New Jersey Outlaws Cashless Businesses

PYMNTS

New Jersey has passed a law banning cashless stores and restaurants, according to reports. New Jersey is the second state to outlaw cashless stores after Massachusetts, which signed a similar bill into law back in 1978.

New Jersey Getting Closer To Legalizing Recreational Marijuana

PYMNTS

New Jersey Governor Philip D. According to a report in The New York Times , if the agreement wins enough support in the state legislature, New Jersey could be next to enable legal use of pot.

ConnectOne announces in-market deal for Bancorp of New Jersey

BankThink

M&A Community banking Growth strategies New JerseyThe company will pay $113 million for a commercial lender based in its backyard.

New Jersey Shows The Good And Bad Of Gambling Payments Progress

PYMNTS

Among recent developments is the addition of PayPal to the sportsbook operated by DraftKings in New Jersey. Payment processing has been among the chief dampeners of performance in New Jersey’s regulated online gambling market,” observed Legal Sports Report.

New Jersey lender rebrands as Blue Foundry Bank

BankThink

Community banking Branding Growth strategies New JerseyThe thrift had been known as Boiling Springs Savings Bank.

An $80 million bank M&A deal in New Jersey

BankThink

OceanFirst Financial's acquisition of Capital Bank of New Jersey would strengthen its presence in the southern part of the state and Philadelphia. Integrations Community banking M&A New Jersey

New Jersey enacts licensing and other requirements for student loan servicers

CFPB Monitor

On July 30, 2019, Acting New Jersey Governor Sheila Oliver signed into law SB 1149 , which requires student loan servicers to be licensed, creates an Office of the Student Loan Ombudsman within the NJ Department of Banking and Insurance, imposes various requirements, and prohibits certain conduct.

New Jersey files lawsuit against two buy-here pay-here used car dealers

CFPB Monitor

On March 7, New Jersey Attorney General Gurbir S. The complaint alleges that these practices violated the New Jersey Consumer Fraud Act, the New Jersey Motor Vehicle Advertising Regulations, the Automotive Sales Regulations, and the state Used Car Lemon law and regulations. Auto Finance State CFS Monitor auto dealers new jersey attorney general new jersey consumer fraud act

Bancorp New Jersey bounces director after loan default

BankThink

Community banking New JerseyThe company sued the former director over the debt, which disqualified him from board service.

Bitcoin Daily: NJ Assembles Blockchain Initiative Task Force; IBM Eyes Blockchain Browser

PYMNTS

New Jersey ’s governor has signed a bill to implement a Blockchain Initiative Task Force. In other news, IBM recently filed a new patent application for a blockchain-based web browser. “In

NJ 216

OceanFirst to enter New York, near $10B in assets with two acquisitions

BankThink

The New Jersey company will pay $284 million for Two River Bancorp and Country Bank Holding. Community banking M&A Capital New Jersey New York

Ink barely dry on two deals, OceanFirst chief scouting another

BankThink

Christopher Maher is kicking the tires on an "acquisition of size" that would propel the New Jersey bank across the $10 billion-asset mark. Community banking M&A Commercial banking Growth strategies New York New Jersey

Boxed And Costco Have Their Roots In A 1970s New Jersey A&P Store

PYMNTS

A&P named its concept Warehouse Economy Outlet — or “Where Economy Originates” — and opened its first location in Pennsauken, New Jersey, in 1971. In another commercial , a spokesperson proclaimed, “It’s a brand-new concept: You shop at a modern supermarket with wild warehouse prices,” as the slogan “wild warehouse prices” flashed across the screen. If Amazon does end up acquiring Boxed, perhaps the new Costco card will be an Amazon Prime membership.

Trump loan probe casts spotlight on a small New Jersey lender

BankThink

A new line of inquiry into President Trump's business dealings is thrusting small New Jersey lender Investors Bancorp into a spotlight with Deutsche Bank, which for years has been better known as the real estate mogul's creditor of choice. Commercial lending Donald Trump Deutsche Bank

Peapack-Gladstone to buy wealth management firm

BankThink

The New Jersey company agreed to acquire Point View Wealth Management. Community banking M&A Wealth management New Jersey

Peapack-Gladstone's leap of faith in investment banking

BankThink

The New Jersey bank is entering a business dominated by larger players. Wealth management Investment banking Growth strategies New JerseyIn doing so, it could create a blueprint for other small banks.

