NORTH JERSEY COMMUNITY BANK EXPANDS TO MONMOUTH COUNTY
By Richard Newman/The Record
October 19, 2011
Fast-growing North Jersey Community Bank in Englewood Cliffs is expanding its reach beyond North Jersey.
CEO Frank Sorrentino hosted a ribbon cutting ceremony Wednesday at the company’s eighth office, in Holmdel Township in Monmouth County. Its other branches are in Cresskill, Hackensack, West New York and Ridgewood and Fort Lee – where it has two.
Sorrentino said the six-year-old company chose Holmdel because it already has banking relationships with small businesses in Monmouth County, including doctors and contractors.
Holmdel, with a population of about 15,000, has median household income of more than $138,000.
Also, “There’s not a lot of competition there from community banks,” Sorrentino said.
The only other banks with branches in Holmdel are much larger national and regional players. PNC Bank is the top deposit holder with a 37 percent market share.
“We are not opposed to competition,” said Kevin Tylus, PNC’s regional president for central New Jersey. “Our retail and business bankers fare very favorably in community-type banking,” Tylus said.
North Jersey Community, formed in early 2005 by an investment group that included Englewood Cliffs Mayor Joseph Parisi, Jr. to serve local developers and small businesses, is one of the few community banks in the area to expand in a sluggish economy, taking market share in commercial real estate lending from larger banks that have been reluctant to lend.
Assets increased 9 percent in the first half of the year to $656.2 million, on loan growth.
North Jersey, which has not yet reported third quarter results, earned $4.7 million last year and $3.2 million in the first half of this year.