Maspeth Federal Savings – A Testament to Generational Leadership
Maspeth Federal Savings, a depositor-owned thrift in Queens, New York, has continuously demonstrated a steadfast commitment to its roots, even under the evolving dynamics of the banking industry. A second-generation family leadership upholds the bank’s core values and mutual status, leading to remarkable success and unbroken profitability over the past three decades.
The story of this enduring institution starts with Ken Rudzewick, whose career at Maspeth Federal Savings was determined by a phone call his father, a New York City firefighter, made in the summer of 1956. Ken had just graduated high school, and his father was determined to see him get a job. Ken started working as a teller at the bank the very next day after his father’s call to his friend, Franklin Frontera, the president of Maspeth Federal Savings.
Ken Rudzewick – A Pillar of Maspeth Federal Savings
Ken Rudzewick, now 88, spent his entire working life at Maspeth Federal Savings, helping to maintain its mutual status even as many other depositor-owned banks opted to convert to stock ownership. Ken began ascending the management ladder a few years after joining the bank, moving from teller to roles in the accounting department, marketing, and real estate lending.
Rudzewick’s commitment to the bank and his flexibility to adapt to the bank’s needs played a significant role in its success. He reached the pinnacle of his career in 1999 when he became the CEO, a position he held for 17 years. Even after stepping down from the top job, Rudzewick did not retire. Instead, he continued serving as Maspeth’s community relations officer and as a director.
Success Under Rudzewick’s Leadership
Under Rudzewick’s leadership, Maspeth Federal Savings reported a profit every year, and it saw substantial growth in loans, deposits, and capital. According to Douglas Faucette, a partner with Troutman Pepper Locke and a director of the America’s Mutual Banks trade group, Maspeth has built a reputation as a conservative institution backed by high levels of capital. Rudzewick’s biggest legacy, however, is perhaps the current leadership team he groomed, which includes his sons Tom and Glenn, who now serve as CEO and chief lending officer, respectively.
Transition to the Second Generation – Success Continues
The transition from Ken to his sons has proven successful for Maspeth Federal Savings, which continues to be profitable and maintains its growth trend. The bank reported a net income of $18.3 million in 2025, a 23% increase from the previous year.
Both Tom and Glenn Rudzewick had established successful careers in the financial services sector before joining Maspeth. Tom was a commercial real estate appraiser, and Glenn worked in investment banking. The brothers were drawn to Maspeth by the example set by their father Ken, who balanced work and family obligations effectively.
Modernizing Maspeth Federal Savings
Tom Rudzewick, the current CEO, has been striving to modernize Maspeth’s image. He has overseen upgrades to the bank’s digital banking capabilities, the opening of a new technology center in March 2025, and the establishment of a new branch in the Astoria section of Queens in October 2025. Maspeth has also prioritized financial education, offering high-yield savings accounts to teens and teaching financial literacy in local schools.
Despite these modern adaptations, Maspeth remains committed to its original mission. Most of its loan portfolio still comprises residential mortgage and multifamily loans. The bank has deepened its focus on local commercial real estate but continues to retain all its production. As Tom Rudzewick puts it, the bank has brought “the old, traditional savings-and-loan model up to modern times so that we can compete with the big boys.”
Commitment to Mutual Roots
Both Rudzewick brothers assert Maspeth’s unwavering commitment to its mutual roots. They believe that as a mutual bank, they can prioritize the long game, focusing on how to treat employees and communities. The continuity and success of Maspeth Federal Savings is a testament to the Rudzewick family’s leadership, their dedication to keeping the bank’s mutual status, and their commitment to serving the community.
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