The Peter J. Tobin College of Business’ EIRP Aims at Benefiting Under-Banked Bronx Residents.

Queens, NY—The Peter J. Tobin College of Business’ Executive-In-Residence Program has proven, once again, its value to both participating high-level executives and students. However this semester it just may have also benefited a community of residents in a section of the Bronx. Three graduate student teams were given the challenge of developing a plan for helping Ridgewood Savings Bank achieve their objective of serving the needs of low-income and under-banked areas. (In early 2007, Ridgewood Savings Bank acquired City & Suburban Bank, which added 12 branches to Ridgewood’s New York operations. Of these 12 banks, seven are located in an area of the Bronx which New York State has identified as an under-banked area.)

Each team was able to produce a different plan that would serve Ridgewood’s goals. “The great thing about this project,” said Erin Muller, a recent MBA graduate and participating student, “was that it was a philanthropic project and not a finance-driven project. I was impressed by Ridgewood’s goal of simply trying to figure out how they can be of assistance to low-income areas.”

During their presentation, one group’s plan estimated that the bank would lose money initially, but would gain money in the long run. “I was so surprised and pleased to see how receptive the executives at Ridgewood were to these ideas. It made this project so different from the one we had completed for the NYSE,” says Muller. “We were able to see the contrast in these companies and how, even though they use such different styles in business, they are both still very successful at what they do.”

The students also learned a great deal about the banking needs of low income and/or under-banked residents of the Bronx, mostly Hispanic and African American, and how banks like Ridgewood want to be involved in serving these communities.  Students presented to a group of  seven top-level Ridgewood executives, including William C. McGarry, Chairman, President, and CEO; and George Hornburg, Executive Vice President and Chief Financial Officer.  The students' work was very well-received by these executives.  The Management faculty and Tobin College community is very proud of this semester’s participating students.

The Peter J. Tobin College of Business has provided the highest quality business education for over eighty years.  Many alumni have risen to senior executive positions in the financial services community in New York and around the world.  Degrees offered include the Bachelor of Science, Master of Business Administration and Master of Science.  The College encompasses the School of Risk Management, Insurance and Actuarial Science, which is housed at the University’s Manhattan location in the heart of the New York financial district.  Recent recognitions for the Tobin College include a listing by The Aspen Institute among the top ninety business schools in the United States whose graduate curricula reflect a commitment to social responsibility and sustainability as well as representation among the “The Best 282” Business Schools in America according to The Princeton Review.  For further information, please contact Jennifer Maizel at (718) 990-6218 or email Maizelj@stjohns.edu

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