If this page doesn't display properly in your email, click here. June 24, 2020
New Jersey Bankers Association
Spotlight your Frontline Bankers
In this issue we spotlight Peapack-Gladstone Bank

Show off your frontline bankers and the tremendous work they are doing around the clock to serve their customers and communities. Send us a short write-up and feature your frontline bankers in NJBankers Connections. Our industry should be very proud of our accomplishments, let's tell our story! Send your write-up to: Erin Attilio at esuckiel@njbankers.com.

Click here to check out the amazing job our bankers are doing on the frontline! We thank you and appreciate you all for your hard work and dedication during this time!




Industry News

Federal Reserve Bank of New York Business Leaders Survey
Activity in the region’s service sector continued to decline significantly, though at a slower pace than in April and May, according to firms responding to the Federal Reserve Bank of New York’s June 2020 Business Leaders Survey. The survey’s headline business activity index climbed thirty-six points to -40.0. The business climate index rose eleven points, but at -82.3, indicated that the vast majority of firms still viewed the business climate as worse than normal.

FDIC: Banks a ‘Source of Strength’ During Pandemic, Despite Drop in Profitability
FDIC-insured banks and savings institutions earned $18.5 billion in the first quarter of 2020, a 69.6% decline from a year prior, the FDIC reported yesterday. The decline reflected the sharp economic downturn that took place as the coronavirus pandemic began in the U.S., causing an increase in provision expenses and goodwill impairment changes. FDIC Chairman Jelena McWilliams noted, however, that despite the decline in profitability, “the banking industry has been a source of strength for the economy in the first quarter despite unexpected shocks.”

FDIC Issues Final Rule to Mitigate the Deposit Insurance Assessment Effect of Participation in the Paycheck Protection Program (PPP), the PPP Liquidity Facility, and the Money Market Mutual Fund Liquidity Facility

The Federal Deposit Insurance Corporation (FDIC) has approved a final rule that mitigates the deposit insurance assessment effects of participating in the Paycheck Protection Program (PPP) established by the U.S. Small Business Administration and the Paycheck Protection Program Liquidity Facility (PPPLF) and Money Market Mutual Fund Liquidity Facility (MMLF) established by the Board of Governors of the Federal Reserve System.

FDIC Unveils Redesigned Website

For the first time in nearly a decade, the Federal Deposit Insurance Corporation (FDIC) has unveiled a comprehensive overhaul of the agency’s flagship website. The newly redesigned FDIC.gov offers consumers, bankers, and analysts easier access to the agency’s most popular content, including information critical to financial institutions and consumers impacted by COVID-19.

Powell: Main Street Lending Facility to Open ‘Within a Week or So’
After officially opening the Main Street Lending Program for lender registration, Federal Reserve Chairman Jerome Powell said its corresponding Main Street Lending Facility will begin receiving MSLP loans “within a week or so.”

Powell Discusses Coronavirus Recovery, Effect on LMI Communities
Powell told members of the Senate Banking Committee that he expects the U.S. economy to have a “full recovery” in the long run following the coronavirus pandemic. “We’ve had the largest economic shock in living memory,” he said, commending efforts by both Congress and the Fed to provide relief to individuals and businesses during the crisis. “The economy is going to recover from that, but we just have to be a little patient with it.”

FFIEC Announces New State Liaison Committee Member
The Federal Financial Institutions Examination Council announced that Melanie Hall has been selected to serve on the group’s State Liaison Committee. Hall is the commissioner of the Montana Division of Banking and Financial Institutions, and will serve a two-year term on the committee.

Banks Encouraged to Submit Nominations for Annual ABA Foundation Community Commitment Awards
The ABA Foundation is seeking submissions for its eighth annual Community Commitment Awards. The awards, one of the industry’s highest honors for extraordinary bank commitment to communities, recognizes innovative, high-impact programs that improve the quality of life for the customers and communities banks serve. The entry period ends July 1.


Other Industry Meetings
View Other Meetings

Upcoming Webinars

PPP Flexibility Act
June 26, 2020

Banking on Diversity and Inclusion

June 30, 2020


See njbankers.com for details.

Don't Miss the Banking on Diversity and Inclusion Webinar!
June 30, 2020
10:00 am to 12:15 pm
Although Diversity & Inclusion has provided a competitive advantage for companies for years, the events of recent months have accelerated the need for true inclusion.  In addition to fostering innovation and creativity, a diverse workforce brings new perspective as employees from different backgrounds have felt the impact of recent events in different ways. Hear from diversity, equity and inclusion expert Kelley Cornish, SVP/Strategy and Integration Leader, Enterprise Diversity and Inclusion, Wells Fargo; learn from one of Bank of America’s key leaders in the bank’s initiative to promote cultural acceptance, D&I among its workforce, Namrata Yadav, Head of Inclusion Strategy. Discover what banks can be doing to help advance D&I in the banking industry from fellow bankers Linda Bowden, New Jersey Regional President, PNC Bank and Christopher Maher, Chairman/President/CEO, OceanFirst Bank and John E. Harmon, Sr., IOM, Founder, President/CEO, African American Chamber of Commerce of NJ. Register Here