Taxi Medallion Loans Stress Two New Jersey Credit Unions

Keith Leggett's Credit Union Watch

Taxi medallion loans continue to stress the performance of two New Jersey credit unions in the first quarter of 2017. First Jersey Credit Union The increase in provisions for loan and lease losses caused First Jersey Credit Union (Wayne, NJ) to go from a profit of 82,404 in the first quarter of 2016 to a loss of $847, 040 at the end of the first quarter of 2017. First Jersey Credit Union reported a year-over-year reduction in its net worth due to large losses.

New Jersey Community Exits Consent Orders, Swaps Out Directors

American Banker

New Jersey Community Bank in Freehold has exited a pair of regulatory orders. The $102 million-asset bank also said in a press release Tuesday that two siblings have resigned from its board. breaking_news people corporate-governance fdic community-banking

Bancorp of New Jersey Hires Former State Regulator as Chief

American Banker

Bancorp of New Jersey in Fort Lee has hired a former state regulator as its new chief executive. womenin-banking people succession-planning nj recruitment community-banking

Investors Bancorp's about-face from seller to buyer

BankThink

The New Jersey company was reportedly shopping itself around last fall. Fresh off an agreement to buy Gold Coast Bancorp in New York, CEO Kevin Cummings says he is ready to explore other acquisitions.

Bancorp of New Jersey's Chief Executive Resigns

American Banker

Michael Lesler resigned as CEO and president of the $803 million-asset company, it said Thursday. breaking_news people recruitment nj community-banking

Valley lands rare ‘backdoor capital raise’ with latest acquisition

BankThink

The New Jersey regional will have higher capital levels after buying Oritani Financial. Community banking M&A Growth strategies New JerseyThat was just one of the reasons why CEO Ira Robbins overcame his aversion to M&A.

A 'turtle bank' plays catch-up in small-business lending

BankThink

Breaking from its playbook as a conservative lender, Provident Financial in New Jersey is working with a fintech to offer unsecured loans online. Fintech Community banks Small business lending New Jersey

United Roosevelt to Buy Wawel Financial in New Jersey

American Banker

United Roosevelt Savings Bank in Carteret, N.J., has agreed to buy Wawel Financial Services in Garfield, N.J. breaking_news dealmaking-strategy m-a nj community-banking

Cross River gets onboarding system it coveted in fintech deal

BankThink

Fintech Community banking Strategic buyers New Jersey California OregonSeed, a San Francisco startup, has developed a platform that lets small businesses quickly open accounts online. That's an important feature for Cross River as it courts more fintech clients.

1st Constitution to expand in northern N.J. with bank purchase

BankThink

Community banking M&A Growth strategies Capital New JerseyShore Community Bank, which has five branches in Ocean County, will sell for $53 million.

NJ 71

An online-only bank's bold plan for small-business lending

BankThink

Small business lending Growth strategies Fintech Community banking SBA Indiana New JerseyFirst Internet is poised to acquire an SBA lending team to help it meet an ambitious loan target for the year — a target the CEO plans on doubling in coming years.

Two More New Jersey CUs See Their 2017 Financial Performance Sink Due to Taxi Medallion Loans

Keith Leggett's Credit Union Watch

The financial fortunes of two New Jersey credit unions have been adversely impacted by taxi medallion loans. Aspire Federal Credit Union (Clark, NJ) Aspire Federal Credit Union posted a loss of $6.1 million for 2017, after losing $1.6 million in 2016. The $158 million credit union reported outstanding commercial loans not secured by real estate of $12.6 million. Presumably most of these loans were taxi medallion loans.

How one small bank is getting rich in wealth management

BankThink

Peapack-Gladstone in New Jersey has more than doubled its assets under management in the last six years, taking advantage of buyouts of its smaller rivals as it aims to become less dependent on net interest income. Community banking Strategic buyers Wealth management New Jersey

Valley National bulks up in N.J. with Oritani purchase

BankThink

Community banking M&A Capital Growth strategies New JerseyValley, which had focused on Florida in recent years, will double its market share in Bergen County with the $740 million acqusition.

