If this page doesn't display properly in your email, click here. January 22, 2020
New Jersey Bankers Association
Economic Leadership Forum Sells Out; Draws More Than 600 Attendees to Hear from Distinguished Speakers

The 9th Annual Economic Leadership Forum boasted a line-up of speakers that drew more than 600 attendees to The Palace at Somerset Park on January 17th. It was a sell-out event!

We were pleased to welcome the acapella group, the Hunterdon Harmonizers, who entertained attendees before the Forum began and opened the Forum with the National Anthem.

NJBankers President and CEO John E. McWeeney, Jr. welcomed the guests and introduced Robert Doherty, who has served in dual roles at Bank of America as both the NJ Market President and the Northeast Region Wholesale Credit Manager for the Healthcare, Education and Not for Profit Group.  Doherty welcomed attendees as well and introduced Alberto Garofalo as market president for New Jersey. Garofalo succeeds Doherty who continues to serve on the New Jersey leadership team.  NJBankers thanks Bank of America for all their support of the Forum as Presenting Sponsor since inception!
Before beginning introductions, McWeeney announced that contributions were made to both Rider University and Rutgers University to support their Veterans Programs (see following article) and asked audience members who have served our nation in the military to stand and be recognized. We cheered as we thanked them for their service! 
Patrick T. Harker, President, Federal Reserve Bank of Philadelphia and a member of the FOMC, presented a comprehensive outlook and analysis of the U.S. and Garden State economies and Monetary Policy. He noted the conditions affecting policy followed by an audience Q & A.

The morning’s keynote was Karl Rove, Former Deputy Chief of Staff and Senior Advisor to President George W. Bush. He is an iconic political strategist and one of the most sought-after political pundits of our time. With a light-hearted sense of humor, he had the room captivated with his observations, opinions and analysis of the political climate.
The General Session continued after the four concurrent sessions with a “Conversation about the State and Future of the Banking Industry” with Jelena McWilliams, Chair of the FDIC and NJBankers Chair Thomas Kemly, President/CEO, Columbia Bank. 
The Endnote Speaker, Steve Forbes, is Chair/Editor in Chief, Forbes Media and an internationally respected authority in Economics, Finance & Corporate Leadership. Forbes provided his insights on timely topics and then signed copies of his book, “Money: How the Destruction of the Dollar Threatens the Global Economy and What We Can Do About It”.  


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Other Industry Meetings
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Thursday, March 5, 2020
March 11, 2020
Thursday, March 26, 2020
June 17, 2020

See njbankers.com for details.

NJBankers Charitable Foundation Supports Veterans Programs at Rider University and Rutgers University
During the Economic Leadership Forum, representatives from both Rider University and Rutgers University were on-hand to accept a contribution from the NJBankers Charitable Foundation. Both Universities received a contribution of $15,000 to support the work they do to assist Veterans.
NJBankers in the News

State’s evidence: Murphy’s plan for state bank has sector’s experts looking to North Dakota for pros, cons

Mike Affuso, director of government relations at the New Jersey Bankers Association, put it more bluntly. “This is totally unnecessary,” he said. “We don’t think New Jersey needs another state agency when we have over $100 billion in unfunded liabilities.”

Minority matters: NJBankers’ McWeeney says industry must do better job diversifying ownership, leadership roles

The banking industry’s nearly absent diversity in ownership roles has been an elephant in the room. But John McWeeney, CEO and president of the New Jersey Bankers Association, isn’t pretending he doesn’t see it.

Economic Leadership Forum Press Coverage:

NJ economy in ‘pretty good shape,’ Philly Fed president says

Fed President Patrick Harker Discusses Economic Outlook and Community Reinvestment Act

Fed’s Harker says economy looks ‘pretty good’, inflation on track for 2% target

Fed's Harker says U.S. economy looks 'pretty good,' inflation on track for 2% target

How are Banks Tackling Top Issues in the New Year?

