If this page doesn't display properly in your email, click here. January 15, 2014
New Jersey Bankers Association
Legislative Update
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Regulatory Bulletin
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Regulators Announce Addition to Volcker Rule for TruPS Ownership Interests

The Federal Deposit Insurance Corporation (FDIC), Federal Reserve (Fed), Office of the Comptroller of the Currency (OCC), Securities Exchange Commision (SEC) and the Commodity Futures Trading Commission (CFTC) last night announced an addition to the final Volcker Rule regulations that is intended to exempt most bank investments in collateralized debt obligations backed by trust preferred securities.

Under the rule, banks will be able to retain their ownership interests in their TruPS CDOs provided the funds meet certain qualifications. To facilitate compliance, the banking agencies released a list of funds meeting those qualifications that banks can reference.

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Basel III Consumer-Related Reporting Changes Finalized

The Federal Financial Institutions Examination Council (FFIEC) which includes the Office of the Comptroller (OCC), Federal Deposit Insurance Corporation (FDIC), and Federal Reserve have proposed final changes to the Call Report implementing the Basel III capital standards and consumer data collection. Largely implemented as proposed, the final version offers more clarification of the timing on certain capital reporting and clearer definitions related to consumer reporting.

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Christie Administration Announces 1st Bank of Sea Isle City Converts to State Charter

New Jersey Department of Banking and Insurance Commissioner Ken Kobylowski announced that 1st Bank of Sea Isle City has converted from a federally-regulated savings bank to a state regulated financial institution. The conversion went into effect in December.

1st Bank of Sea Isle City, which was previously regulated by the Office of the Comptroller of the Currency, was founded in 1888 as Sea Isle Building and Loan. Headquartered in Sea Isle City, the Bank also has branches in Seaville and Swainton. Read more

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Voting Deadline for By-law Amendments Tomorrow

At its meeting on November 20, 2013, the Board of Directors recommended that the membership ratify changes to the New Jersey Bankers Association By-laws. A packet of information relating to the proposed changes was mailed to all Regular Member banks on December 2, 2013. Members are urged to review the information and vote on the changes as soon as possible, but no later than January 16, 2014. The Board of Directors urges ratification of all the proposed amendments.  
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Economic Leadership Forum Draws Over 450 Attendees Despite Weather

The NJBankers Economic Leadership Forum on Friday, January 10, 2014 at The Palace at Somerset Park in Somerset, drew over 450 attendees despite the snow, ice and accidents on major highways.

The Forum was a huge success boasting an impressive lineup of guest speakers and panelists. The Forum was covered by media including The Star Ledger, The Record, NJBIZ, Commerce Magazine, NJ Business Magazine and others. Read more and photos

NJBankers Capitol Hill Visits - SAVE THE DATE

Once again, NJBankers will be conducting visits to your Congressmen and Senators this Spring.  From March 24th through March 26th, in conjunction with the American Bankers Association's Washington Government Affairs Summit, NJBankers will be coordinating meetings with our Federal representatives. 

In past years, the ABA portion of the trip included speeches by regulators and the national leadership.  NJBankers has been successful in having meetings with most of our Congressional delegation. 

Further details will follow, but please save the date for this worthwhile venture. Read more

Advanced IRA Issues Compliance Seminar - NEW

Advanced  IRA Issues Compliance Seminar - NEW
Thursday, February 20, 2014
NJBankers Office, Cranford, NJ, 07016
CPE & CLE Credits May Apply

Join NJBankers and Pension Management Company for this annual seminar.  Anyone can stand at a lectern and spout rules and regulations.  The challenge is to make sure people understand what the rules mean and how to apply them in everyday situations.  This Advanced IRA Issues Compliance Seminar is an exceptional, hands-on workshop that will provide critical information on IRAs and tax-favored savings plans in terms you can readily understand. 

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Campaign Finance Seminar- NEW

Campaign Finance Seminar - NEW
Developing an Ethical and Effective Political Activity
Compliance Program
Tuesday, March 4, 2014

Crowne Plaza, Monroe Township, NJ
CPE & CLE Credits May Apply

These days, political participation requires vigilance.  All procedures and protocols should be reviewed in advance, and each decision to participate should be evaluated specific to the context in which the request is made – not every circumstance is the same.

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Bank of America's Student Leaders® Program
The Bank of America Charitable Foundation’s Student Leaders® Program is accepting applications for the 2014 program.  The bank is looking to identify outstanding young people who are passionate about making a difference in our community.

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Richard Abbate Appointed Senior Vice President/Corporate Development Officer at Columbia Bank

In his new role, Abbate will manage the bank’s business development department.  He joined Columbia in 1997 as business development manager and was appointed business development officer a year later. 

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Carnevale Named Vice President/Assistant Secretary at Kearny Federal Savings Bank

Lynn Carnevale has recently been named vice president/assistant secretary at Kearny Federal Savings. Prior to that, she served as assistant vice president/taxes/servicing - lending division.

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Jemas Joins Highlands State Bank as Vice President and Commercial Loan Officer

Donna Jemas has recently joined Highlands State Bank as vice president and commercial loan officer. Jemas is responsible for business development, deposit growth and serving as a commercial lender.  She will be centered in the Morris county area but will also be working in the main office located in Vernon.  Jemas joins the bank with over six years of banking and lending experience in the New Jersey marketplace. Read more

Patricia Sturt Promoted to First Vice President, Retail Operations at Bogota Savings Bank

In her new role, Sturt’s responsibilities expand to include a greater role in the monitoring, analysis, education and performance accountability of overall bank operations including branches, teller operations, back office operations, IRA department and ACH and online banking departments.

