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, 2013, the bank had total assets of $221 million.
In December 31, 2013, BAUERFINANCIAL, Inc., the nation's leading independent bank rating and research firm, once again proudly recognizes Riverside Bank's achievement as a Superior 5-Star rated bank. 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.
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.