About Us

We are excited to announce that we entered into an agreement to purchase a banking branch in Marmora at 46 S. Shore Road.  This had been a Cape Savings Bank Branch for many years, but it has been closed by the successor bank.  This location provides an excellent fit for our existing branch network as well as expanding our presence in Upper Township.  We expect to open the newly acquired branch in mid-March 2018.  This will bring our total branch count to 14 branches.

The year 2017 was another year of growth for Sturdy Savings Bank.  Our capital remains strong and increased to almost $78 million and our total assets grew by over $5 million.  The change in the income tax rate at year end did impact our earnings due to income tax accounting adjustments.

We were pleased to provide additional loans to our customers this year, and the combined increase of home mortgage, business and consumer loans exceeded $45 million.

All of us at Sturdy Savings Bank thank you for your support as we continue our commitment to you and the communities we have served since 1922.

Sincerely,

Gerald L. Reeves
President and CEO

December 31

Statement of Condition

Assets

2017

2016

Cash and Due From Banks

$17,131,795

$16,072,747

Securities and Investments

228,473,113

264,140,499

Loans

520,518,439

475,399,932

Bank Premises and Equipment

21,103,284

21,443,814

Other Assets

43,431,036

47,752,036

TOTAL ASSETS

$830,657,667

$824,809,028

Liabilities & Capital

2017

2016

Deposits: Non-Interest Bearing

$127,435,416

$126,105,767

Deposits: Interest Bearing

572,443,265

581,681,093

Short-Term Borrowings

38,100,000

17,500,000

Securities Sold Under Agreements to Repurchase

 

10,000,000

Other Liabilities

14,690,761

14,137,080

Total Liabilities

752,669,442

749,423,940

Total Capital

77,988,225

75,385,088

TOTAL LIABILITIES & CAPITAL

$830,657,667

$824,809,028

Board of Directors

Chairman
James M. Fisher

Vice Chairman
Arthur G. Craig, Jr.

Raymond M. Burke, III

F. Nathan Doughty, Jr.

Eric D. Gaver

Linda O. Tozour

Henry J. Obergfell

Gerald L. Reeves

Douglas J. Heun

R. Scott Halliday

Solicitor
Monzo, Catanese, Hillegass, P.C.