October 15, 2014 THE VILLADOM TIMES I • Page 13 Atlantic Stewardship earns Blue Ribbon designation Atlantic Stewardship Bank is pleased to announce that it received a top rating of Green with Three Stars based on recent financial data. Moreover, as reported by VERIBANC, Inc., the bank has received the special rec- ognition of “Blue Ribbon Bank.” The Blue Ribbon Bank award is reserved for highly- rated institutions that demonstrate exceptional attention to safety, soundness, and financial strength and is the oldest national accolade presented to banks by private sector analysts. The award is based on Atlantic Steward- ship Bank’s strong performance for the quarter ended June 30, 2014. The Blue Ribbon award, conferred by VERIBANC, Inc., a banking analysis firm in Woonsocket, Rhode Island, is the oldest private sector recognition presented to qualifying banks nationwide. It is based on more than 20 tests of an institution’s financial strength. Among the areas considered are its balance sheet, income statement, loan portfolio, compliance with federal capital require- ments, and off-balance sheet exposure, to name a few. A few indicators highlight Atlantic Stewardship Bank’s current financial strength. According to the manner in which government supervisory authorities measure capi- tal, the bank exceeds requirements for the regulatory designation of “well capitalized.” The bank’s assets are of high quality, backed by loan loss reserves and a solid equity base. In addition, Atlantic Stewardship Bank main- tains a strong liquidity position. These key indicators, in Cinnamon Lane subdivision (continued from page 6) pay for it. The motion was then withdrawn by Kahwaty in light of the fact that the application was deemed incomplete and the information could be provided at a later date. This property was the subject of public hearings before the planning board from December 2004 to 2009 when an application to subdivide the site into two lots with vari- ances was considered by the board. A public hearing that started in March 2007 and lasted for eight meetings was held during which neighbors complained that over 5,000 cubic yards of fill had been brought onto Smith’s property to create a buildable lot. In June 2009, the planning board voted to deny Smith’s application, claiming the property is not appropriate for the construction of a dwelling, and after he refused to testify about the amount of fill on the site and when it was brought there. Smith then sued the planning board, claiming the denial of his application constituted “a palpable abuse of its discretion” and was wrongful because he claimed he met the burden of proof specified and required by the New Jersey Municipal Land Use Law. In July 2010, a Superior Court judge found that the board reasonably determined that Smith did not present sufficient proofs to satisfy the granting of the variances he requested and did not present adequate reason to over- turn the denial of the planning board’s decision to deny the subdivision. conjunction with VERIBANC’s other stringent criteria for Blue Ribbon Banks, highlight Atlantic Stewardship Bank’s financial strength and soundness. “We are pleased to receive recognition as a Blue Ribbon Bank,” stated Claire M. Chadwick, Executive Vice President and Chief Financial Officer of Atlantic Stewardship Bank, “Because we are a community bank with a long standing in the communities we serve, deci- sions are made locally and deposits are used to benefit the community through loans made to consumers and busi- nesses.” Atlantic Stewardship Bank, a commercial bank serving northern New Jersey, was founded in 1985 and is known for its personal service. As a full-service commercial bank, Atlantic Stewardship offers a wide range of busi- ness services, including commercial checking accounts, commercial loans, merchant services, and more. The high- touch of Atlantic Stewardship Bank is complemented by the high-tech product and service offerings such as the ASB Mobile Banking App. The bank also provides a variety of electronic services for business customers such as remote deposit capture and business online banking. The bank is well known throughout northern New Jersey for its commitment to charitable service. Through its unique Tithing Program, each year the bank donates 10 percent of its profits to Christian and local non-profit and civic organizations. Atlantic Stewardship Bank maintains banking loca- tions in Midland Park, Montville, North Haledon, Pequan- nock, Ridgewood, Waldwick, Westwood, Wyckoff, two offices in Hawthorne, and two offices in Wayne. The bank is a subsidiary of Stewardship Financial Corpora- tion trading on the NASDAQ under the symbol SSFN. The bank’s website is www.asbnow.com.