NJ Bankers forum features political commentator Karl Rove

Politics in NJ and more at the 2020 Economic Leadership Forum

Former Bush adviser critical of Trump impeachment at local economic forum

Trump impeachment: Former Bush adviser Karl Rove delivers criticism at NJ economic forum

Committee Chairs Meet with NJBankers Officers and Staff To Provide Feedback About The Committee Experience
At NJBankers, we consider Committees the lifeblood of the Association. With that, it is important to keep Committees relevant and accessible for our members. What better way than to hear from Committee Chairs themselves? 
NJBankers Chairman Tom Kemly, President/CEO Columbia Bank and John McWeeney, Jr., President/CEO, NJBankers, hosted a meeting of our various committee Chairs and Vice chairs at the NJBankers office. Also joining the group were NJBankers First Vice Chair Tom Shara, President/CEO, Lakeland Bank and Second Vice Chair John Fitzgerald, President/CEO, Magyar Bank, and the NJBankers management team. More than 25 committee chairs and vice chairs attended. The round-table was for thanking them for their service and brainstorming ways to make the NJBankers committee program stronger. It was a great way to start off the New Year hearing a lot of new ideas from our members.
Our Committees are an important part of the NJBankers value proposition and we’ll be reaching out in the coming months to ask for your institution’s support and participation.
The Committee Chairs provided excellent feedback and shared many fresh ideas for making the Committee experience beneficial – for the Committee participant and their bank.
Thank you to all the Committee Chairs who joined us for the meeting. Your feedback is indispensable! We also thank you again for serving as Chair of your respective Committee.
Show Off Your Good Work! DEADLINE: March 6, 2020
NJBankers wants to give your bank the opportunity to get the recognition it deserves for its community service initiatives.  
The Community Service Award program highlights the significant impact New Jersey banks have on their local communities.  Without your help, we cannot tell your story. Each year, NJBankers seeks assistance from members in order to compile information on the numerous community service activities initiated by our industry.  
Members are encouraged to submit information and photographs on initiatives that show how their financial institution makes New Jersey’s communities’ better places to live, work and play. NJBankers compiles a book that includes the submissions and then distributes it to the media as well as to Legislators and Regulators. This book is shared with media outlets to prompt interest in your bank’s programs and reinforce the impact the banking industry makes on the communities that members serve. 
Please pass this information to the appropriate individual at your institution. Send your entry to Emily DeMasi at edemasi@njbankers.com; If there are any questions, please contact Emily at 908-272-8500, ext. 610.

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Board & Management Summit a Must for C-Suite and Directors
Thursday, March 5, 2020
CPE and CLE Credits may apply
Today’s banking environment continues to innovate and evolve, with a critical need for new approaches to board education, director involvement, and strategic planning. As the banking industry continues to change, many boards are not prepared for future challenges associated with new technologies and innovations. Is your bank’s Board of Directors prepared for the future?

The Board & Management Summit in conjunction with FinPro, is designed for bank directors and senior staff who serve the critically important role of leading your institution. Attendees of this program will:
  • Understand the importance of Strategic Planning for 2020 in an uncertain economic environment and turbulent presidential election

  • Learn new investment strategies and investment instruments to avoid in a slowing 2020 economy

  • Discover new insights from regulators on key risks, concerns, and regulatory hot topics.
Industry News

Beige Book: Economic Activity Continues at Modest Pace

Consumer spending grew at a modest to moderate pace over the holiday season, with several districts reporting an uptick from the previous reporting period. Loan volumes were “steady to expanding moderately,” bankers told the Fed.

Atlanta Fed Study Finds Minority-Owned Firms More Likely to Face Financial Challenges

Minority-owned businesses were more likely to report financial challenges compared to white-owned businesses, according to a study released today by the Federal Reserve Bank of Atlanta. According to the study—which draws upon data from the annual Small Business Credit Survey—78% of black-owned firms and 69% of Asian- and Hispanic-owned firms reported facing financial challenges, compared to 62% of white-owned businesses.

FDIC, OCC Issue Joint Statement on Heightened Cybersecurity Risk

With the potential for cyberattacks against the U.S. rising as a result of geopolitical tensions, the FDIC and OCC have issued a joint statement reminding financial institutions of the principles of sound cybersecurity risk management. 

