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| Crowe Horwath LLP |
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Crowe Horwath LLP and Hays combine practices; Crowe continues national expansion
Crowe Horwath LLP, one of the top 10 public accounting and consulting firms in the U.S., announced it has completed its previously-announced combination of practices with New York City firm Hays & Company LLP. The two firms signed an agreement to combine in February. The combination creates in-depth presence in the New York metropolitan area and adds additional international experience and recognized leaders in the CPA profession.
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| First Hope Bank |
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In a Down Economy, Local Bank Focuses on Children's Financial Futures
Norman Beatty believes now is the perfect time to educate children about the importance of saving money. The Chairman, President and CEO of First Hope Bank cites with great enthusiasm the fact that the U.S. Personal Savings Rate, having hovered around 0% for years, hit a 14-year high of 5.7% in April, during the worst recession in 25 years.
"One of the silver linings in this economic downturn is a renewed commitment to saving for a rainy day," Beatty said. "As parents recommit to saving money, they want to be sure their children appreciate the importance of saving. Teaching children this vital life skill is a priority at First Hope Bank and has been for many years."
In the fall of 2001, First Hope Bank began donating the Common Cents financial literacy curriculum to area schools. Developed by New York Times bestselling author Neale Godfrey, the curriculum materials are now in 18 area schools at a cost to First Hope Bank of nearly $150,000.
First Hope associates are also engaged in many financial literacy outreaches at local schools. In April and May, First Hope Bank associates hosted bank Savings Events for children and made presentations at area schools as part of Teach Children to Save Day, a national event sponsored by the American Bankers Association.
The First Hope KIDS (Kids Investing Dollars Sensibly) account is another avenue available to parents who want to help their children develop the habit of saving. Beatty reported there are over 2,800 of these minor savings accounts at First Hope Bank, comprising $3.5 million in deposits.
Children get a fun prize just for opening the account and special premiums at balance thresholds of $1,000 and $2,500. Some area schools give students the opportunity to make deposits into a First Hope KIDS account during school hours. At Central School in Great Meadows, student "tellers" even take the deposits, which are then picked up by branch personnel. Receipts are sent home to parents.
"Our associates are passionate about helping children along the road to bright financial futures," Beatty said. "Schools and parent organizations interested in establishing a savings program or in scheduling a First Hope presentation are encouraged to call 908.459.4121, extension 4132."
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| Hudson City Savings Bank |
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Mr. Ronald E. Hermance, Jr.
Institutional Investor, one of the world's foremost financial publications, named Ronald E. Hermance, Jr., Chairman, President & CEO of Hudson City Bancorp the Best Midcap Bank CEO in 2008. Hudson City, with total assets of over $54 billion, is the largest savings bank in the country. It operates in 10 of the top 50 U.S. counties rated in median household income.
Institutional Investor's ranking of America's Best CEOs reflects the opinions of over 900 buy-side investment professionals at more than 460 institutions with combined assets of $6.6 trillion in U.S. equities
To arrive at their list of the Best U.S. CEO's in 57 industry sectors, Institutional Investor surveyed buy-side analysts, portfolio managers and other investment professionals. These individuals were asked to name the best U.S. CEOs for the sectors in which they invest. |
| Indus American Bank |
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Bipin Patel
Indus American Bank, the leading bank for the South Asian -American community which has achieved over $135 million in assets in just three years, announces the recent election of Bipin Patel as their new Chairman of the Board. He served on the Indus American Bank Board of Directors for two years before being elected Chairman.
Mr. Patel, a resident of Warren, NJ, is the President and CEO of Speedy Mart Food Stores, a Springfield, NJ-based chain of convenience stores and gas stations in the tri-state area. He is also a founding President and current Chairman of the Asian American Retailers Association, an organization with over 1,000 member-owned stores. He is involved in hotels, real estate, restaurants, computers and has produced a Bollywood film, "The Hangman" through his company, Akshar Media. Mr. Patel has a degree in mechanical engineering and has been a trustee in numerous community organizations.
