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.

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

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.

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.

Smart Cities Projects Testing IoT Technology To Fix Traffic, Transit Woes

PYMNTS

Singapore, Tokyo, New York, London and Shanghai are leading cities in spending this year. Among the major smart city deployments, both New York and London are participating in a major rollout of connected sidewalk kiosks, which will replace existing phone booths and offer residents free Wi-Fi access, device charging and tablets with maps and city information. New Jersey Transit , the third largest transit system in the U.S.,

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

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.

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

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

N.J. bank raises $16M to expand in adjacent markets

BankThink

Community banking Branch network Capital Growth strategies New JerseyOrange County Bancorp has identified two neighboring counties for expansion.

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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.

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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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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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

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

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

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.

Lakeland adds heft in N.J. with deal for Highlands Bancorp

BankThink

Lakeland, which is based in New Jersey, will expand its operations in three counties as part of the $57 million acquisition. Community banking M&A Capital Growth strategies New Jersey

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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

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

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?

Cross River Bank in N.J. raises $28M from Silicon Valley

Payments Source

A community bank in New Jersey has raised millions in funding from Silicon Valley's star fintech venture capitalists. Venture funding Venture capital Andreessen Horowitz New Jersey

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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.

New Jersey voices loud and clear on protecting credit union tax status

CU Insight

More voices are coming across loud and clear in New Jersey about the credit union difference. Uncategorized Affinity Federal Credit Union credit union tax status CUNA News Now John Fenton New Jersey NJBIZ.comJohn Fenton, president/CEO of Affinity FCU, Basking Ridge, N.J., set the record straight regarding the credit union tax status in an “Industry Insights” post on NJBIZ.com.

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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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

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 […].

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.

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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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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Why bank M&A has been so quiet in the Northeast

BankThink

M&A Consolidations Community banking Deposits CRE New York New Hampshire New Jersey Connecticut Maine Massachusetts Vermont Rhode Island PennsylvaniaOnce a hotbed of activity, the region has reported the fewest bank mergers since the financial crisis.

JPMorgan to open 50 branches, hire 300 staff in Philadelphia region

BankThink

Consumer banking Branch network Branch banking Strategic plans Growth strategies Jamie Dimon JPMorgan Chase Pennsylvania Delaware New JerseyIt will also invest in mortgage and small-business lending and in neighborhood revitalization efforts there. The moves are part of a nationwide expansion by the largest U.S.

Sterling in N.Y. bucks trend with expanded muni reach

BankThink

Regional banks Munis Public finance New York New JerseyThe company has created a municipal group that will focus on nonpublic financing services at a time when loans to bond issuers are declining.

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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