INDUSTRY INSIGHTS YOUR PEERS ARE READING
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 MORE
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 MORE
The New Jersey company agreed to acquire Point View Wealth Management. Community banking M&A Wealth management New Jersey MORE
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 MORE
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. MORE
Community banking Regional banks Deposits Munis New JerseyAn ex-banker running for governor has proposed the idea. It's a political perennial, but industry officials are nonetheless raising concerns. MORE
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. MORE
Community banking New JerseyThe company sued the former director over the debt, which disqualified him from board service. MORE
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 MORE
Community banking M&A Growth strategies New JerseyColumbia plans to incorporate certain aspects of Stewardship Financial's charitable giving into its own foundation. MORE
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 MORE
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. MORE
George Scharpf had been the New Jersey bank's leader since 1981. C-suite Career planning Succession planning Community banking New Jersey MORE
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 MORE
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 MORE
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 MORE
Community banking M&A Growth strategies Capital New JerseyShore Community Bank, which has five branches in Ocean County, will sell for $53 million. MORE
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 MORE
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. MORE
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 MORE
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 MORE
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. MORE
Community banking Branding Growth strategies New JerseyThe thrift had been known as Boiling Springs Savings Bank. MORE
The New Jersey company said the issue, tied to insufficient validation procedures, did not lead to misstated financial results. Community banking Infrastructure New Jersey MORE
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 MORE
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. MORE
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. MORE
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. MORE
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 MORE
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. MORE
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. MORE
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 MORE
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. MORE
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. MORE
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 MORE
The New Jersey company terminated an acquisition after being hit with the order in 2016. Community banking M&A AML FDIC New Jersey MORE
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 MORE
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. MORE
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. MORE
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 MORE
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. MORE
M&A Community banking Growth strategies New JerseyThe company will pay $113 million for a commercial lender based in its backyard. MORE
Michael Lesler resigned as CEO and president of the $803 million-asset company, it said Thursday. breaking_news people recruitment nj community-banking MORE
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. MORE
New Jersey Related Topics PYMNTS
MARCH 19, 2019
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.
PYMNTS
FEBRUARY 20, 2019
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.
BankThink
AUGUST 16, 2019
M&A Community banking Growth strategies New JerseyThe company will pay $113 million for a commercial lender based in its backyard.
PYMNTS
OCTOBER 5, 2018
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.
BankThink
JULY 1, 2019
Community banking Branding Growth strategies New JerseyThe thrift had been known as Boiling Springs Savings Bank.
BankThink
OCTOBER 29, 2018
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
CFPB Monitor
AUGUST 7, 2019
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.
CFPB Monitor
MARCH 21, 2019
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
BankThink
JANUARY 17, 2017
Community banking New JerseyThe company sued the former director over the debt, which disqualified him from board service.
PYMNTS
AUGUST 11, 2019
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
BankThink
AUGUST 9, 2019
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
BankThink
AUGUST 15, 2019
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
PYMNTS
FEBRUARY 6, 2018
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.
BankThink
MARCH 13, 2019
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
BankThink
JULY 3, 2019
The New Jersey company agreed to acquire Point View Wealth Management. Community banking M&A Wealth management New Jersey
BankThink
JUNE 5, 2019
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.
Keith Leggett's Credit Union Watch
MAY 3, 2017
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.
American Banker
AUGUST 9, 2016
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
American Banker
APRIL 6, 2016
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
BankThink
AUGUST 9, 2019
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.
American Banker
MARCH 3, 2016
Michael Lesler resigned as CEO and president of the $803 million-asset company, it said Thursday. breaking_news people recruitment nj community-banking
BankThink
JUNE 26, 2019
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.
BankThink
JULY 2, 2019
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
American Banker
SEPTEMBER 1, 2016
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
BankThink
JUNE 24, 2019
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.
BankThink
JUNE 24, 2019
Community banking M&A Growth strategies Capital New JerseyShore Community Bank, which has five branches in Ocean County, will sell for $53 million.
BankThink
JUNE 19, 2019
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.
Keith Leggett's Credit Union Watch
FEBRUARY 13, 2018
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.
BankThink
JULY 8, 2019
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
BankThink
JUNE 26, 2019
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.
BankThink
JULY 24, 2019
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.
BankThink
JUNE 7, 2019
Community banking M&A Growth strategies New JerseyColumbia plans to incorporate certain aspects of Stewardship Financial's charitable giving into its own foundation.
BankThink
JUNE 14, 2019
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.
BankThink
MARCH 4, 2019
The New Jersey company said the issue, tied to insufficient validation procedures, did not lead to misstated financial results. Community banking Infrastructure New Jersey
BankThink
OCTOBER 31, 2018
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
BankThink
APRIL 12, 2019
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
American Banker
NOVEMBER 2, 2016
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
BankThink
NOVEMBER 2, 2016
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
BankThink
DECEMBER 7, 2018
The New Jersey company terminated an acquisition after being hit with the order in 2016. Community banking M&A AML FDIC New Jersey
Keith Leggett's Credit Union Watch
SEPTEMBER 12, 2014
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
BankThink
MARCH 3, 2019
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.
BankThink
FEBRUARY 13, 2019
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
BankThink
JANUARY 8, 2019
George Scharpf had been the New Jersey bank's leader since 1981. C-suite Career planning Succession planning Community banking New Jersey
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