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Atlantic Stewardship Bank Announces Formation of Holding Company; Move 'Opens Doors to New Business Opportunities,' Notes CEO

MIDLAND PARK, N.J., Nov. 25 /PRNewswire/ -- Paul Van Ostenbridge, President and Chief Executive Officer of Atlantic Stewardship Bank, has announced the recent formation of Stewardship Financial Corporation (SFC), a holding company and sole owner of Atlantic Stewardship Bank.

Arie Leegwater, the bank's Chairman of the Board, stated that Atlantic Stewardship's 580 shareholders "will receive formal notification via mail within the next few weeks." He added that shareholders will "maintain the same number of shares in the new holding company as they did in Atlantic Stewardship Bank," now a separate subsidy of SFC.

Founded in 1985, Atlantic Stewardship Bank supports an exceptional tithing program by giving ten percent of its earnings annually to various Christian charities. Van Ostenbridge noted that in 1996, the bank gave $153,000 to 116 organizations. He added that Atlantic Stewardship "also maintains strong support to civic organizations in the communities it serves."

With branch locations in Midland Park, Hawthorne, and Wayne, and additional branch expansion an important part of the bank's strategic plan, Van Ostenbridge stated that the formation of a holding company "helps protect our independence while opening windows of opportunity for new business." He added that the franchise will introduce the convenience of 24-hour banking with the installation of automatic teller machines in the coming year.

"Atlantic Stewardship Bank has established its reputation as a solid community bank truly committed to exceptional customer service as well as support of Christian and local charities," said Van Ostenbridge, who has held the post of President and CEO since the bank's inception. Both Atlantic Stewardship Bank and Stewardship Financial Corporation are headquartered in the bank's Midland Park location, 630 Godwin Avenue. More information regarding the bank or any of its products and services may be obtained by calling 201-444-7100.

SOURCE Atlantic Stewardship Bank
 -0- 11/25/96


/CONTACT: Paul Van Ostenbridge, President and CEO of Atlantic Stewardship Bank, 201-444-7100/

CO: Atlantic Stewardship Bank; Stewardship Financial Corporation ST: New Jersey IN: FIN SU:

HD-TL -- NYM055 -- 3567 11/25/96 09:40 EST http://www.prnewswire.com
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Date:Nov 25, 1996
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