June 30, 2007
Message from the President:
Originally founded in September, 1922, as
the Home Ownership Building and Loan Association, Glen Rock
Savings Bank this year marked its 85th anniversary of service
to its local communities.
I am pleased to report that as of June
30, 2007, fiscal year end, the Bank's total assets were $113.6
million, with deposits in excess of $102 million. The
Bank's loan portfolio, consisting primarily of one-to-four
family secured mortgage and equity loans and lines of credit,
stood at approximately $75 million at June 30, 2007.
Further, the ratios that determine the bank's capital adequacy
continue to be well in excess of all related federal
requirements.
With branch offices situated in northern
New Jersey communities of Glen Rock, Wyckoff, and Hawthorne,
our three banking offices offer the convenience of extra
hours, ample parking, 24 hour banking through our own ATM's,
and a staff of courteous, dedicated providers of excellent
personal service.
Also located in Hawthorne, our Loan Center
can assist with a variety of mortgage, equity loan and line of
credit products to assist with the purchase and refinancing of
residential real estate.
Please be assured that our commitment
also extends to fully protecting our customers' privacy and
account information, as well as in meeting all aspects of The
USA PATRIOT ACT. Our highest priority remains in the
compliance with all related federal and state regulations and
in applying industry standards and best practices.
As we begin our 86th year of service to
the community, our mission at Glen Rock Savings Bank continues
to be its dedication to providing the personal, friendly
service that is expected from a community bank. We want
to thank our customers for the opportunity to provide them
with the banking services they need, and I wish to thank our
Board, Officers and Staff for the dedicated and dependable
service and support they provide.
Very truly yours,
