to customers, they wrote, “No action on your part is required. Upon closing, your account (s) will automatically transfer to our new, conveniently located Norwood branch.
They also informed their customers that their account numbers would remain unchanged and that customers could continue to use their existing checks, passbooks and debit cards, if applicable.
Norwood News contacted the bank to inquire about the reason for the move. We received the following response on Monday, May 24: “We are moving the branch from Avenue Jérôme because it is largely outdated and inefficient in terms of size. The representative added, “We are moving to a more modern facility at the corner of 204th Street East and Hull Avenue to better serve our customers and the needs of our community. Our customers will continue to receive the same exceptional service and financial solutions they are used to, and we will add a coin counting machine for their convenience. “
Norwood News previously reported a break-in and burglary in November 2020 of a Bank of America ATM, located at 3424 Jerome Avenue in Norwood. In addition to the ATM room, a bank branch previously existed at the location but had closed a few years before the theft. Another local branch of Bank of America is still operating at 3408 Jerome Avenue.
In the meantime, last September we reported on a rally that was held at 94 E. Burnside Avenue in Mount Hope, as part of efforts to keep the Amalgamated Bank branch open there. . District 14 City Council candidate Pierina Sanchez, a member of the Jerome Avenue Revitalization Collaborative (JARC), a group that advocates for more inclusive economic growth in the region since the rezoning of Jerome Avenue in 2018, was one of the organizers. of this gathering.
Sanchez is currently in the lead after the tally of the first round of the District 14 primary elections held on Tuesday, June 22. Another branch of the amalgamated bank, located at 2178 White Plains Road in Pelham Parkway, is listed on the internet as closed. The branch of Banque Amalgamée, in this case, closed on September 25, 2020 and remains closed. During his remarks at the rally, Sanchez also criticized Chase Bank, which had a branch located a few blocks west of the Amalgamated Bank Burnside Avenue location, but which closed in October 2019.
A former branch of Chase Bank, located at 311 E. 204th St. in Norwood, also closed in November 2019, as also reported. Norwood News at the time. A Chase branch still exists in Norwood at 3169 Bainbridge Avenue, having undergone renovations in 2019, and another Norwood branch is also still open at 3408 Jerome Avenue.
In May 2019, an attempted theft of this Chase Bank branch at 3408 Jerome Avenue was foiled, as reported at the time. When asked to reconfirm which branches were permanently open in the area, a representative from Chase confirmed, “Bainbridge Avenue and Jerome Avenue are open and functioning. Our E.204e The street branch has been consolidated and is no longer open. It is about three blocks from the Bainbridge Avenue branch.
Norwood News contacted the city’s Independent Budget Office (IBO) in January 2021 to get a feel for the overall impact of the pandemic on Wall Street revenues in 2020 and to understand whether the impact had had a significant effect on the availability of local bank branches Across town. Despite reports that some companies (including some financial firms) left town amid the crisis, it turned out that Wall Street had actually had a record year.
According to an IBO report released in January 2021, profits of New York Stock Exchange member companies climbed to $ 27.6 billion in the first half of 2020, and the IBO forecast that profits would reach $ 47 billion for the full year, a total surpassed only in 2009, according to the IBO, when Wall Street rebounded from steep losses at the start of the Great Recession. The IBO also predicted at the time that Wall Street profits would drop to $ 25 billion in 2021, and then hold between $ 23 billion and $ 25 billion over the remainder of the fiscal plan period.
The economy of the city has been impacted by the pandemic of course. According to the IBO, it was expected to raise $ 11.3 billion less in tax revenue than expected – a 4.2% shortfall that the IBO said tested the city’s ability to meet its mandate to maintain a balanced budget.
The IBO provided us with an updated assessment of Wall Street’s position as of May 23, 2021, stating: “Wall Street profits were $ 50.9 billion last year, up over 80 billion dollars. % from 2019. ”The representative added:“ But we expect profits to fall to more usual levels over the next few years. ”