History of Crest Savings Bank

 

 

Crest Savings Bank has been a vital institution in the Wildwoods since September 19, 1919. Originally established to provide mortgages to the growing population of the island, it was first known as Wildwood Crest Building and Loan Association and located on Pacific Avenue in Wildwood Crest. The first residential loan was approved by the Board of Directors on September 23, 1919 for $1,000 to Mr. Bailey for his home in Wildwood Crest. Over the years our products and services expanded, locations changed and our name evolved from Crest Savings and Loan Association to Crest Savings Bank, S.L.A. and in October of 2000 it was changed to its current name, Crest Savings Bank.

In the late 1990s, Crest Savings Bank, outgrew the space in Wildwood Crest and began to look for a new home to establish a central location for the administrative and loan department services, along with expanding its Wildwood Avenue office. In December 1999, Crest Savings Bank purchased 3301 Pacific Avenue in Wildwood to serve as its corporate headquarters. The decision to move to this location was easily made by Crest Savings Bank's Board of Directors because of their desire to stay in the community responsible for the bank's success and longevity. “We saw great promise in the Wildwood’s Downtown revitalization efforts and we wanted to be a part of it” stated Jay M. Ford, former President and CEO. It just so happened that the old Marine National Bank building in Wildwood was unoccupied. “It was a shame to see such a beautiful historical icon go to waste” Ford recalls. Recognizing the building’s importance as a tangible reminder of Wildwood’s past, the bank determined the community would be best served by preserving the structure and renovating it as a state-of-the-art banking facility.

Once restored to its earlier glory, the building became known as the Holly Beach Financial Center. This beautiful edifice has seen many generations and bore witness to the making of some of the Wildwoods’ history. In October of 2000, the building was placed on the State Register of Historic Places. In December of 2000, the building was added to the National Register of Historic Places and in May of 2001, it received the Historic Preservation Award from the New Jersey Department of Environmental Protection. Management and the Board of Directors take great pride in being responsible for restoring this historical icon. “It is a wonderful feeling to know that we have helped to preserve part of our island’s precious heritage.”

Crest Savings Bank’s philosophy is to support every aspect of the lives of the residents in Cape May County. The Bank does not focus on any one critical need but rather considers the impact on the betterment of the families and visitors of our county. To this extent the Bank is committed to the education, health, and enrichment of the community. Over the years, Crest Savings Bank has developed its products and services to meet the ever evolving needs of the community. The bank offers personal and business accounts, while the loan department is recognized for being one of the largest suppliers of commercial lending on the island. Crest Savings Bank is also noted for being one of the first community banks in New Jersey to implement forward thinking services like internet banking, mobile deposit, deposit ATMs and more.

As the bank grows, so does its need for space. Crest Savings Bank has expanded to six full service branches in Cape May County including Wildwood, Wildwood Crest (1988), North Wildwood (1996), Villas (2001), North Cape May (2002) and the Sea Isle City (2005). In 2004 Crest Savings Bank purchased the vacant property adjacent to its headquarters on Pacific Avenue. The property was restored in the spirit of the downtown Wildwoods’ preservation theme and houses the bank’s residential lending, human resources, and accounting departments.The Bank employs 95 year round employees and due to its predominantly seasonal market, an additional 15 employees are hired for the busy summer season.

Crest Savings Bank's Board of Directors and Management, along with its employees are proud of being the bank of choice for generations of families and new families relocating to the area.

Senior Management

Anthony DeSalle, President / Chief Executive Officer
Jodie M. DiEduardo, Senior Vice President / Branch Administrator
Karen Magill Graham, Senior Vice President / Chief Operations Officer
Nancy Cleaver, Senior Vice President / Chief Lending Officer

Board of Directors

Frank Colson, Chairman
John G. Taylor, Vice Chairman
Anthony DeSalle
Jay M. Ford
Andrew Scrivani
P. Martin Way, III

 Key Financial Data

Financial Data

2017

2016 

2015 

Total Assets (in millions)

$462

$444  

$423

Total Loans (in millions)

$411

$387  

$361

Total Deposits (in millions)

$370 

$353 

$337

 Net Worth Ratio

8.16%

 8.20% 

8.29%

 Crest Savings Bank Routing Number: 231271501

 

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