If this page doesn't display properly in your email, click here. November 18, 2015
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NJBankers in the News

Affuso Quoted in The Wall Street Journal "N.J. Towns Tackle Abandoned Homes as ‘Zombie Foreclosures’ Climb"
Zombie foreclosures have fallen 43% nationwide in the past year, according to RealtyTrac, but in New Jersey they have increased 28.6%. The problem in New Jersey has been exacerbated by the lingering issues related to superstorm Sandy.

New at NJBankers

New Jersey Bankers Association Has a New Endorsed Partner
Strategic Resource Management, Inc. (SRM) announced its Endorsed Service Provider partnership with the New Jersey Bankers Association. The partnership was approved following a proposal submission process and vote of the New Jersey Bankers Association Service Corporation Board of Directors.  Through this partnership, New Jersey banks will have direct access to SRM’s suite of services which include vendor contract benchmarking, contract negotiation, and revenue enhancement. 

Member News

NJ.com Article Reports that Bank of America Remains NJ's Favorite
Size is important when it comes to attracting and retaining deposits, said Bob Doherty, Bank of America's regional president for New Jersey. In addition to its 277 retail bank branches, the bank's reach is attributable in part to having small, medium and large business banking divisions, and two prominent wealth management subsidiaries in the state — U.S. Trust and Merrill Lynch.

BCB Bancorp, Inc. Announces Closing of $24 Million Public Offering of Shares of Common Stock
BCB Bancorp, Inc. (the “Company”) (NASDAQ:BCBP), the parent company of BCB Community Bank (the “Bank”), announced that it has closed a $24 million offering of 2,400,000 shares of its common stock at a public offering price of $10.00 per share. The offering resulted in gross proceeds of approximately $24,000,000 and net proceeds of approximately $22,135,950, after underwriting discounts and estimated expenses for the offering.

Federal Home Loan Bank of New York Announces Results of 2015 Board of Director Elections

The Federal Home Loan Bank of New York announced the results of the 2015 election for four positions on the FHLBNY’s Board of Directors whose terms will each commence on January 1, 2016. All four terms will run for four years, expiring on December 31, 2019.

Sussex Bancorp Announces a 62% Increase in EPS for the Third Quarter of 2015 and Declares Quarterly Cash Dividend
Sussex Bancorp (the “Company”) (Nasdaq: SBBX), the holding company for Sussex Bank (the “Bank”), today announced reported net income of $951 thousand, or $0.21 per basic and diluted share, for the quarter ended September 30, 2015, as compared to net income of $592 thousand, or $0.13 per basicand diluted share, for the same period last year. This increase equates to a 61.5% increase in net income per diluted common share for the quarter ended September 30, 2015, as compared to the same period last year.  

Industry News

CBA Installs New Officers
Congratulations to the following individuals recently installed as Officers of the Community Bankers Association (CBA), Steven C. Ackmann, Highlands State Bank; Peter A. Michelotti, Community Bank of Bergen County; John S. Fitzgerald, Magyar Bank; and Thomas Lupo, Regal Bank. Congratulations to all!

FASB Votes to Proceed with Final Standard on Recognition and Measurement of Financial Instruments

The Financial Accounting Standards Board (FASB) voted to proceed with a final Accounting Standards Update (ASU) intended to improve and simplify the recognition and measurement of financial instruments. A final ASU is expected to be issued in the coming weeks.

FASB Votes to proceed with Final Standard on Leases
The Financial Accounting Standards Board (FASB) voted to proceed with a new accounting standard that would require companies and other organizations to include lease obligations on their balance sheets. The final Accounting Standards Update (ASU) is expected to be published in early 2016.

FDIC Clarifies Scope of Payday Lending Rules
The FDIC updated its 2005 guidance on payday lending by banks to emphasize that the guidance does not apply to banks providing bank services to payday lenders. The guidance applies to payday loan-style products made directly to consumers by banks. 

Fed Announces Annual Indexing of Reserve Requirements
The Federal Reserve Board announced the annual indexing of two amounts used in determining reserve requirements of depository institutions.  These amounts are the reserve requirement exemption amount and the low reserve tranche.

