New Jersey Bankers Association
February 6, 2019

Emerging Financial Leaders Group Kicks-off Really Tasty Event

The Emerging Financial Leaders Group was formed to provide emerging leaders in the banking industry, ages 21 – 40, the opportunity to take their career to the next level and become the future leaders of the banking industry.

The EFLG will provide educational programming and networking opportunities for emerging leaders in banking.  In addition, the Group will provide support to local communities through philanthropic activities and outreach.

The EFLG Kick-off event was held on January 31st at J.J. Bitting Brewing Company in Woodbridge.  The event attracted 52 attendees from 18 different banks under the age of 40.  Attendees of the event had the opportunity to network with their peers while enjoying a guided beer tasting led by the brewery owner and brew master.

The next EFLG event will be held on April 11th at Topgolf in Edison, NJ. 

A History of BCG - Still #1

Established in 1982, Bankers Cooperative Group, Inc. (BCG) is the self-contained brokerage facility for Members and Associate Members of NJBankers. BCG is the leading provider of employee benefit programs for New Jersey’s banking industry. BCG has a rich history recognizing the need to support members all-line insurance needs.

BCG Distributes $300,000 in Patronage Dividends

We are pleased to announce that Bankers Cooperative Group, Inc. (BCG) has begun distributing patronage dividends for the fiscal year ending June 30, 2018.  This year's $300,000 distribution is a 20% increase over last year.  BCG has now paid a total of $3,149,500 in patronage dividends; all from investments of $10 each from our shareholders.  The BCG Board of Directors (l to r:  John McWeeney, Jr, Nicholas Lorusso, Jorge Gomes, Richard Siderko, Donald Sims, Joseph Coccaro and Thomas Kemly) marked the occasion with a ceremonial photograph.  Missing from the photograph were James Genoy and Thomas Lupo.


Industry News

Fed and FDIC Issue Advisory on Education Loan Rehabilitation Programs
The Federal Reserve and FDIC have issued an advisory on voluntary private education loan rehabilitation programs to alert banks to an amendment to the Fair Credit Reporting Act that was included in the S. 2155 regulatory reform law.

Senior Loan Officer Survey Finds that Banks Project Tighter Loan Terms and Standards in 2019
Modest net percentages of banks tightened terms and standards for business loans in the previous quarter, with standards for the most part remaining unchanged, according to the Federal Reserve’s latest senior loan officer opinion survey. For large and midsize firms, more banks offered larger credit lines with longer maturities, while also increasing costs, spreads and riskier loan premiums. For smaller firms, however, more banks on net also reduced credit line size and maturities, while they were more likely to cut credit line costs and reduce spreads.
OCC Releases Dodd-Frank Act Stress Test Scenarios for 2019
The Office of the Comptroller of the Currency (OCC) has released economic and financial market scenarios for use in the upcoming stress tests for covered institutions.

FinCEN Alerts Banks to Suspected 314(b) Phishing Attempts

The Financial Crimes Enforcement Network (FinCEN) is aware of a fraudulent email purporting to be from a financial institution regarding the 314(b) Information Sharing Program. The body of the email contains the following language: "We've got suspicions transfer from your client, and put it on hold. According section 314(b) of the USA PATRIOT Act we have to report you about potential money laundering. Please review the attached document with details of this case." If you receive an email with this text purporting to be from another financial institution, FinCEN asks that you disregard the email. 

J.D. Power Report: Consumers Seek Financial Advice from Their Bank
More than three-fourths (78%) of U.S. retail bank customers say they are interested in receiving financial advice or guidance from their bank. Nearly six of 10 customers (58%) say their preferred means of receiving advice is digital content delivered through a bank website or mobile app.
Waters Announces Subcommittee Assignments
Following the announcement of House Financial Services Subcommittee Chairs, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced Subcommittee assignments for the 116th Congress. 

Shared National Credit Review Finds Some Improvement in Credit Quality, Risk Remains Elevated in Leveraged Loans
Federal banking agencies find that risk in the portfolio of large syndicated bank loans has declined, due to improving conditions in most sectors. Despite the improvement, the dollar volume of loans rated below “pass,” as a percentage of total loans, remains elevated compared with levels experienced in prior economic cycles, according to the Shared National Credit (SNC) Program Review.

