March 5, 2012
< 1 minute read
A GUSHER OR A TRICKLE, N.J. BANKS KEPT LENDING THROUGH FINANCIAL CRISIS
By Ed Beeson/Star-Ledger
March 5, 2012
The financial crisis put a plug in lending across the country.
Not in New Jersey. The latest federal data shows the credit spigot remained just as open during the three years after the financial crisis struck as it was in the years leading up to the collapse.
From end of 2008 through the end of 2011, banks headquartered in the New Jersey grew their loan portfolios from $95.7 billion to $111.5 billion, a 16.5 percent increase, according to data from the Federal Deposit Insurance Corp. That is a slightly faster clip than between 2005 and 2008, when loan growth surged 16.4 percent.