The Federal Reserve Bank of New York's November 2015 Business Leaders Survey 
The Survey indicates that activity in the region’s service sector declined for the first time in more than a year. The survey’s headline business activity index fell eight points to -5.1. The business climate index remained negative at -15.1, signaling that, on balance, respondents continued to view the business climate as worse than normal.

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Wrestling With Wage & Hour Issues Webseminar
November 24, 2015

New Leaders In Banking
December 1, 2015

Advanced IRA w/PMC
December 9-10, 2015

Directors & Managing Officers Conference
March 4, 2016

ABA Government Relations Summit
March 14-16, 2016

6th Annual Women In Banking Conference
April 6, 2016

112th Annual Conference
May 11-15, 2016

Annual Marketing Conference
June 9, 2016

Internet Profiling and Intelligence Gathering
June 16 & 17, 2016 

Compliance University
June 22-24, 2016

Sponsorship, Exhibiting
& Advertising Opportunities
- Click Here!

Other Industry Meetings
View Other Meetings
Mark Your Calendar
View Upcoming Events
Joint Mortgage Lending Conference

Friday, December 11, 2015
Crowne Plaza Monroe, Monroe Township
The New Jersey Bankers Association and the Mortgage Bankers Association of New Jersey have joined together once again to present this one-day event.   Attend and keep current and learn the latest information about mortgage trends. Read More

Upcoming NJBankers Conferences - Don't Miss Out on Opportunities for Professional Development!

Directors College with FDIC – Friday, November 20, 2015
Last chance to register!  The Directors College is an interactive, one-day seminar that provides ongoing education to bank directors on current topics and various elements of bank supervision. It is designed to help directors, both new and experienced, stay abreast of the ever-changing regulatory and economic environment.

BankHorizons – Wednesday, December 2, 2015
The New Jersey banking community faces many challenges, but we hope your day at BankHorizons will help orient your institution on a path to success. This year we have a number of experts covering a wide range of topics, from information technology and regulatory changes to risk management and product pricing. We promise you’ll walk away with a valuable arsenal of information to share with your peers.

Economic Forum – January 15, 2016 – SAVE THE DATE
Save the date! Don’t miss out on our fifth Economic Leadership Forum where you will have an opportunity to hear from key thinkers on the issues that shape our great Garden State. Our impressive roster of speakers will provide an in-depth view of New Jersey’s current and future business issues. This year, speakers include New York Federal Reserve President/CEO William Dudley, who is also vice chairman of the FOMC, the committee responsible for formulating monetary policy; Charlie Cook, editors and publisher of the Cook Political Report/Columnist for the National Journal and Michele Siekerka, president, NJBIA.

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Associate Member News

Equias Alliance/Michael White Report BOLI Assets Surpass $153 Billion in First Half 2015
Bank-owned life insurance (BOLI) assets reached over $153.1 billion in first half 2015, reflecting a 4.4% increase from $146.6 billion in first half 2014 BOLI assets held by commercial banks, savings banks and savings associations, according to the Equias Alliance/Michael White Bank-Owned Life Insurance (BOLI) Holdings Report™.

RSM has Opened its 11th Annual Loan Loss Reserve Survey
For the past ten years, RSM has conducted an annual survey of community banks and credit unions to compile the loan loss factors they are using in their calculation of the allowance for loan losses. In the current environment, accounting for loan losses is more important and challenging than ever. Benchmarking your data against that of your peer financial institutions can be an important step in evaluating whether your overall reserves are at an adequate level. If you choose to participate, results will be shared with you on an anonymous basis. Please complete the survey below based on your Sept. 30, 2015 calculations. This survey will be open until Friday, Nov. 20, 2015. Start the Loan Loss Reserve Survey. RSM will be sending the survey results in January 2015.

New Jersey Bank Marketing Association Presents Forecast 2016

Thursday, December 3, 2015 - 8:30 a.m. - 11:30 a.m.
Holiday Inn Express, Clark

Traditionally, NJBMA's Forecast Meeting draws the largest audience and this one will be no exception. In fact, it promises to be one of the best with three outstanding professionals from the banking and services industries presenting their personal economic outlooks for the coming year. All three have been recognized by their peers for leadership and outstanding achievements in strategic planning and operational expertise. Don’t miss this one, Register today! Read More

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