NEWS RELEASE                                                For Immediate Release

 

Walden Federal

12 Main St.

Walden, NY 12586

www.WaldenFederal.com

contact:  Thomas Gibney, Pres

845 – 778 – 2171

 

Walden Federal has a Record-Breaking Year

 

March 6, 2006, Walden, NY – Walden Federal reports record-breaking financial results for the year ending December 31, 2005.

 

·        Total assets of the bank grew by 12.5% during the period to $98,272,546. 

·        On the deposit side, the bank’s deposit base grew by $10,243,164, which represented a 12.9% jump when compared to last year. 

·        In remaining true to the bank’s community roots, it provided in excess of $70 million in residential and commercial mortgages, business, and consumer loans. 

·        Earnings also reached an all-time high.  Walden Federal produced net income of $733,040 – the highest in the bank’s history - which represented a 9.77% return on average equity.

 

For a copy of Walden Federal’s 2005 Report to the Community, please call Corinne at 845-778-2171.

 

“As we grow, rest assured that our commitment to being the community’s “hometown bank” will never waver,” pledged Thomas Gibney, President.  “Our outstanding financial results are a testament to the quality banking products and services we offer, as well as to our exceptional staff who truly understand what “hometown banking” is all about.”

 

In an immediate response to local events, Walden Federal opened its newest branch office in Otisville, NY on November 8, 2005.  The opportunity became available when an existing large bank branch in Otisville closed its operations, leaving the Village of Otisville and the Town of Mount Hope without a bank.  

 

“We have been enthusiastically received and look forward to serving the communities of Mount Hope and Otisville for many years to come,” stated Thomas Gibney.  “Further, we are delighted to announce the 2006 opening of our fifth branch and newest office at the ShopRite Plaza, in Monroe, NY.  Construction is to begin shortly and we anticipate a spring opening.  This new office complements our existing Monroe/Woodbury branch location in Wal-Mart, allowing us to provide the people of that area the best in hometown banking at two convenient locations.”

 

Earlier this year, Walden Federal completed the expansion of its flagship Walden branch office drive-up banking facility to three lanes, adding a drive-up ATM. 

 

“Finally, we would like to thank our valued customers; we are grateful for their ongoing confidence and appreciate their business,” stated Thomas Gibney.  “We also want to thank and acknowledge our Board of Directors who provide such tremendous guidance, support and advocacy for the bank, and our officers and staff whose dedication and professionalism permit us to serve our customers and our communities as we have since 1919.”

 

The bank maintains four full-service branches in Walden, Montgomery, Otisville and in the Wal-Mart Super Center in Monroe.  This spring, the bank is planning to open its fifth branch inside the ShopRite on Route 17M in Monroe.  Walden Federal’s Mortgage and Loan Center is located at 74 West Main Street, Walden, NY and its Commercial Loan Annex is located at 8 Main Street, Walden, NY.

 

Walden Federal continues to prosper and grow as it enters its 87th year of service to the community.  For more information, visit www.waldenfederal.com or call 845-778-2171.

 

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