President's Message

Winter 2014

Not often do businesses get the opportunity to celebrate 100 years of continuous operations. 2013 was a very special year for our Association. 100 years ago a group of like-minded people came together to foster the Wallkill Valley Federal Savings and Loan. The stated purpose was to promote savings and home ownership in our local community. 100 years later, we continue to use that founding mission as our guide light.

Throughout 2013 we celebrated not only with our customers but provided over $50,000 in charitable contributions to our local not-for-profit organizations.  2013 proved to be a very special year for our humble savings and loan. We continued to work through the distressed credits that have been a persistent drag on earnings. We effected a large write down of problem credits and still were able to maintain very strong capital ratios. This is a testament to the prudent stewardship of the Association by the Board of Directors, Management and all levels of employees. The Board and Management continue to work on limiting losses and protecting the investments made by our Association’s depositors.  

We are looking forward to a more normalized year in 2014. With many of our credit issues behind us and anticipation of an improving economic landscape, we feel confident that growth will continue for our Association.   

On behalf of the Directors and Officers of the Association, I would like to thank you for your continued support and wish you a happy and prosperous 2014.

Best Regards,
Michael J. Horodyski, President and CEO