Our bank owes its start to Alexander E. Frontera, a prominent businessman active in New York City government. Just after World War II, he opened a bank in Maspeth, Queens, that quickly became a pillar of the local community. First, Frontera brought together a board of business leaders to guide the bank. Then he encouraged people living in this vibrant neighborhood to open accounts to save for their family’s future and take out mortgages to achieve the dream of home ownership.
Over time, Maspeth Federal Savings established itself as a trusted financial institution, admired for its prudent fiscal management and deep commitment to the community. Known for treating both employees and customers like family, it grew to five locations in Queens and one on Long Island. Since 1947, MFS has contributed millions to community groups and charitable institutions, including sponsorship of free concerts, movie nights and carnivals. Each year, MFS brings the community together for the Maspeth Memorial Day Parade, a September 11th commemorative program, and many other events.
Today, our early roots have grown to $2.2 billion in assets, with robust digital and mobile banking services. We now offer six full-service branches and a loan center that has financed tens of thousands of residential, commercial, and mixed-use properties. Even more remarkable, we’ve remained independent throughout our history.
We look forward to meeting your financial needs with money-saving account benefits and state-of-the-art technology for many years to come. On behalf of the Board of Directors and our entire staff, thank you for helping us grow.
Founder Alexander Frontera obtained a charter for Maspeth Federal Savings & Loan Association
Maspeth Federal Savings opens its doors for the first time on January 2nd
As a growing organization, this small branch style wasn't cutting it and the Bank had to expand
Our second branch opens in Rego Park
Free summer concert series begins becoming a tradition that has lasted for over 50 years
Our third branch opens in Forest Hills
Maspeth hosts its first Memorial Day Parade honoring members of the military. This has become an annual tradition
All in the family: Alexander's son, Franklin Frontera, is elected Chairman of the Board
Our fourth branch opens in Fresh Meadows
Grand Opening of the Main Office drive-thru
Raymond Smith is elected president
Our fifth location in Nassau County opens in New Hyde Park
MFS celebrates its 40th Anniversary
The Loan Center hosts its Grand Opening
Time capsule is buried (to be opened in 2042)
Employees celebrate the 50th Anniversary of MFS
20th Anniversary of the Fun Run, which went on until 2008
Grand Opening of the sixth branch in Ridgewood
The Rudzewick family legacy begins. Kenneth Rudzewick is elected President & CEO of MFS
MFS sponsors the first World Trade Center Memorial Ceremony and erects a monument to honor the firemen and Maspeth residents who lost their lives on 9-11
Loan Center expands and hosts its Grand Re-Opening
First Smile on Maspeth Day free carnival, held in the Main Office parking lot, that offers rides, entertainment and more. To this day this had become an annual tradition for many families in the community
Main Office Grand Re-Opening
Forest Hills Grand Re-Opening
Employees join together to volunteer with Habitat for Humanity
First Earth Day Event, which provides free services such as electronic recycling and paper shredding to the community
Thomas Rudzewick is elected President & CEO
MFS hosts a celebration of the 375th Anniversary of Maspeth
Built a program for 1st time homebuyers and expanded our event calendar to include educational workshops
Ridgewood Branch Grand Re-Opening
MFS responds to the Covid-19 pandemic by donating 11,000+ masks to first responders & essential workers.
A new and improved drive-up is constructed at the Forest Hills branch.