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Overdraft Privilege
Wednesday, June 30, 2004 (2674 reads)


Today, every banker I know is looking for ways to improve profitability and boost customer loyalty. It’s tough to do both, but more and more financial institutions are achieving these goals by offering a new service to their customers — the overdraft privilege (OP).



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Clearing Check 21
Wednesday, June 30, 2004 (1211 reads)


Most Connecticut banking officials expect the new check processing procedure known as Check 21 to have very little impact on the state’s banking industry when the act goes into effect in October.



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Regulatory Crossroads
Wednesday, June 30, 2004 (1349 reads)


When Two Regulations Seem To Require Different Behaviors
 
By Matt Schriner
 
Do not apply logic to any federal banking regulation. This is a line I often use when teaching new compliance officers the basics of the regulations. The no logic rule is especially true when two or more regulations are regulating the same general areas. Indeed, one need only attempt to define the term “application” for the various real estate lending regulations to know that logic is not a goal of the regulators.


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A Conversation With John Martocci
Wednesday, June 30, 2004 (1682 reads)


John J. Martocci is chairman and CEO of the Newtown Savings Bank, a $570 million mutual savings bank with nine locations. Martocci joined the bank in 1993 from the Hartford office of Ernst & Young where he was a partner in the firm specializing in financial institutions.



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Priorities and Probabilities
Wednesday, June 30, 2004 (1449 reads)


Making prognostications on the accomplishments of any legislative body months before it concludes its session is usually difficult. Nevertheless, with just over four months remaining in formal sessions on Beacon Hill, priorities for 2004 are emerging. As is often the case, however, unexpected issues divert attention from traditional matters. The ongoing debate over a constitutional amendment on gay marriage precipitated by the state supreme court decision last November, and the likely nomination of Sen. John F. Kerry (D-Mass.) as the Democratic nominee for president at the national convention in Boston in late July, continue to drain attention and energy away from pressing state issues.



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Asian American Bank
Wednesday, June 30, 2004 (1876 reads)


Between 1989 and 1997, a period when more than 1,500 FDIC-insured banks across the country closed their doors, few people in Massachusetts contemplated opening a new one. In fact, the only Massachusetts group that did was located in Boston’s Chinatown community.



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Call Reporting Becomes Clearer
Wednesday, June 30, 2004 (1307 reads)


Coming this fall: a new, more efficient Internet-based system for submitting and processing quarterly bank Call Report data.



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How Will the Trend Affect Community Banks?
Wednesday, June 30, 2004 (996 reads)


The FDIC recently released a report which contained a disquieting statistic: from 1984 to 2003, the population of banks in the United States declined nearly 50 percent, from 15,084 banks and thrifts in 1984 to 7,842 at year-end 2003.

 



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National FBI Crime Stats Improve
Wednesday, June 30, 2004 (1243 reads)


How do 2002 statistics compare with 2001?
• Number of Robberies Down: The number of robberies, burglaries and larcenies in 2002 was down 9.7 percent from 2001 – 8,859 incidents in 2001 and 8,004 in 2002. This is the first time robberies have seen a decrease since 1999. Of 8,004 robbery incidents, commercial banks were the target in 87 percent of the cases. Credit unions were the victims in 7 percent of the cases, and savings and loans and savings banks were hit in another 5 percent of the cases. The number of armored car carriers robbed decreased from 67 to 57.


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Why Vacationland?
Wednesday, June 30, 2004 (934 reads)


Last Sunday I sat at the traffic light that welcomes visitors to Freeport thinking that the turning RV and trailing Jeep would certainly take out the light pole, the Keep Right sign, or at least, my left front fender.
No, all 150 feet – or so it seemed – managed the corner and headed for a parking space near Bean World. The summer ritual has begun and, frankly, our economy never looked better because of those tourists.

 



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Fed Report Says ‘Bye, Bye Refi’
Wednesday, June 30, 2004 (1303 reads)


The strength of the employment report of Friday, May 7, leaves little doubt about the strength of the current recovery.