Member News
From his perch as chairman of NJBankers, Thomas Kemly has a birds-eye view of the issues and opportunities surrounding the state’s banking sector. NJBIZ caught up with Kemly, who’s also the chief executive officer of Columbia Bank, and asked him what’s ahead for bankers in 2020.
Thomas J. Shara, President and CEO of Lakeland Bank, is pleased to announce that Trish Nuccio has been appointed First Senior Vice President, Director of Digital Strategy based in Oak Ridge, NJ. Nuccio will be responsible for driving Lakeland Bank’s digital transformation strategies to support the Bank’s long-term growth. She will report to Paul Ho-Sing-Loy, Executive Vice President and Chief Information Officer. 
Peapack-Gladstone Financial Corporation NASDAQ Global Select Market:  (PGC) and Peapack-Gladstone Bank announce the elevation by the Board of Directors of Maureen E. Hemhauser to Executive Vice President, Chief Risk Officer and Head of Compliance at Peapack-Gladstone Bank.  In her current role, Hemhauser is responsible for administering the Bank’s Enterprise Risk Management Program and overseeing the Bank’s Regulatory Compliance, Bank Secrecy Act, OFAC and Anti-Money Laundering programs. 
To meet growing demand, Spencer Savings Bank said it recently expanded its Commercial and Industrial lending team. The Elmwood Park-based community bank announced that Sid Vaidya joined the SSB team as vice president and commercial and industrial relationship manager.
Todd Treadway will be based out of the bank’s administrative headquarters in Iselin. In the new role, Provident said he will be responsible for managing all digital channels, including ATMs and online and mobile banking, while working with internal partners to ensure the alignment and integration of the bank’s digital strategy. 
OceanFirst Financial Corp. and OceanFirst Bank Chairman, Chief Executive Officer and President Christopher Maher will serve as a Class A director of the Philadelphia Fed board. He will serve a three-year term.
Thomas Shara, President and CEO of Lakeland Bank is pleased to announce that Marcella Gencarelli, Vice President, Manager of Client Engagement recently received the Boy Scouts of America 2019 Tribute to Women Award. The Boy Scouts of America Tribute to Women Awards Luncheon is an annual event which honors outstanding women who serve as exemplary role models for the youth in the community through their vocations or avocations and who live their lives according to the ideas of the scout oath and law. 
Merrill Lynch is pleased to announce that Thomas G. Carley has been named business banking region executive for New York Metro. Based in New York City, he will lead commercial banking teams serving companies with annual revenues of $5 million to $50 million throughout NYC, Long Island, the Lower Hudson Valley and Northern New Jersey. 
TD Bank, America’s Most Convenient Bank, announced that Kafi Lindsay has joined the bank’s growing Community Development team. In this role, Lindsay will be responsible for developing strategies and designing programs in support of TD’s Community Reinvestment Act goals throughout Pennsylvania and New Jersey.
According to JPMorgan Chase’s latest Business Leaders Outlook survey, small and middle-market companies nationwide — including in New Jersey — are optimistic about growth opportunities in 2020. 
Banks in New Jersey and elsewhere are experiencing an unusual evolution: even as they’re getting bigger – thanks in part to regulatory and other demands that drive them to consolidate, spreading rising fixed costs over a larger base – a competitive market is pushing individual institutions to get closer to their customers. This kind of change has driven a shift in CEO activity, tasking them with more responsibilities even as stakeholders want them to operate in a leaner, more-efficient manner. 
SB One Bank has named Daisy Ortiz Berger vice president of marketing and communications responsible for the bank’s overall marketing and communications strategy and supporting its growth in the region.
Endorsed Service Provider News
The U.S. Senate has passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act by an overwhelming majority. This bill is one of the most significant changes to retirement plan rules since the Pension Protection Act of 2006. A leading retirement planning expert at Pentegra released a statement on this bipartisan bill and urges its quick passage into law.

Workshops will cover SECURE Act changes to IRA Contributions, IRA Distributions, Lifetime RMD Rules and IRA Death Distribution Rules!