"We welcome Bipin Patel as the new Chairman of Indus American Bank. The financial and business acumen that has made him a successful entrepreneur will be an asset to Indus in charting our course for future growth and expansion," says Kevin Lenihan, President & CEO of Indus American Bank. "Mr. Patel's reputation as a respected business leader in the South Asian American community is well known and will help Indus American Bank serve the needs of our core customer base better than ever." |
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Richard Vidal
Indus American Bank, the leading bank for the South Asian -American community with over $135 million in assets in just three years, announces the recent appointment of Richard Vidal, a resident of Flanders, as Vice President and Consumer Loan Director.
Mr. Vidal will be directly responsible for all mortgage loans originating at Indus American Bank, including Fannie Mae and Freddie Mac conforming loans, FHA loans, portfolio loans and home equity lines of credit. He will be responsible for loan origination, processing and underwriting as well as post closing and secondary market operations. Before joining Indus, Richard was employed as Branch Manager at Mid Atlantic Capital and also at Sunset Mortgage.
Richard Vidal received a BA from Lehman College and pursued his Master's degree at the City University of New York. Additionally, Mr. Vidal took various mortgage-related courses and seminars, and became a licensed lender for first and second mortgages at the NJ Department of Banking and his New York State Broker's License. He also attained his Maryland and Florida lending certificates. |
| Investors Savings Bank |
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Investors Savings Bank Opens Five Branches
Investors Savings Bank, which is the third largest community bank in the Garden State, opened for business on June 8 with five new branches in Bloomfield, Cedar Grove, Clifton, Nutley and Verona due to its recent acquisition of American Bank of New Jersey. In the coming weeks, Investors will make a special effort to welcome its newest customers.
While Investors' signs were placed outside each h branch, customers will find the same staff on duty inside. The branch managers will continue to be Edward F. Nejman, 347 Broad Street, Bloomfield; Tina M. Parsons, 310 Pompton Avenue, Cedar Grove; Nancy E. Iacobucci, 500 Clifton Avenue, Clifton; Catherine A. Samarati, 213 Harrison Street, Nutley; and Edwin R. Baumgartner, 725 Bloomfield Avenue, Verona.
The transition from American Bank to Investors Savings Bank went smoothly due to months of thorough integration planning prior to the changeover. Training was also a major contributing factor to the success of the conversion. Investors provided extensive on-site training at the five American branches, and employed a mentoring program which placed experienced Investors' branch managers in each American office to help employees learn Investors'' systems and operational procedures. These mentors, along with American Bank staff will be on hand over the next several weeks to help answer customer questions and concerns that may arise. Investors encourages people to stop in and get acquainted during the cust6omer appreciation days that will be held during June.
"I want to welcome our new customers," said Investors Savings Bank President and CEO Kevin Cummings. "We are prudent and careful bankers who have been serving New Jersey since 1923. We will continue our tradition of service and commitment o providing the best in class community banking to Bloomfield, Cedar Grove, Clifton, Nutley and Verona residents and businesses."
Investors' newest customers will now have convenient access to 58 branches spread over 10 counties. Each location has an ATM for access to banking services 24/7.
Mortgage and business banking specialists will support each branch to provide expertise on home loans for consumers as well as deposit and lending services for small to medium sized organizations, law firms, accounting and medical practices, and municipalities.
Making a Difference in the Community
Investors Savings Bank contributes substantial resources to improving the communities it serves. The Investors Savings Bank Charitable Foundation, founded in 2005, has enriched the lives of New Jersey citizens by supporting initiatives in the arts, education, youth development, affordable housing and health and human services. To date, the Foundation has awarded more than $3.1 million in grants to over 250 organizations.
In addition, Investors Savings Bank's employees regularly volunteer with many local organizations. For example, each month, a team from Investors helps serve meals to people who come to St. John's Food Pantry in Newark. Employees also assist Partners for Parks, Habitat for Humanity, 11th Hour Animal Rescue, Family Service of Morris County, United Way, the Salvation Army, the Open Door Lunch Program, the Arthritis Foundation and numerous groups throughout the state.
