By Tom Nicholson
A new chief executive officer took the helm at Ridgewood Savings Bank this month, replacing William McKenna Jr. who retired from the position after 12 years.
William McGarry, the bank president and chief operating officer at Ridgewood Savings Bank for the past three years, was promoted to CEO on Jan. 1.
McGarry, who was chief financial officer at the bank for 10 years and is a member of the bank’s board of trustees, brings about 17 years experience with him as the new CEO. McGarry will continue as bank president.
“I’m not a newcomer to the bank,” McGarry said. “So this has been a very seamless transition. Many times a change like this within a company can be traumatic to the company, but that’s not the case here. This will be about as perfect as a transition can be.”
The board of trustees at Ridgewood Savings Bank, which is headquartered at 71-02 Forest Ave. in Ridgewood, gave McGarry the nod for the top job at the bank with their approval of his promotion on Jan. 7.
Former CEO McKenna agrees that the passing on of the torch to McGarry leaves the bank and its approximately 200,000 customers in good hands.
“It is a very proud occasion to have Bill McGarry succeed me as CEO of the bank,” McKenna said. “We have enjoyed working together for many years and I have every confidence in his ability and track record. It is an ideal transition.”
Chartered in 1921 in Ridgewood, the bank today employs about 600 people in its 20 branches in Queens, Suffolk and Nassau counties and Brooklyn.
Ridgewood Savings Bank is the largest mutual bank in the state. The mutual concept, meaning there are no shareholders, is one McGarry said he believes has a strong future.
“It’s always been a mutual bank and it’s something I believe has worked extremely well,” McGarry said.
McGarry, 52, lives on Long Island and has a wife and four children.
Reach Reporter Tom Nicholson by e-mail at news@timesledger.com or call 718-229-0300, Ext. 157.