Member News

Atlantic Stewardship Bank Launches New Interactive Teller Machines
Atlantic Stewardship Bank is revolutionizing technology with a first in their local market as its interactive ATMs are going live on Feb. 11. Their new ATMs will include the bonus feature of being able to talk one-on-one with a live banker through high-definition video chat and conducting enhanced transactions.

First Commerce Bank names new CEO
First Commerce Bank, a Lakewood-based commercial bank, announced that it has named Donald Mindiak its new CEO and president, effective immediately. Mindiak has also been named member of the bank’s board of directors.

SB One Bancorp Reports a 30% Growth in Core EPS for 2018 and Declares a Cash Dividend
SB One Bancorp (the “Company”) (Nasdaq: SBBX), the holding company for SB One Bank (the “Bank”), today reported net income of $9.9 million, or $1.26 per basic and $1.25 per diluted share, for the year ended December 31, 2018, an increase of 74.4%, as compared to $5.7 million, or $1.06 per basic share and $1.05 per diluted share, for the year ended December 31, 2017. 

Peapack-Gladstone Bank and OMI Announce a New Relationship
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market:  PGC) and Peapack-Gladstone Bank have announced their partnership with OMI (Outcomes Matter Innovations) located in Hackensack, New Jersey, to provide funding to support OMI’s upcoming growth initiatives.

Valley announces transition of CFO Eskow
Valley National Bancorp announced Monday the transition of Chief Financial Officer Alan Eskow to a senior advisor position supporting the Bank’s Chief Executive Officer and President Ira Robbins.

The Bank of Princeton to acquire Beneficial branches for $2.66M
The Bank of Princeton will acquire five branches in Bordentown, Browns Mills, Chesterfield, Deptford and Sicklerville from Beneficial Bank for $2.66 million, the companies announced Monday, subject to regulatory approval and certain other conditions.

Crest Savings Bank Helps the Coast Guard Community
As a Coast Guard Community, the impact of the government shutdown has been felt by many of our neighbors in Cape May County New Jersey. Crest Savings Bank along with the Cape May County Coast Guard Community Foundation and Morey’s Piers wanted to find a way to help those affected.

Carteret Mayor Daniel Reiman Joins Board of Directors of URSB
URSB, Carteret’s hometown bank with an outstanding 100-year reputation for personalized service and commitment to the community, has announced that Daniel Reiman, Mayor of Carteret, is the bank’s newest member on the Board of Directors.

Associate Member News

Arnold & Porter Opens Newark, New Jersey Office
Arnold & Porter announced that it has formally opened its office in Newark, New Jersey. Drawing upon the firm's renowned capabilities in litigation, transactional, and regulatory services, the office will be led by Paul J. Fishman, former United States Attorney for the District of New Jersey, who also heads Arnold & Porter's Crisis Management and Strategic Response Team.

SHAZAM executive named to U.S. Faster Payments Council leadership
The recently launched U.S. Faster Payments Council (FPC) has named Kevin Christensen, a senior executive with the SHAZAM Network, as its Acting Executive Director and Interim Board Chair.

Zahid N. Quraishi Assumes Leadership of White Collar Criminal Practice
Riker Danzig Scherer Hyland & Perretti LLP is pleased to announce that partner Zahid N. Quraishi has been named Chair of its highly-regarded White Collar Criminal Defense and Investigations practice.  Quraishi is succeeding Samuel P. Moulthrop as leader of the Department, effective January 1, 2019. 

NJBankers Welcomes New Member

NJBankers is pleased to announce that Link High Technologies has joined the Association.  This firm recognizes the value of membership in NJBankers and we applaud their support of the New Jersey banking industry.

Link High Technologies

Other Industry Meetings


115th Annual Conference

The Broadmoor, Colorado Springs, CO
May 1-5, 2019

NJBankers is heading to Colorado Springs

Feel like you're on top of the world and experience the NJBankers Annual Conference at the acclaimed Broadmoor in Colorado Springs, a resort that captures the spirit of the west. After being inspired by our renowned speakers, there are endless opportunities to explore this iconic resort, the awe-inspiring Rocky Mountains, golfing at the foothills of Cheyenne Mountain, fly fishing in a cool mountain stream, and so many more adventures!