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| Lakeland Bancorp, Inc. |
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Karen McDougal Appointed Assistant Vice President/Branch Manager at Lakeland Bank's Lafayette Office
Karen McDougal has been appointed to assistant vice president/branch manager at Lakeland Bank's Lafayette Office.
Mrs. McDougal has 30 years of banking experience, most recently with Wachovia Bank where she was a Vice President/Senior Financial Specialist.
She attended Morris County Community College and holds a Series 6 and 63 and life insurance licenses. Mrs. McDougal is a member of the Sussex County Chamber of Commerce, Sussex Kiwanis Club and a Lafayette Boy Scout Troop 850 committee member.
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| Lakeland Bank |
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Lakeland Bank Now Providing Reverse Mortgage Kits as Part of Retiring in Comfort Workshop (TM) Series
Lakeland Bank announces the availability of Reverse Mortgage Information Kits as an extension of its Retiring in Comfort Workshop (TM) series held in conjunction with mortgage specialists, financial consultants and Elder Law attorneys.
The information kits are part of Lakeland's on-going cooperation with a team of mortgage specialists who are experts in government-insured reversed mortgages. Contained in the kits are educational materials that explain reverse mortgages and the other financial products that seniors can use to help them reduce financial worry so they can enjoy their golden years.
Lakeland developed the workshop and kits in conjunction with Retiring in Comfort, part of Intercounty Mortgage Network, because of the growth of reverse mortgages. According to the U.S. Department of Housing and Urban Development (HUD), there has been a 10-fold increase in the number of reverse mortgage loans backed by its Federal Housing Administration (FHA) between 2000-2009. Reverse mortgages are the bright spot in today's housing market and their significance will only increase as more baby boomers reach retirement, according to HUD.
"Reverse mortgages may not be the best choice in some situations, such as in a short term financial need. In fact, many clients who inquire about a reverse mortgage discover a better solution from one of Lakeland's traditional mortgage products and equity lines of credit" said Sandra Rostek, Vice President, Reverse Mortgage Division, Intercounty Mortgage. "Our workshops present a comparison of all the financing options available and that discussion is critical in helping a senior decide which is best for them. It also explains that the best use of a reverse mortgage is so people can stay in a home for the rest of their lives, and the loan often times makes the difference between moving or staying."
A local Elder Law attorney is also available as part of the workshop series. He can help guide clients through the process and oversee reverse mortgage closings. An attorney experienced in Elder Law provides valuable insight to seniors in order to make the best decision.
"As part of our commitment to the senior community, we have to provide solutions that help ensure our clients' golden years are truly golden. We are helping our clients make smart choices so they remain financially healthy, productive and secure" said Thomas Shara, President and CEO of Lakeland Bank. "This is becoming increasingly important as 78 million baby boomers are beginning to enter their 60's."
The kits and consultations can be obtained by contacting any Lakeland branch.
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Mike Ruiz
Mike Ruiz has been appointed Assistant Vice President/Branch Manager at Lakeland's Englewood office.
Mr. Ruiz has 24 years of banking experience, most recently with Wachovia Bank where he was a Branch Manger.
Mr. Ruiz attended The DeVry Institute of Technology in North Brunswick, NJ, is a board member of the Ridgefield Park Board of Recreation and the coach of the St. Francis of Assisi girls basketball team. |
| Magyar Bank |
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Mr. John S. Fitzgerald
John S. Fitzgerald, executive vice president and chief operating officer of Magyar Bank was installed as chairman of the Middlesex County Regional Chamber of Commerce's Board of Directors at the Chamber's annual meeting held Thursday, June 18 at Forsgate Country Club.
Mr. Fitzgerald has been an active member of the Middlesex County Regional Chamber of Commerce for 10 years, and most recently served as Vice-Chair on their Executive Board.
