Riverside Bank : History

Fourteen local businessmen, who became the founding directors, formed Riverside Bank. They felt that there was a need for a small local commercial bank to service the needs of small to medium sized businesses and professionals that the larger banks were not servicing. This is still the philosophy of the existing Board and Management of the bank today.

Riverside Bank opened for business in February 1988 as a New York State chartered commercial bank. The bank is a publicly owned, FDIC insured institution with an emphasis placed on providing service within a limited market area to small and medium sized businesses, professionals and individuals. Our original location in downtown Poughkeepsie continues to serve as the main office of the bank. In March 1998, the bank expanded into the Town of Poughkeepsie and opened a branch in Red Oaks Mill. In April 2001, the bank further expanded by opening a branch in Newburgh, in Orange County. In September 2002, the bank expanded into Southern Dutchess County by opening a branch in Fishkill. As of December 31, 2008, the bank had total assets of $154 million.

In November 2003, Riverside Bank became the first financial institution to earn the Top Business Excellence Award from the Dutchess County Economic Development Corporation (DCEDC). The Business Excellence Awards recognize businesses, individuals, and not for profit organizations making a significant economic impact in Dutchess County and the Hudson Valley.

In March of 2007, BAUERFINANCIAL, Inc., the nation’s leading independent bank rating and research firm, proudly recognizes Riverside Bank’s achievement of a 5-Star rating, BAUERFINANCIAL’s highest honor, is based on the financial condition of the bank and indicates that Riverside Bank is one of the strongest banks in the Country. Riverside Bank continued its 5-Star rating throughout 2008.

The bank is a limited service institution offering basic deposit and loan products. Our limits are defined more by our fiscal size, operating systems, and distribution network rather than by capital constraints or human resources.

Extensive discussions with the members of the Bank's Board of Directors, senior management, and other designated staff members have established the following core values for Riverside Bank:

The bank exists to serve the needs of its customers and quality customer service will be a major priority.

The bank is an independent institution and intends to remain independent for the foreseeable future.

Our employees are critical to our future success and will be treated fairly and with dignity in all matters. Every effort will be made to promote from within the bank, while recognizing that our relatively small employment base may not always meet our new and growing needs due to the timing and additional experience required.

The bank is committed to responsible and profitable growth over the next five years, and will employ all of the resources it has at hand or acquire those required to achieve the stated goal.

As a for-profit institution, we shall continue to enhance shareholder value.

All of our dealings with customers, employees, and the community at large will be conducted with the highest degree of honesty and integrity, and will comply with all legal and regulatory requirements.

The board of directors and the senior management of the bank have developed the following mission statement for Riverside Bank:

Our goal is to have Riverside Bank become the bank of choice for the small to medium sized businesses and professionals within our market area, to maintain an acceptable level of profitability compared to our peers, and to offer our employees unprecedented opportunities for professional growth and development.

Implicit in the above mission statement is the continuance of quality service to our customer base and a commitment to safe and sound banking practices.

In order to accomplish the mission of the bank the following factors are critical:

1. Strong senior leadership and internal communications.

2. A commitment on the part of the board of directors and all officers and employees to
become advocates for the bank, its products and services.

3. A commitment to allocate the appropriate level of resources required to sustain the
growth forecasted, as well as all aspects of the mission statement.

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