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Community Bank Named No. 2 In Country for Customer Satisfaction
Tuesday, September 25, 2007 (1916 reads)


DeWitt-based Community Bank, N.A. recently received nationwide recognition for its services.

In June, the bank was named second-best for customer satisfaction among all larger banks by J.D. Power and Assoc., beating over 9,000 competitors, according to Mark Tryniski, Community Bank president and CEO. Tryniski started with the bank in 2003 as chief financial officer. He became chief operating officer in 2004 and was appointed to his present position in August 2006.



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Record Number Attends Annual Washington, D.C. Trip
Tuesday, September 04, 2007 (1443 reads)


­­NJBankers’ fourth annual trip to our nation’s capital on June 5-6 was a great success. Due to great word of mouth about this exciting and important trip, we had 31 bankers attend this year – three times the number of attendees from last year. We held very informative meetings with our regulators and discussed the important issues affecting our industry. We also enjoyed the valuable networking that takes place whenever a group of senior bankers get together.
The hotel accommodations at the historic Renaissance Mayflower Hotel were perfect, as they were conveniently located across the street from the American Bankers Association headquarters in downtown D.C.



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A New Vitality
Tuesday, September 04, 2007 (1341 reads)


There is a new vitality at NJBankers. You can see it when you walk into the office in Princeton, you can hear it in the voices of the staff, and it’s recognized by sister organizations such as The American Bankers Association and the New Jersey League of Community Bankers. The challenges that faced our association a year ago have been met and resolved.
Our new President and Chief Executive Officer John McWeeney has established an aggressive outreach program that includes visiting bank CEOs at their offices, meeting with other state association executives, the New Jersey League of Community Bankers and other New Jersey trade organizations. He has reinstated close ties with the American Bankers Association (ABA), which was quite evident at the ABA summer meetings, where the “new state executive” from New Jersey was met with a new-found respect.



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The Sleeping Giant Has Begun to Awaken
Tuesday, September 04, 2007 (1263 reads)


When I gave my address at our annual convention in March, I shared a comment that Phil Kirschner, president of the New Jersey Business and Industry Association, had made to me about our association. He called NJBankers a “sleeping giant” that had the potential to become a major force in our industry and in New Jersey.
I asked our members and our partners to join the NJBankers staff and me in working together to awaken the sleeping giant and achieve its place as one of the premier state banking associations in the country and as one of the most powerful trade associations in New Jersey. Well, as I begin my fifth month as your president and CEO, I’m pleased to report that the sleeping giant is beginning to awaken and people are taking notice.



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Asset Monetization: To Lease or Not
Tuesday, September 04, 2007 (1748 reads)


 

Gov. Jon Corzine has been touting his plan to privatize the toll roads as a means to rescue the state from its serious financial problems. In fact, the governor made it the centerpiece of his budget address to the Legislature earlier in the year. The state has projected cost increases that are staggering and will already face a $2.5 billion deficit for Fiscal Year 2008-2009. Asset monetization could potentially free up a billion dollars a year or more every year long into the future, but could potentially become a political firestorm as members of both parties have criticized the plan.



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Invest in Your Employees and Watch it Pay Off
Tuesday, September 04, 2007 (1898 reads)


Your staff impacts your profitability. The quality of an organization’s employees and their continued development through training and education are major factors in determining the long-term success of any financial institution.



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ABA/ACB Merger: What’s in it for You?
Tuesday, September 04, 2007 (2635 reads)


With the approval of our boards and our members, the American Bankers Association and America’s Community Bankers will merge to create the dominant bank trade association in the nation. It will be the industry representative, and the place where progressive institutions will want to invest their dues dollars and make their commitment to shaping the future of the banking industry.
The new ABA, as we call it, will be the association of choice for institutions of every charter, every business plan and every size. It will be the place to be for institutions that want to make a fundamental difference, not just in their community, but in our industry.



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New Jersey Banking Industry Trade Associations React to Merger
Tuesday, September 04, 2007 (1851 reads)


What effect will the national merger of American Bankers Association (ABA) and American Community Bankers (ACB) have on New Jersey, where two organizations – NJBankers and the New Jersey League of Community Bankers – represent increasingly similar segments of the industry?
New Jersey Banker asked leaders from both organizations for their reactions to the merger.
Roger Bosma, NJBankers chairman: My reaction was not total surprise, because there were discussions a few years ago. What I liked about it was that there was no public announcement that there was going to be a discussion about the merger. The two organizations got together, came to concurrence and announced the agreement.



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Corrective Action – An Ounce of Prevention
Tuesday, September 04, 2007 (1179 reads)


One of the worst events that can happen to a bank is the imposition of a regulatory enforcement action. They are expensive, time-consuming and not quickly resolved. In 2006, the three federal banking agencies (Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and the Federal Reserve), along with the Financial Crimes Enforcement Network, issued a total of 149 formal enforcement actions against the financial institutions they regulate. These actions included formal agreements, consent actions and civil money penalties, and were the result of violations of various laws, including the Bank Secrecy Act (BSA), the Flood Disaster Protection Act (FDPA) and the Home Mortgage Disclosure Act (HMDA), among others. Some were the result of management deficiencies, such as weak credit controls. Although in itself this is a large number of actions, it is not the total number of enforcement actions. The number of informal actions (memorandums of understanding) is not made public, so their number is unknown.



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Mortgage Finance for Islamic Residents
Tuesday, September 04, 2007 (1529 reads)


Muslim Americans and Muslim immigrants of all nationalities and from all regions of the globe have an ever increasing presence in, and represent a growing percentage of the population of, New Jersey. Areas with considerable concentrations of Muslims in New Jersey include the cities of Jersey City and Paterson and the greater Newark area.
A common desire of New Jersey Muslims, not dissimilar from the aspiration of most New Jersey residents, is to own a home. Unfortunately, accomplishing this goal is often difficult, if not impossible, for adherents of the Islamic faith because of practicing Muslims’ unwillingness to make use of conventional financial products. This hesitation arises from Islam’s prohibition on the charge and payment of interest – Riba – which permeates conventional finance and banking. Islam also requires equity participation by the lender and the borrower.



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Fostering Branch Expansion Success
Tuesday, September 04, 2007 (1269 reads)


A survey of financial institutions across the country indicates they plan to open an average of nearly four new branches each by 2010. That’s an indication that bank officials anticipate continued growth over the next few years.
Financial institutions have opened 240 branches in New Jersey since 2002, including 57 last year, bringing the total to 3,279. The state’s expansion trend began in earnest in 2003, when 63 new branches opened, up from 19 in 2002. In 2004, 55 new branches opened, with another 65 launched in 2005.
But as every bank executive knows, new branches aren’t successful in and of themselves. It takes product sales to make a branch flourish – and, according to the Crowe Report on Branch Performance released in May, employee incentives can do much to spur those sales.



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