Upcoming Webinars

In an effort to preserve the continuity of learning and to keep our members engaged and connected during this time, NJBankers is delighted to announce the below upcoming Webinars. Our webinars will feature renowned speakers and experts on a range of relevant and hot topics.  Be on the lookout for emails from NJBankers regarding upcoming webinars as well as a schedule of webinars below

PPP Flexibility Act
Friday, June 26, 2020
10:00 am – 11:00 am - Complimentary for NJBankers Members
Join NJBankers for a timely webinar on the recently passed Paycheck Protection Program Flexibility Act (PPPFA).  The PPPFA aims to clarify the intentions of the Paycheck Protection Program (PPP) and make it easier for borrowers to obtain loan forgiveness. Attendees of this webinar will learn key highlights from the PPPFA bill, explore issues surrounding the bill, and gain insight into your banks’ responsibilities.

Check njbankers.com for more upcoming webinars!


Member News

Columbia Bank Announces Appointment of New Member of Bank Board of Directors
Columbia Bank (the “Bank”) announcedthe appointment of Daniel Crowley to its Board of Directors. Mr. Crowley was appointed to the Bank’s Board of Directors in connection with the Bank’s acquisition of Roselle Bank, which was completed on April 1, 2020. Crowley officially joined the Bank’s Board of Directors on June 1, 2020.

JPMorgan Chase Deploys Additional $35M in COVID-19 Support
JPMorgan Chase is deploying $35 million in new philanthropic investments to help with immediate relief and to support an inclusive recovery with a focus on supporting vulnerable, hard-hit individuals who have lost their jobs and experienced reduced income and small businesses facing closure.

Valley Bank Awards New Jersey Community Capital $2 Million Investment for Garden State Relief Fund
New Jersey Community Capital (NJCC) is pleased to announce a $2 million investment from Valley Bank in support of the Garden State Relief Fund, a program providing working capital loans to small businesses and nonprofits negatively impacted by the COVID-19 pandemic.


Endorsed Member News
Vikar Technologies (Vikar), provider of workflow automation software with a focus on loan process automation, and Innovative Financing Solutions (IFS), a lender consulting and business advisory firm and SBA & USDA Loan Program Expert announced today a partnership to assist the lenders in meeting the demands and requirements for the Paycheck Protection Program (PPP) Loan Forgiveness Process.
Associate Member News

George W. Millward, Managing Director Of The Kafafian Group, Joins University of Iowa’s Tippie College Of Business Finance Department Finance Advisory Council
The Tippie College of Business Finance Department welcomed three new members to the Finance Advisory Council (FAC): Regina Carls, George W. Millward, and Lisa Stange. The Finance Advisory Council is a vibrant group of accomplished professionals who provide guidance and support for Tippie’s world-class finance programs.


Meet our Associate Members

Connections is highlighting Associate members and the services they offer to the Banking Industry in each issue


Click here to learn more about these companies services!

Friedman LLP Joins NJBankers

Friedman LLP is thrilled to join the NJBankers and look forward to contributing to such a robust business community.   With four locations in New Jersey, Friedman has been active in a span of business communities for decades. The Firm’s strength comes from relationships with their clients and community and an incredible team of people.  Friedman wishes you all well in this challenging period, and look forward to meeting you in person soon. As the coronavirus pandemic continues to send shock waves throughout the world economy, business community, and families across the globe, Friedman is adapting their services to meet your emergent needs.   

Read More

New Jersey Banker Magazine - a Great Opportunity for Education and Advertising

Our magazine, New Jersey Banker, presents timely, educational articles written by Associate Members who are experts in all things financial. Our readers know the quality of the magazine! Traditionally a printed publication, NJBankers now offers a digital format since your issue may be sitting on your desk back at the office. Click here to read the current issue.

If you are interested in writing an article or advertising so you can reach our members and beyond, contact Emily DeMasi, Director of Communications at edemasi@njbankers.com


AACCNJ State of Black New Jersey 2020 Economic Virtual Summit

June 24-25, 2020 - 8:00 AM - 4:00 PM
The objective of the annual conference is to foster relationships, obtain perspectives, develop best practices and devise solutions, which will serve to strengthen our collective efforts to make New Jersey more competitive. Topics will be discussed such as public sector opportunities, pathways to wealth, discrimination in insurance premiums, and more!

Register Today!

Further your career goals with a Graduate Business Degree from Rider University

Check out how your employees can enjoy a 20% tuition reduction on on-campus undergraduate and graduate study at Rider University because NJBankers is corporate partner with Rider. Take advantage of offering this benefit to your employees.

Click here

Senior executive seeks opportunity to join a community bank foundation, or enter the non-profit, affordable housing sector here in New Jersey

A Senior executive with proven expertise across multiple business disciplines including bank operations, risk management, stakeholder relations, product development, organizational restructuring and human resources. High integrity, mission focused and decisive leader with long-term successes envisioning and implementing business solutions that support the organization’s mission, serve the community, and protect stakeholder interests. Strong organizational strategist in crisis management and overarching business transformation. For a copy of the resume please contact: Erin Suckiel, esuckiel@njbankers.com



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