The GDP growth engine seems to be generating torque that is translating into job creation. Payrolls increased by 288,000 in April, accompanied by upward revisions of 66,000 jobs in February and March.
A closer look at the pattern of job creation indicates strength across all sectors of the economy. Add to this a decline in the unemployment rate to 5.6 percent, and we have a situation where employment increases more than compensated for job seekers entering or reentering the labor force. This is good news from the perspective of the strength of the recovery.


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Maine Home Sales Set Record
Wednesday, June 30, 2004 (1268 reads)


Real estate sales are sizzling in Maine with a 30.78 percent rise in home sales.

According to the Maine Real Estate Information System, a total of 1,194 homes in Maine’s 16 counties were sold during the month of April 2004. The increase sets a record for the state of Maine.


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RMA Speaker Sees Positive Signs
Wednesday, June 30, 2004 (955 reads)


Jack Cashman, Maine’s commissioner of the Department of Economic and Community Development, addressed the annual meeting of RMA on May 19 with a positive message about Maine’s business climate and economic outlook.



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Central Data Repository Call Reporting: Making a Transparent Improvement
Wednesday, June 30, 2004 (1019 reads)


Coming This Fall: A New, More Efficient Internet-Based System for Submitting and Processing Quarterly Bank Call Report Data.



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Meeting Your Philanthropic Goals
Wednesday, June 30, 2004 (1855 reads)


A properly structured charitable trust can help you do well by doing good, supporting any IRS-recognized philanthropic endeavor while potentially giving you valuable income tax, gift tax and estate tax management advantages.



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Seven Secrets of Succession Success
Wednesday, June 30, 2004 (1246 reads)


One of the most important responsibilities of a bank’s board of directors and chief executive officer is succession planning. Public companies in particular, given the greater emphasis on good governance, need to be more attentive and proactive in managing this process than ever before.



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Stewards of Our Industry
Wednesday, June 30, 2004 (1048 reads)


First, I want to thank the members of NJBankers for the honor of my election as the 2004-2005 chairman of the association during our annual convention at Turnberry Isle in Florida. I am both grateful and humbled to be working in concert with my fellow officers, First Vice Chairman Ted Bessler, Second Vice Chairman Mike Quick and Treasurer Tom Gregor, along with a board of other outstanding banker professionals.



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Hopewell Valley Community Bank CEO Elected NJBankers Chairman
Wednesday, June 30, 2004 (6864 reads)


James Hyman, president, chief executive officer and director of Hopewell Valley Community Bank, in Pennington, has been elected chairman of NJBankers.

Hyman served as vice chairman and treasurer prior to his election as chairman at the association’s 100th annual convention March 24-28, 2004, at the Fairmont Turnberry Isle Resort and Club in Aventura, Fla.


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A Revolutionary War Against Financial Crime
Wednesday, June 30, 2004 (1303 reads)


NJBankers has taken the fight against the rapidly growing tide of identity theft, check fraud and other financial crimes to the World Wide Web in a revolutionary way.



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South Jersey Action Banker Council Council Convenes for Inaugural Meeting
Wednesday, June 30, 2004 (986 reads)


NJBankers’ South Jersey Action Banker Council (ABC) had its inaugural meeting April 14 to introduce the group to Sen. Leonard Lance, R-23, and Senate Minority Office Executive Director John Samerjan. The meeting was a result of months of hard work by Chairman Michael Quick, who provided his statistical survey information and presented it to Sen. Lance. Chairman Quick’s survey demonstrated the importance of our member banks to the communities they serve and provided crucial background information on taxes, employees and much more.



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Thomas D. Sayles Jr., Philanthropist, NJBankers Chairman and Summit CEO
Wednesday, June 30, 2004 (1635 reads)


Thomas D. Sayles, Jr., who served as chairman of the association from 1979 to 1980, died May 15.
Born in Newton Center, Mass., he lived in Norwich, Conn., and Elizabeth, N.J. before moving to Chatham Borough in 1963.


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ID Theft: Scourge of the New Millennium
Wednesday, June 30, 2004 (2085 reads)


The horror stories never cease. These are from the files of the Federal Trade Commission (FTC):

• “My purse was stolen in December 1990. In February 1991, I started getting notices of bounced checks. About a year later, I received information that someone using my identity had defaulted on a number of lease agreements and bought a car….I was denied a mortgage loan, employment, credit cards, and medical care for my children.”


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