Wallkill Valley Federal Savings and Loan – Hudson Valley, New York

November 26, 2024

Wallkill Valley Federal Savings and Loan

The Heart of Community Banking

A first banking experience that connects the right financial solutions

For over a century Wallkill Valley Federal Savings and Loan has been providing a people-first banking experience to New York’s Hudson Valley region. Operating as a stand-alone location until 2011, the bank has expanded to include branches in Wallkill, Milton, Highland Falls, Maybrook, Monroe, Otisville, Walden, Montgomery, and Newburgh.

Michael J. Horodyski, president and CEO, details, “We are kind of the consummate Community Bank. We started our existence doing residential mortgage loans back in 1913. In 2024 that has morphed into not just residential, which we are still very committed to, but the full array of what you would expect from a full-service community bank.”

Meeting Customer Needs in Challenging Times

Wallkill Valley Federal Savings and Loan has built a reputation for strong customer service and community support. In the face of inflation and a shifting housing market, Horodyski emphasizes the bank’s commitment to providing fair rates on savings and mortgage loans.

“I don’t have a lot of impact in regards to what it costs my customers to fill a grocery basket and how much more that costs every day,” he acknowledges. “We are just continuing to be that steady financial resource for them.”

Inflation may have eased somewhat, but Horodyski points out the ongoing impact of housing prices on Wallkill Valley Federal’s community. “In our particular market, we had a huge COVID influx of people that came in and really changed the demographic of what were our bread-and-butter homeowners. A lot of what we would consider our typical customer is just priced out of the market—even on rents now.” While this poses a challenge, Wallkill Valley Federal Savings and Loan continues to prioritize affordability and fairness in its mortgage lending practices.

“We are always committed to making sure we do not put people in homes they can’t afford,” he stresses. “We are always fair in our rates. We’re not trying to gouge.”

Unlike many mortgage brokers and larger banks, Wallkill Valley Federal keeps its fees minimal, avoiding what Horodyski describes as the “fluff” often associated with loan processing. The only fees customers typically encounter are those necessary to cover essential services, such as appraisals and credit reports. “Our hope is we will make the loan. And we live off the difference between what we got that money at and what we lent it out at. This doesn’t change whether it’s a low-rate environment or a high-rate environment. We are just always making sure we give a fair deal,” he portrays.

When it comes to working with small business owners and self-employed workers, Wallkill Valley Federal takes a personalized approach, different from larger institutions who rely on what Horodyski terms a “checkbox mentality.”

Wallkill Valley Federal takes the time to hear each customer’s story, to gain an understanding of their financial position. “This goes back to us making sure that we’re not facilitating you buying something that you won’t be able to afford,” he says.

“Community banks certainly have more flexibility, and the idea of storytelling lets us see the whole situation. We understand you own a business, and we want to see those tax returns, but we also want to understand the nuances of that business, and maybe not everything is reflective in these standardized documents.”

Investing in Technology

As it looks to the future, Wallkill Valley Federal Savings and Loan has prioritized enhancing its technological offerings to meet the growing expectations of the customers of today. Recognizing the need to stay up to date, the bank is committed to providing technology forward solutions. “There’s a continual investment in all of the bells and whistles. At a bigger bank you’re used to those, and we want to make sure we can provide that to our customers too,” Horodyski conveys.

“That’s where most of our spend has been, on the tech side, just making a more seamless experience for the customer.” This includes expanding remote deposit capture, as well as incorporating tokenization for digital wallets and tap-to-pay functionality. “Really, it’s the conveniences that you get to enjoy at a bigger bank. We want to make sure our customers who have been loyal to us get to enjoy those same things,” he asserts.

Creating a Supportive Employee Culture

Wallkill Valley Federal Savings and Loan takes a holistic approach to employee compensation and culture. Recognizing the competitive nature of the labor market, especially when competing with companies like Amazon, Horodyski says the bank has focused on not just hourly wages but the total value of compensation, including benefits and deferred compensation through 401(k) contributions.

He shares that Wallkill Valley pays 80% of medical benefits, a significant factor that is discussed with employees when comparing overall compensation. “Having a new employee understand the full compensation has been really helpful to them understanding what their value is to the organization,” he says. “It just goes back to us being upfront and transparent. We really have no secrets. What we do here isn’t rocket science. We want people to understand it at all levels.”

Onboarding is another important aspect of Wallkill Valley Federal’s employee culture, and new hires undergo formal training and meet with senior management, ensuring they understand the bank’s customer-first culture.

In addition, promotions from within are encouraged, as Horodyski explains, “There’s been a concerted effort over the last probably 10 years to post the jobs that are open, and encourage interviews, even if they’re not ready at this point. We want to give them the tools, the structure, and the roadmap to be ready the next time the opportunity may come up.”

Wallkill Valley Federal also fosters a supportive work environment, where employees are not overwhelmed with excessive overtime or pressure, providing an opportunity to “shut off” at the end of the workday. This commitment to well-being extends to team events like picnics and tailgates, where families are included. “Being a mutual, there’s no stockholders. We don’t have to make earnings calls every quarter. So, it’s really a unique ownership structure that gives us a nice ability to provide a well-rounded work environment,” Horodyski illustrates.

A Focus on Community

As a community bank, Wallkill Valley Federal stays true to its mission, giving back to the neighborhoods it serves. From shopping local, to participation in fundraisers, to charitable donations, the bank has a steady role in fostering a healthy local economy.

Horodyski shares, “You do business with me, I sponsor the Little League team your son or your daughter plays on, and we keep this revenue and capital in our little circle. We are always committed, and our customers give us the ability to do that.” Wallkill Valley Federal also encourages its employees to get involved in local causes.

“One of the things that we’re really proud of is – ‘you can give your time, you can give your talent, or you can give your treasure.’ Although money is important, we make a really concerted effort to give our time and talents,” he highlights. “It’s easy to write a check, but it’s certainly more impactful when they see my employees there, helping alongside whatever that charity might be.”

Overall Wallkill Valley Federal Savings and Loan maintains a strong connection to its customers, employees, and the broader community.

Horodyski reiterates, “It’s what community banking is. I don’t think that model will ever change, and it’s really about just staying true to your community.”