NJ 71

Investors Bancorp to double its Long Island operations with Gold Coast deal

BankThink

Community banking M&A Growth strategies New Jersey New YorkThe $64 million acquisition is the first for Investors since it was freed from a regulatory order tied to Bank Secrecy Act compliance.

Columbia Financial to buy philanthropy-focused bank in N.J.

BankThink

Community banking M&A Growth strategies New JerseyColumbia plans to incorporate certain aspects of Stewardship Financial's charitable giving into its own foundation.

NJ 62

Accept cash, credit card or mobile payment? Government wants a say

BankThink

Digital payments Contactless payments Credit cards Mobile payments Pennsylvania New Jersey CaliforniaState and local officials have pushed back against retailers that don’t take cash, and now some are pressuring electric vehicle firms to expand payment options at charging stations.

OceanFirst delays annual report after discovering IT-related weakness

BankThink

The New Jersey company said the issue, tied to insufficient validation procedures, did not lead to misstated financial results. Community banking Infrastructure New Jersey

Former bank chairman charged with loan fraud

BankThink

Fred Daibes and an associate allegedly conspired to fraudulently obtain loans from Mariner's Bank, a New Jersey institution he helped found. Fraud losses Community banking Corporate governance New Jersey

Fraud 75

ConnectOne makes bold digital play with deal for online loan exchange

BankThink

The New Jersey company agreed to buy BoeFly, which connects franchisors, small businesses, lenders and loan brokers. Community banking M&A Marketplace lending Digital banking Small business lending New Jersey New York

Morning Scan: Wells Settles; Silicon Valley Seeks Gold in New Jersey

American Banker

Receiving Wide Coverage. Another hit: Wells Fargo has agreed to pay $50 million to settle a class-action lawsuit in which it was accused of overcharging homeowners for appraisals ordered after the borrowers defaulted on their mortgages. The plaintiffs allege they were charged $95 to $120 for a service that cost the bank $50 or less. Under the proposed settlement, Wells will mail checks, averaging $120 each, to more than 250,000 customers whose home loans were… morning-scan national-regiona

Morning Scan: Wells Settles; Silicon Valley Seeks Gold in New Jersey

BankThink

Receiving Wide Coverage. Another hit: Wells Fargo has agreed to pay $50 million to settle a class-action lawsuit in which it was accused of overcharging homeowners for appraisals ordered after the borrowers defaulted on their mortgages. The plaintiffs allege they were charged $95 to $120 for a service that cost the bank $50 or less. Under the proposed settlement, Wells will mail checks, averaging $120 each, to more than 250,000 customers whose home loans were. national-regional

Investors Bancorp freed from BSA-related regulatory order

BankThink

The New Jersey company terminated an acquisition after being hit with the order in 2016. Community banking M&A AML FDIC New Jersey

Bethpage FCU Buys Branch, Assets, and Liabilities from City National Bank of New Jersey

Keith Leggett's Credit Union Watch

based City National Bank of New Jersey is selling assets and liabilities of its Roosevelt, N.Y., Newark, N.J.-based branch to $5.7 billion Bethpage Federal Credit Union. According to the FDIC, the branch in question had $15.3 million in deposits as of June 30, 2013. City National Bank on September 4 filed an application seeking approval for the proposed sale, which is expected to close by December. Read the story in the American Banker. Bank-Credit Union Transaction Branch Sales

The states at the forefront of consumer privacy legislation

BankThink

Personally identifiable information Data security Data privacy Data sharing Marco Rubio Facebook Equifax California New JerseyCalifornia and others have passed consumer privacy laws, and lawmakers in Congress are beginning to address the issue.

Valley National to cut 60 corporate jobs

BankThink

The New Jersey bank said it will save millions of dollars by eliminating the jobs as well as selling and leasing back some of its real estate. Community banking C-suite Commercial banking New Jersey

Amboy's chairman and CEO dies unexpectedly

BankThink

George Scharpf had been the New Jersey bank's leader since 1981. C-suite Career planning Succession planning Community banking New Jersey