Whether you are new to the industry or a seasoned professional, NJBankers Endorsed Service Provider PMC, a leader in  banker education for IRAs, guarantees that their 1 or 2-day workshops will build the confidence and ability to understand these valued products so attendees can provide the best service and expertise to your customers and prospects, especially the Baby Boomers who are nearing retirement.
Associate Member News
The Invictus Group has just published all its research on the community bank leverage ratio framework, plus regulatory guidance, into a downloadable book.    Nearly every community bank in the U.S. must decide whether it makes strategic sense to opt into the new capital framework. Invictus has spent the last year exploring every aspect of that decision.
Genova Burns LLC, one of the top law firms serving New Jersey and the greater northeast, has announced that Michael C. McQueeny, Esq., previously an Associate with the Firm, has been promoted to Counsel. McQueeny, an accomplished thought leader in the field of legal cannabis, will continue his role as co-chair of the Firm’s Cannabis Practice Group. His promotion is reflective of the enhanced level of leadership and responsibility he has been providing to cannabis clients over the last several years.
Fiserv, a leading global provider of financial services technology solutions, has been named to the annual ranking of FORTUNE “World’s Most Admired Companies” for the seventh consecutive year. Considered the definitive scorecard on corporate reputation, the designation punctuates a transformative year in which the company announced and completed its combination with payments industry leader First Data Corporation. The FORTUNE World’s Most Admired Companies ranking surveys leading executives from eligible companies, along with directors and analysts, to identify the best-regarded companies within their industries and across industries. FORTUNE collaborated with Korn Ferry on the survey.
116th Annual Conference - San Diego Here We Come! ROOM BLOCK IS OPEN
May 27 - 31, 2020
Manchester Grand Hyatt San Diego
San Diego, CA
We mean it!
The hotel expects to be sold out so don’t delay. On the fence? Just take a look at our slide presentation of what’s in store for you at the Annual Conference in addition to the expert speakers, timely topics and networking. There’re direct flights and May weather couldn’t be any nicer. Take a look at what’s in store (wait until you see the opening reception).
Upcoming NJBankers Conferences - Don't Miss Out on Opportunities for Professional Development!

CECL Implementation

February 26, 2020
The Sheraton Edison Raritan Center

CECL is about to make a huge difference in banking. The new accounting standard will have an effect on what banks’ financial statements and earnings look like, as well as future lending practices. 

In this highly informative seminar, attendees will gain an understanding of the newly proposed and updated changes to the standard and what new policies, processes and controls may be necessary for you to implement at your bank. Gain a detailed understanding of the different CECL models with different data applications and understand new disclosure requirements. Learn how to use economic data as part of your analysis and forecasting, and learn best practices from public companies in CECL implementation.

Emerging Financial Leaders Group Conference

Thursday, March 19, 2020
Embassy Suites by Hilton

Discover your leadership style, understand the importance of personal branding, and learn from bank CEO's how to take your career to the next level.

Leap into 2020: Demonstrate Directors are Informed

Jointly developed by FinPro and NJBankers, the Global Webinar Package is a multifaceted program designed for Bank Directors to demonstrate that they are keeping abreast of industry developments and trends. Senior executives will also benefit from this package. 

It is a series of 24, 60-minute webinars, offered throughout the year. All webinars are recorded should a director or senior executive be unable to attend a live webinar. CPE credits  apply to live webinars as well so ask for details. 

For questions, contact Jenn Zorn, jzorn@njbankers.com or 908-272-8500 x611.

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2020 National Interagency Community Reinvestment Conference (NICRC) March 9-12 in Denver, CO
How can we work together to foster equitable community investments? The 2020 National Interagency Community Reinvestment Conference is your chance to connect with leaders and peers from across the country and find out what works. We will explore new partnerships and strategies to advance equitable growth. The conference program features CRA modernization updates and compliance training for banks of all sizes; Emerging community development trends and issues; and tours highlighting on-the-ground success stories in Denver. The 2020 National Interagency Community Reinvestment Conference is approved by several organizations as a continuing education opportunity as well. Get more details and register today.


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