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Jody Weinberg Joins Two River Community Bank as VP/Commercial Loan Officer

Jody Weinberg has been appointed to vice president, commercial loan officer. Weinberg has over 25 years of experience in the financial services industry and has worked with major financial institutions in various capacities. She joins Two River Community Bank from HSBC where she was the VP/commercial relationship manager.

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Bogota Savings Bank donates $2,500 to Family Promise of Bergen County

Bogota Savings Bank donated $2,500 to Family Promise of Bergen County. The Family Promise mission is to provide hospitality to the homeless and to keep families together in times of crisis guiding them through temporary periods of homelessness by helping them create an achievable vision and develop a strong foundation for self-sufficiency.

(L to R) Joseph Coccaro, president/CEO, Bogota Savings Bank and Kate Duggan of Family Promise.


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Century Savings Bank Receives Bauer Financial "Superior" Five Star Rating for Over 25 Years

Century Savings Bank announced that it had once again been awarded a 5-Star “Superior” Rating from Bauer Financial, Inc., an independent bank rating company. Century Savings Bank has received a 5-Star rating by Bauer Financial for 102 consecutive quarters or over 25 years. This marks every quarter since the ratings first were awarded in 1988. Only 10 percent of the nation’s 7,000 or so banks have earned this 5-Star Superior Quality Rating.


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Columbia Bank Toy/Coat Drive Spreads Holiday Cheer

Columbia Bank recently completed their Annual Corporate Holiday Toy/Coat Drive for needy children in New Jersey.  The community program, coordinated by bank employees, collected more than 600 holiday gifts, gift cards and coats which were distributed through the New Jersey Department of Children and Family Services and other local charities.  Some 335 children received gifts and coats this year. Shown are some Columbia Bank volunteers who helped with the collection and distribution of the donated items. 

Northfield Bank Concludes 19th Annual Toy Drive


Northfield Bank distributed over 1,200 toys to 25 local organizations across New Jersey, Brooklyn, and Staten Island through their Annual Holiday Toy Drive. Toys were provided to children with special needs, battered women’s shelters, foster homes, military families, and many worthy causes. Northfield Bank donated $5,000 towards the toy drive, allowing every organization to receive toys.  Along with the bank’s contribution, customers, employees and community members dropped off toys to help families in need.  In photo: Woodbridge Branch presenting toys to Marine Corps League Detachment 189. 

Spencer Savings Bank Spreads Holiday Cheer to Local Organizations through its Annual Holiday Toy Drive


Spencer Savings Bank collected toys to benefit St. Joseph’s Hospital, New Jersey Community Development Corporation, and Children’s Specialized Hospital. The toys were collected in all 18 branches throughout Bergen, Essex, Passaic and Union counties, in addition to the bank’s corporate headquarters. The “Spencer Santa” and his helper elves visited the recipients to hand out the toys and spread holiday cheer.

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Sussex Bank Collects Food, Toys and Books for Less Fortunate

Sussex Bank made the holidays special for its neighbors by collecting food, toys and books for those in the community who are less fortunate.  From November 29th through December 20th, Sussex Bank’s nine branches and Tri-State Insurance Agency served as a drop-off site for the following organizations:  United Way of Northern New Jersey, local Vernon Churches, Toys for Tots, Sparta Ecumenical Council Food Pantry, St. Joseph Church, Harvest House & Sussex Help Center, Birth Haven and the Salvation Army.  The collection resulted in over 500 items, which made the holidays brighter for many children, adults and families.

Left to Right: Robin Tomlinson, branch sales manager and Randi Thoma, teller supervisor of Sussex Bank’s Newton Branch with donated items.

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Unity Bank's $5,000 Gift Benefits Boy Scouts

Unity Bank recently donated $5,000 to the Boy Scouts of America Patriot’s Path Council for Scoutreach/Inner City Scout programs. The donation will support Plainfield and Elizabeth area scouts who could not otherwise take part in programs, services and summer camp. Pictured (from left) during a check presentation are: Janice Bolomey, Unity Bank director of sales/chief administrative officer; Joseph Gonnella, Boy Scouts of America director of finance services; James A. Hughes, Unity Bank president/CEO; Alan Bedner, Unity Bank CFO; and John Kauchak, Unity Bank COO.

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Endorsed Service Provider BFS Group Contributes to Winner's Charity Choice

Laura Jackson, vice president of Gibraltar Bank, was the winner of a $250.00 charity check at the NJBankers BankHorizons event. Jackson chose to donate the check to the Morris County Chapter of the Links, Inc. Pictured from left to right: Zachary Low, SVP-Northeast, BFS Group; Laura Jackson, vice president, Gibraltar Bank; Walter Provost, president and CEO, Gibraltar Bank and Arnie Winick, Partner, BFS Group.

Associate Member Printcbf Acquires Kurtzman Business Forms

Print marketing company Princtcbf, a NJBankers Associate Member, made an announcement regarding its acquisition of Bridgewater-based Kurtzman Business Forms. Terms of the deal were not disclosed. The effective date was January 1, 2014. The offices will merge in the Cedar Knolls location where Princbf is located.

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