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.

A state-owned bank in New Jersey?

BankThink

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.

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.

Supreme Court Reverses State Ban On Sports Betting

PYMNTS

New Jersey was the ringleader of the effort, though it did enlist support from 17 other states and three additional state governors. “I am thrilled to see the Supreme Court finally side with New Jersey and strike down the arbitrary ban on sports betting imposed by Congress decades ago,” New Jersey Governor Phil Murphy said Monday. Regulation gambling law new jersey News regulation SCOTUS Sports betting sports gambling supreme court

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.

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

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

Blue Apron’s Move To NJ Facility Affecting 24 Percent Of Its Workforce

PYMNTS

Just one month after its IPO, Blue Apron is closing a New Jersey facility and moving 1,270 jobs to a larger site opening in the state later this year. According to Bloomberg Technology , more than half of the employees at the Jersey City facility have decided to move to Linden, New Jersey, a company spokeswoman said. The original Jersey City fulfillment center will close by October.

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Uber Of X: Rent-A-Ref, Sports Officials For Any Game Or Tournament

PYMNTS

Based out of Riverside, California, the website (and soon-to-be mobile platform) has been working with leagues all over the state, as well as in Colorado, New York, New Jersey, Massachusetts, Illinois, Wisconsin and Texas. uber of x California Colorado Illinois Massachusetts new jersey New York referee referees rent-a-ref Texas Uber of X What's Hot WisconsinPerhaps the most overlooked person in any sport is the most important one: the referee.

Peapack-Gladstone to buy fourth wealth management firm in two years

BankThink

Peapack-Gladstone has agreed to buy Lassus Wherley & Associates, which has offices in New Jersey and Florida. Community banking M&A Wealth management New Jersey

ConnectOne bolsters New York operations with Greater Hudson deal

BankThink

The New Jersey company will pay $76 million for a bank with a low loan-to-deposit ratio and an SBA lending platform. Community banking M&A Capital New Jersey New York

Retail Fail: When Easter Bunnies Attack

PYMNTS

Retail easter new jersey Retail Fail retail what's hot social media twitter What's Hot

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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

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

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

N.J., Michigan lawmakers introduce bills to create state-owned banks

BankThink

Community banking Deposits New Jersey MichiganBoth proposals aim to establish institutions that would be modeled after Bank of North Dakota, the nation's only public bank.

NJ Transit to add contactless, open-loop fare options

Payments Source

New Jersey’s commuter rail and bus system is joining the movement to add contactless payment options for commuters, which observers say could spark broader adoption of mobile payments across the U.S. Mobile payments Contactless payments New Jersey

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Small bank is using Wells Fargo as a punching bag. It’s a risky move

BankThink

A New Jersey community bank has launched a campaign that takes digs at the megabank while highlighting its own values. Community banking Digital marketing Customer service Wells Fargo New Jersey New YorkShould others follow its lead?

Why Yesterday’s Supreme Court Decision Is Good News For Your Credit Union

New York's State of Mind

Legal Watch Regulatory American Express merchant fees New Jersey Transitional Licensing Ohio v. Hello folks. I know I said that I would be dedicating today’s blog to another regulation finalized at NCUA’s Board meeting last Thursday but the Supreme Court decided Ohio v. American Express Company yesterday and I think it’s worth explaining even though Visa and Mastercard were not involved in the decision and many of your […].

SB One in N.J. expands in its home state with Enterprise deal

BankThink

Community banking M&A Capital Growth strategies New JerseyThe company will pay $48 million for four branches and $230 million in loans.

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Bad loan to take bite out of N.J. bank's 2Q earnings

BankThink

Community banking Credit quality Earnings New JerseyProvident Financial said it increased its allowance against a commercial loan after discovering that the borrower overstated the value of its collateral.