"The members of the Middlesex County Regional Chamber of Commerce have successfully worked together over the years to make Middlesex County a leader in the state's economy," stated Mr. Fitzgerald. "I am honored to serve as Chairman of such a respected organization, and look forward to continuing its long tradition of providing businesses with educational and networking opportunities. As we begin preparations to celebrate our 100th anniversary in 2010, our focus will continue to serve as a resource for local businesses and the community as a whole, and help position Middlesex County to take advantage of the eventual economic recovery." |
| Office of Thrift Supervision |
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Mr. Thomas A. Barnes
Thomas A. Barnes has been appointed Assistant Deputy Director with responsibility for executing the large bank oversight program for institutions with more than $10 billion in assets, effective April 27, 2009. He will also oversee senior managers responsible for supervision operations and policy, compliance and consumer protection, risk management, corporate applications, holding companies and international activities.
Barnes has served April 2007 as Regional Director for the OTS Central Region, based in Chicago. Prior to that, he was Regional Deputy Director for the Northeast Region. He began his career as a Bank Examiner with the Massachusetts Division of Banks and later served as Treasurer of a savings bank in New Hampshire. He was Vice President and Supervisory Agent for the Federal Home Loan Bank of Boston before joining the OTS.
He holds a B.S. from Boston State College and a banking degree from the Stonier School of Banking. He is also a graduate of the Treasury Department's Executive Leadership program. |
| Somerset Savings Bank, SLA |
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William Taylor
Somerset Savings Bank announced today that William P. Taylor has been named president and chief operating officer of the Bank. Mr. Taylor is also the Bank's chief financial officer and has been a member of the Bank's Board of Directors since 2007.
Previously, Mr. Taylor served as executive vice president and chief operating officer. He joined Somerset Savings Bank in 1983 and has over 30 years experience in the financial services industry. He is a Certified Public Accountant.
Mr. Taylor serves on the Board of Directors of the Somerset County Business Partnership and is a member of the New Jersey Bankers Association Accounting and Tax Committee, the New Jersey Society of Certified Public Accountants and the Financial Managers Society New York-New Jersey Chapter.
He is a resident of Westfield where he previously served as President of the Westfield Booster Club. |
| Valley National Bank |
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Mr. Peter Crocitto
Peter Crocitto has been promoted to Senior Executive Vice President. Mr. Crocitto also holds the position of Chief Operating Officer.
Mr. Crocitto is a member of Valley's Officers of the Chairman Committee and will play a critical role in leading Valley into the future by working side by side with the Chairman and the Board of Directors on the strategic direction and operations of Valley.
Gerald H. Lipkin, Chairman, President and CEO of Valley commented that "Mr. Crocitto has played an integral part in Valley's success for over 30 years. He has earned this title through all the hard work and dedication he has demonstrated through the years."
Mr. Crocitto joined Valley in 1977 and has held various positions throughout the bank such as Consumer Lending, Retail Banking, MIS, Business Development and Operations. He was promoted to Executive Vice President in 1996 and assumed the title of Chief Operating Officer in 2008. |
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Mr. Alan D. Eskow
Alan D. Eskow has been promoted to Senior Executive Vice President. At Valley, Mr. Eskow also holds the position of Chief Financial Officer.
Mr. Eskow is a members of Valley's Officers of The Chairman Committee, and will play a critical role in leading Valley into the future by working side by side with the Chairman and the Board of Directors on the strategic direction and operations of Valley.
Gerald H. Lipkin noted, "Mr. Eskow's tireless commitment has contributed significantly to Valley's unprecedented growth and overall profitability. Moreover, his dedication to our organization has earned him this well deserved promotion.
Mr. Eskow joined Valley in 1990 as a Vice President in the Financial Administration Department. He is a licensed CPA in New Jersey and a member of both the American Institute of CPA's and the New Jersey State Society of CPA's. Mr. Eskow was designated the Controller in 1998 and Chief Financial Officer in 2000. His current responsibilities include overseeing the accounting, finance and treasury functions, the investment portfolio, and responsibility for Valley's Wealth Management Division.
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