124 Years Later And Still Going Strong
By: Beverly Samuelson and Carolyn Maxwell
SOUTH AMBOY – Amboy Bank is one of the finest financial institutions located in Middlesex and Monmouth Counties. The bank started out 125 years ago in South Amboy NJ. It has survived the Great Depression of the 20’s and 30’s, two World Wars, and past recessions.
Founded in 1888, Amboy Bank is a full-service commercial bank. It has 23 offices located in Middlesex and Monmouth Counties.
Amboy Bank prides itself on quality service and responsiveness to the communities they serve. Amboy Bank has been voted “Best Bank in Central Jersey” for the past 16 years in a row.
This is all due to dedicated employees who are proud to be part of such a distinguished financial institution. Amboy Bank trains their employees to be customer focused, so that each and every customer has the professional customer service they expect.
Employees have pride of ownership. Twenty-five percent of the bank is owned by employees through the ESOP program.
Dennis Kane, Marketing Director, Sylvia Rapoport, Marketing Department, and President of Amboy Bank, George Scharpf Sr. and his son, George Scharpf Jr. were interviewed for this article.
Three generations of the Scharpf’s have been employed with the bank for a pe- riod over 70 years.
George Scharpf Sr. said, “When my father started with the bank, they had $4 million. When my father left, it was between $150 to $160 million. Now the bank has over $2 billion. $40 million alone in South Amboy.”
George Scharpf Jr. said, “Mortgages that originate here are kept here. We do not sell them off. The person who approves your mortgage will probably be there for you long term.”
George Scharpf Jr. continued, “Some of the programs the bank offers are financial literary books handed out to 30 schools, where many of the teachers request them. This an important learning tool for the students.”
During the interview there was mention of how Superstorm Sandy affected some of their clients.
“It was important to take the stress off of our customers and to work with them in situations such as these. Although some of our employees were affected by Sandy, they took time to volunteer to rebuild houses. 35 people volunteered to help rebuild homes through different projects due to the destruction of the storm offered and we had to narrow it down to 10 employees.”
“The bank has been involved in programs dealing with drug abuse and pregnancy counseling and with ARC to help provide housing for them through grants and loans to get them built. We also have been involved with senior citizen building financing. One such project was the affordable Gillette Housing Apartments in Sayreville.”
The bank considers itself not part of a big bureaucratic organization. It’s not unusual for a customer to call and talk directly to the Bank President.
Employee loyalty has been a keystone of the bank. “Eighteen percent of the employees have been employed here over 20 years,” states Dennis Kane. “One such employee is Peggy Dembowski who has been employed here for 53 years, starting during her senior year of high school.”
Peggy was also interviewed. She talked about growing up in the Melrose section of Sayreville. She described South Amboy as “a quaint little town.”
When she attended St. Mary’s High School, one of the Sisters sent her to work at the then South Amboy Trust Company which had a work program for students interested in finance. Peggy said, “After Superstorm Sandy, my house had over four feet of water. Forty years of my life went into the garbage. But I came to work the next day because I had work to do there.”
That’s how I was brought up.” How did this bank survive when so many other failed? The bank looked at the communities they serve. Their business decisions are simple. Provide services that best benefits the customer, offer value, quality and constant understanding of the customer’s needs.
That includes EVERYONE, the small business owner, the blue collar worker, the homemaker, students, investors, big business and the list goes on.
George Scharpf, President and the Board of Directors have the knowledge and business sense to recognize that by holding onto your base your will succeed.
Over many years Amboy Bank has donated to many causes, participated in community events and projects. Their generosity has helped people, businesses and communities grow and prosper.
Some of the organizations that Amboy Bank has supported include: Elijah’s Kitchen in New Brunswick, the local libraries and YMCA, the Collier Youth Services and the Bankers Build Initiative
Amboy Bank Volunteers for Bankers Build Initiative
As part of the NJBankers “Bankers Build” Initiative, Amboy Bank employees volunteered their time rebuilding a Manasquan home that was damaged by Hurricane Sandy and is being restored by Coastal Habitat for Humanity.
In addition to employees volunteering their time, Amboy Bank made a $1,000 contribution to Coastal Habitat for Humanity to help them restore the dozens of homes that they are working on along the Jersey shore.
Amboy Foundation Assists Collier Youth Services with Grant
Wickatunk, NJ (April 2012) – Amboy Bank’s Erica Musikar, Branch Manager of the Aberdeen Office and Vice President, Joe Mullane present Sr. Debbie Drago with a check for $10,000 on behalf of the Amboy Foundation. The grant will sponsor camperships for disadvantaged children to attend Kateri Day Camp this summer.
Activities include adventure hikes, nature games, frog-catching, sports, arts and crafts, special events, daily swim lessons as well as activities and lessons to improve reading skills. It provides a safe, supervised setting, while offering new experiences and helping to develop skills.
Amboy Bank has many services to offer to a variety of customers with specific needs. For more info go to www.AmboyBank.com.