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

LEADERSHIP WORKSHOP - DISC & Advanced Leadership
Thursday, February 28, 2019 - Friday, March 1, 2019
NJBankers Office
Effective leadership lies in understanding yourself, understanding others, and realizing the impact of your personal behavior on people around you.  This two day intensive leadership workshop will provide attendees with new tools and techniques to become more effective leaders.

Board & Management Summit
Friday, March 8, 2019
The Hilton Short Hills, Short Hills NJ
The issues facing financial institutions today has been a growing source of concern in boardrooms throughout the country.  As the banking industry continues to innovate and evolve, it is important to understand the necessary tools to provide informed guidance to bank leadership and Directors.

CRA and Fair Lending Conference
March 27, 2019 - Kean University, STEM Building
CPE/CLE credits may apply
Join industry regulators and the nation’s leading CRA expert, Kenneth Thomas, and learn what your bank can expect with the current reform of the Community Reinvestment Act (CRA) and related Fair Lending laws.  Changes have been proposed in the CRA rating mechanism, the delineation of the appropriate “Assessment Area” in a digital environment, the definition of community development activities, and many other important areas that will likely impact your bank as it prepares for its next CRA exam.


Get Recognized For all you do in the Communities you serve!

Show your community impact!

The Community Service Award program highlights the significant impact NJ banks have on their local communities.  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 2019 Service Award Program

Not to be confused with the NJBankers Community Service Awards noted above, NJBankers recognizes employees and directors of member institutions who are celebrating their 15th, 20th, 25th, 30th, 35th, 40th, 45th, and 50th years of service to the banking industry in 2019.  Those being recognized will be included in the SERVICE AWARDS booklet which will be distributed at the 115th Annual Conference and hand delivered or mailed with a certificate following the Conference.

Morris Habitat's Leadership Council is pleased to announce the 14th Annual hearts and Hammers Gala

Saturday, February 23, 2019 from 6 – 11 p.m.
Meadow Wood Manor, Randolph, NJ
This year’s theme is 121 Main Street, 12 homes for 12 families, their largest project to date!  They invite you to applaud this year's honorees, enjoy an elegant evening of dinner, dancing and more!


FMS NY/NJ Chapter Releases Professional Development Opportunities for 2019

The Financial Managers Society NY/NJ Chapter is dedicated to enhance the professional development of financial personnel within financial institutions. The Chapter has released the 2019 schedule of seminars and events. The schedule can be found here.

Bank Trainers 2019 Conference and Expo

May 7-9, 2019
Grand Hyatt Buckhead - Atlanta, Georgia

The Bank Trainers Conference and Expo is an annual educational event that brings together hundreds of training professionals, representing financial institutions from across the country and beyond. A wide-variety of workshops cover everything from eLearning and Gamification to Presentation Skills and Managing Change. Un-Paralleled Networking Opportunities with the greatest minds in Learning and Development await you at every turn.

PMC's 2019 IRA Reference Volumes & Upcoming Winter/Spring 2019 IRA Seminar Tour

No other IRA resources are updated and relied upon as PMC’s 2019 IRA Reference Volumes.  Utilizing PMC’s IRA reference volumes will give you confidence knowing you’re the IRA expert. Check out their three great options, perfect for any individual or team, and know that all current NJBankers members will receive a 10% discount when purchasing the most respected IRA Reference Volumes in America!  Order today: Click here! 

Also the PMC's 2019 IRA & HSA Customer Brochures have been updated to reflect retirement plan and HSA limits (with applicable cost-of-living adjustments) for 2019. Click here for more information.

**Click here to check out PMC's upcoming Winter/Spring 2019 IRA seminar tour**

Mark Your Calendar

 Connections Tools
Search Back Issues New Jersey Bankers
411 North Avenue East
Cranford, NJ 07016
Phone: (908) 272-8500
Fax: (908) 272-6626
Visit Applications Bulletin Regulatory Bulletin Advertising Sponsorships