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NJBankers’ New Management Team
Wednesday, June 06, 2007 (1470 reads)

A Conversation With Roger Bosma and John McWeeney.


Editor’s note: Roger Bosma was installed as 2007-2008 chairman of the New Jersey Bankers Association at the Annual Convention in Palm Beach in March. John E. McWeeney Jr.  took the reins as president and chief executive officer of the association in mid-April after a long and distinguished career with Bank of America and its predecessor banks. They recently sat down for a conversation about their views of the New Jersey banking industry, the role of the New Jersey Bankers Association, and some of their plans for the coming year.

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Going Through the Chairs
Wednesday, June 06, 2007 (1729 reads)

First of all, I want to express my appreciation to the board of trustees of the New Jersey Bankers Association for the opportunity to serve as your chairman. It’s truly a pleasure for me and I look forward to working with the board this year.
I am also appreciative and very grateful that we have a new president and CEO, John McWeeney, and I look forward to working with John as well. When Mike Quick asked me to be the chairman of a search committee for a new president and CEO, I willingly said “yes,” with the priority to have that person in place by the time I became chairman. Goal achieved!

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A Banker at Heart
Wednesday, June 06, 2007 (1405 reads)

I would like to start by publicly thanking Mike Quick for his leadership with our association over the past year. Mike has done a great job of tackling some very tough issues and I wouldn’t be in my role today without his strong leadership. I also want to congratulate Roger Bosma, our incoming chairman. Roger is one of my many new bosses with the association, and I’m confident that we’re going to do great things together. I’m really looking forward to the opportunity.

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Mortgage Foreclosures on the Rise
Wednesday, June 06, 2007 (1389 reads)

Author’s Note: NJBankers expresses our best wishes to Gov. Jon Corzine for a speedy recovery, as he was critically injured in a recent car accident. By all accounts, he seems to be healing quite well and has resumed his duties from the governor’s mansion, Drumthwacket. Good luck and best wishes in your rehabilitation, governor!
Assemblyman Neil Cohen, chairman of the Assembly Financial Institutions and Insurance Committee, recently held a hearing on the mortgage foreclosure crisis facing many families in New Jersey and across the country. He had many industry executives testify on the issue and has asked Attorney General Stuart Rabner to call a 180-day moratorium on all mortgage foreclosures.
“The nation’s subprime mortgage loan market is experiencing a total and catastrophic meltdown,” said Cohen. “A moratorium is needed to provide breathing room so regulators, investigators and lawmakers can get a handle on what this meltdown means for New Jersey homeowners and what potential safeguards may be needed for consumers.”
Certain lending practices added to the foreclosure problem by prompting consumers to purchase products with undisclosed prepayment penalties, interest-only loans and other products that added to foreclosure filings. Analysts estimate that some 1.5 million homeowners across the nation will face foreclosure this year and that 2008 could be far worse.

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Creating Opportunities for Hispanic Businesses
Wednesday, June 06, 2007 (1309 reads)

As the United States economy continues to move forward in an increasingly global economy, Lakeland Bank has become more innovative and resourceful in reaching out to the growing Hispanic population.
With some 1.2 million Hispanics in New Jersey alone comprising 13 percent of the state’s population, this market is growing rapidly, and for this reason is becoming more important with time. According to the U.S. Census Bureau, by 2050, “one out of four citizens will be Hispanic.”
With assets of approximately $2.3 billion, Lakeland Bank has built a reputation for empowering Hispanics and supporting their business financing needs. Providing for new business opportunities in the New Jersey Hispanic community is also good business, with the purchasing power of Hispanics on the rise. According to new estimates by HispanTelligence, the research unit of Hispanic Business Inc., Hispanic purchasing power nationwide has surged to nearly $700 billion and is projected to reach as much as $1 trillion by 2010.

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