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Artifact: New Jersey Credit Union League "Little Man" Glass

Credit Union History

After a bit of browsing, she stumbled upon a New Jersey Credit Union League glass that some crafty person had turned into a scented candle. artifact glass little man new jersey

Weak fee income, higher costs reduce Valley National's 4Q profit

BankThink

The new tax law also resulted in more than $22M of charges at the New Jersey-based bank. Earnings Commercial lending Commercial banking Non-interest income New Jersey

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Peapack-Gladstone to buy second wealth management firm

BankThink

The New Jersey company has agreed to acquire Quadrant Capital to expand in its home state. Community banking M&A Wealth management New JerseyThe company recently bought Murphy Capital.

What’s driving the push for more public banks?

BankThink

Community banking Small business lending Student lending Marijuana banking New Jersey California Massachusetts North DakotaOnly North Dakota has its own state-owned bank, but policymakers in other states say more public banks are necessary to fully meet society's needs. Among those who proponents say would benefit the most: small-business owners and legal marijuana suppliers and distributors.

Weakness in internal controls surfaces at Valley National

BankThink

The New Jersey bank did not say exactly what the problem was, but it is beefing up how allegations of financial-reporting violations are reported to upper management. Accounting Corporate governance Internal controls Compliance New Jersey

New name suggests regional focus for growing N.J. bank

BankThink

Community banking M&A Consolidations Branding New JerseySussex Bank, which recently completed its first whole-bank acquisition, is rebranding itself as SB One Bank.

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There's always another job for a turnaround specialist

BankThink

Thomas O’Brien made a series of aggressive cuts at Sun Bancorp in New jersey before orchestrating its sale to OceanFirst. Community banking Growth strategies Succession planning M&A New Jersey

C&I, multifamily drive 4Q loan growth at Investors Bancorp

BankThink

Despite the increase in loan demand, the New Jersey company swung to a loss in the quarter as it devalued its deferred tax asset. Earnings Multifamily Commercial lending New Jersey

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Equipment finance surge shows no signs of letup

BankThink

Community banking Growth strategies Commercial lending Equipment lease ABS Tax reform New JerseyAs tax reform spurs demand, a rising rate environment is making the short-term loans more appealing to banks.

BSA compliance costs take toll on Investors Bancorp earnings

BankThink

The New Jersey company reported lower quarterly profit that included professional fees tied to addressing an informal order from regulators. Community banking Earnings AML New Jersey

Northfield in N.J. picks successor for retiring CEO

BankThink

Community banking Succession planning Growth strategies New JerseySteven Klein, the company's president, will become its CEO in early November.

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Brand ambition: When a bank outgrows its name

BankThink

Community banking Branding M&A Consolidations New Jersey New YorkThere are times when it makes sense to scrap a decades-old name, especially for banks with aggressive growth plans.

Small N.J. bank hires a big-bank executive as its president

BankThink

Community banking C-suite Growth strategies New JerseyBoiling Springs Savings Bank said that James Nesci, who had been at TD Bank, will manage its operations and create a strategic plan.

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Longtime Valley National CEO to retire at end of year

BankThink

Gerald Lipkin has been the New Jersey company's CEO since 1989. Community banking Succession planning Growth strategies New JerseyIra Robbins, president of Valley National's bank, will succeed Lipkin.

Kearny Financial deepens N.J. ties with Clifton acquisition

BankThink

Kearny agreed to pay $408 million for Clifton Bancorp in a deal that will add 12 branches in northern New Jersey. Community banking M&A Capital Growth strategies New Jersey

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Near-term pain as efficiency effort weighs down Valley's 3Q results

BankThink

The New Jersey company reported lower third-quarter profit that included severance costs from a two-year program to boost its bottom line. Community banking Earnings Revenue and expenses Expense management New Jersey

Investors Bancorp agrees to give board seat to big shareholder

BankThink

The New Jersey company added a representative of Blue Harbour Group in Connecticut to its board. Corporate governance Private equity Growth strategies New Jersey

Investors Bancorp in N.J. forms equipment finance group

BankThink

Community banking Equipment lease ABS Regional banks New JerseyInvestors, a former serial acquirer that has been sidelined by an informal order tied to Bank Secrecy Act compliance, has hired an executive from EverBank.

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N.J. mutual plans to raise millions with partial conversion

BankThink

Mutual banks Capital New JerseyColumbia Financial will sell about 43% of its stock in a public offering that could raise up to $493 million.

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