New Jersey Bankers Association
June 24, 2020

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!




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!


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.

SBA Streamlines PPP Forgiveness Application for Many PPP Borrowers
The Small Business Administration today released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required.

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 on Monday, Federal Reserve Chairman Jerome Powell said that its corresponding Main Street Lending Facility will begin receiving MSLP loans “within a week or so.” The Fed will purchase 95% of each eligible loan submitted to the MSLP, provided that those transactions are consistent with the facility’s requirements.

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.



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

Crowe LLP
Crowe LLP (www.crowe.com) is a public accounting, consulting and technology firm with offices around the world. Crowe uses its deep industry expertise to provide audit services to public and private entities. The firm and its subsidiaries also help clients make smart decisions that lead to lasting value with its tax, advisory, risk and performance services. Crowe is recognized by many organizations as one of the best places to work in the U.S. As an independent member of Crowe Global, one of the largest global accounting networks in the world, Crowe serves clients worldwide. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.
 Contact: Tal Scheer, tal.scheer@crowe.com, (973) 422-4557

Griffin Financial Group, LLC
Griffin Financial Group is an investment bank specializing in assisting financial institutions in understanding their strategic and financial alternatives, de-risking their balance sheets, raising capital and in mergers and acquisitions for banks, specialty lenders, insurance companies and agencies, asset and wealth managers and related businesses.
 
Griffin has 40 investment bankers and is part of a professional services platform which consists of over 260 multidisciplinary professionals with broad and deep experience in the financial services industry.
 
Griffin's investment bankers are seasoned transaction professionals with decades of Wall Street and regional experience in mergers and acquisitions and capital markets transactions. Also among our investment bankers are many former senior executive officers of both large and small depository institutions, specialty lenders and others in the sector with hands-on operating and transactional experience. In addition, our in-house, industry-specific financial accounting and tax capabilities, staffed by professionals with recent Big Four experience, are unique among investment banks.
 
Griffin is licensed by FINRA to lead and participate in public offerings and has added experienced staff to facilitate this service.
Griffin has offices in New Jersey, New York, Pennsylvania, Virginia and Texas.

Contact: Alan Grover, akg@griffinfingroup.com, (610) 478-2008

Laurel Hill Advisory Group
Laurel Hill Advisory Group is a full service proxy solicitation/corporate governance firm. We solicit for Banks for their Special and Merger meetings.
 Contacts: Joseph Contorno, jcontorno@laurelhill.com, (516) 306-7711
Joseph Moran, jmoran@laurelhill.com,  (516) 396-7901

Vikar Technologies
Vikar Technologies provides Client Lifecycle Management (“CLM”) and Loan Onboarding and Servicing software to automate and digitize your front to middle to back office operations; and to onboard and maintain clients and loans.  The solution for CLM features a full KYC Suite that captures client initiation activity to KYC refresh to material change events.   In addition, Vikar provides a CRA solution that tracks services, grants, donations, and loans, and analyzes all activity that can be entered via reporting dashboards with export capability for distribution to regulators and auditors.
 Contact: Nancy Schneier, nancy@vikartech.com, 973-495-4835

 


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.


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!


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.

 


Other Industry Meetings



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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