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Banking, Finance & Accounting News Archive Page 2

Prudential makes investment in consumer credit company

Newark-based Prudential Financial Inc. said it has contributed to a $7 million Series A equity investment in LendStreet Inc., a California company...

NJ Transportation Infrastructure Bank opens

The New Jersey Transportation Infrastructure Bank opened Friday, offering low-interest loans to municipalities and counties to reduce the cost of...

NJBA taps Moss as chairman

The New Jersey Bankers Association, has named William Moss, president of Two River Community Bank, as its new chairman.

Atlantic Stewardship names commercial lending VP

Atlantic Stewardship Bank has named Norman Burroughs to vice president of commercial lending at its Morristown office.

Bankers: Economy weakening under Murphy

A majority of the state's local bankers say New Jersey's economy would worsen under policies proposed by Gov. Phil Murphy.

Manasquan Bank names new COO

Manasquan Bank in Wall Township has promoted Catherine Franzoni to chief operating officer, a new position.

State CPAs take dim view of economic future

New Jersey's accountants do not have a favorable outlook on the state's economy.

Manasquan Bank to merge with Metuchen Savings

MB Mutual Holding Co., parent of MB Bancorp, and Manasquan Bank, has signed an agreement to merge with Metuchen Bancorp, the holding company of...

NJBA applauds Dodd-Frank rollback, despite critics

The partial rollback of the Dodd-Frank regulations should stimulate economic growth in New Jersey by loosening rules on lending, according to banking...

NJBIZ panel: Cannibusiness can be complicated

Want to get into the cannabis business? Study up on regulations and start building connections now, experts say, because once it's legal, it'll...

BofA introduces AI app for retail customers

Bank of America will introduce an app employing intelligence for retail customers on July 1.

Wells Fargo contributes $650K toward Camden business development

Wells Fargo & Co. has provided $150,000 in grant funds and $500,000 in lending capital to the Cooperative Business Assistance Corp. in Camden to help...

SB Bank names banking chief

SB One Bank has promoted Vito Giannola to chief banking officer.

Wells Fargo tags $825K for Fairmont Heights revitalization

The Wells Fargo Regional Foundation has given a five-year, $825,000 grant to the Urban League of Essex County to support neighborhood revitalization...

Jets, M&T pitch opportunity to regional small businesses

The New York Jets are accepting submissions to receive a $100,000 sponsorship with the team for the 2018 football season as part of its premier New...

Northfield Bank taps Farrell C&I lending team leader

Woodbridge-based Northfield Bank has hired Patrick Farrell as senior vice president, commercial and industrial lending team leader, a new position.

Sax LLP expands services with Sax Technology Advisors

Accounting, tax and advisory firm Sax LLP has added Sax Technology Advisors, led by tech veteran Matthew Hahn.

NJ warns about short-term health plans

The state’s Department of Banking and Insurance has banned the sale of short-term, limited duration health insurance and has made a plea to the...

Kearny Bank, Clifton Savings finalize merger

Fairfield-based Kearny Bank becomes the fifth-largest community bank in the New York area, based on total assets, following the completion on its...

Financing tips: Banks aren't the only solution for startup capital

In 2014, when Matt Kay and his business partners opened East Coast Float Spa — a flotation therapy center — in Westchester, Pa., they...

A loan together: NJEDA, banks fill big need of small businesses

Michael Cramer, CEO of Adagio Teas in Elmwood Park, had a challenge many entrepreneurs would love: His company was growing, and he needed capital to keep up with demand and expand.

Boiling Springs Bank names Nesci president

Boiling Springs Savings Bank has appointed James Nesci, formerly head of national sales at TD Bank’s wealth management business, as president of the Rutherford-based bank.

TD Bank promotes Mellili to commercial market president for regional operations

TD Bank has promoted Martin Mellili to commercial market president of the bank’s operations in areas including Newark, New Brunswick, Morristown and Elizabeth.

M&T Bank opens Paterson branch

M&T Bank has opened a Paterson branch.

Lakeland Bank hires nine execs

Oak Ridge-based Lakeland Bank, which has been expanding operations, has hired nine executives.

Wells Fargo leads financing for construction equipment acquisition

Wells Fargo & Co.’s middle-market banking division is leading a syndicated credit facility to help finance the acquisition of Giles & Ransome by Piscataway-based Foley Inc., which closed earlier this month.

M&T awards $985,000 to revitalization projects

M&T Bank has awarded $985,000 in tax credit funding to four nonprofit organizations that provide affordable housing resources throughout New Jersey.

Sussex Bank becomes SB One Bank

Sussex Bank has rebranded itself and changed its name to SB One Bank. The move follows its acquisition of Community Bank of Bergen County in January.

Valley Bank hires senior VP

Valley National Bank has hired Nicole Moorer as first senior vice president and head of retail sales in New York and New Jersey, a new position.

Red Bank-based retirement specialist offers financial advisory services

Cafaro Greenleaf, a Red Bank-based national financial advisor to retirement plans, has launched Greenleaf Financial, a personal financial advisory service for individual plan participants.

Greener pastures in golden years

Retirees fleeing NJ to escape taxes

Procida Funding wraps $5.9M in loans

Procida Funding announced this week that its 100 Mile Fund recently closed on three loans totaling almost $5.9 million for retail centers in Washington, West Orange and Kingwood townships.

Academic report touts benefits of state bank

A state bank would create almost 100 jobs and boost gross state output by $15 million-$21 million annually, according to a report prepared for the William J. Hughes Center for Public Policy at Stockton University.

Provident Bank hires commercial lending exec

Provident Bank has hired former Sun National Bank executive James Higgins as a senior vice president in its commercial lending division, a new position.

Kearny Financial completes acquisition of Clifton Savings

Fairfield-based Kearny Financial Corp., parent of Kearny Bank, has completed the acquisition of Clifton Bancorp and its Clifton Savings Bank subsidiary.

Cross River Bank of Teaneck fined for unfair and deceptive practices

The Federal Deposit Insurance Corp. has fined Teaneck-based Cross River Bank and San Mateo, Calif.-based Freedom Financial Asset Management $641,750 and $493,500, respectively, for unfair and deceptive loan practices in violation of federal law.

Counting on a tax refund? These 10 counties get the biggest

The deadline for filing taxes this year is April 17. In a new study, financial-tech company SmartAsset reveals which counties’ residents get the biggest returns by looking at the number of refunds and aggregate total refund for residents. Counties in North Jersey and Central Jersey dominate the top 10:

Biscotti joins Marcum Food & Beverage Services Group

Public accounting and advisory services firm Marcum LLP has hired Louis Biscotti as national leader of its Food & Beverage Services group.

The 2018 NJBIZ Power 100

Our top pick this year doesn’t reside in New Jersey, but he and his company have a substantial impact on the state — and it may just be the beginning.

Wawel Bank to merge with Spencer Savings

Elmwood Park-based Spencer Savings Bank and Wawel Financial Services MHC, the management company of Wawel Bank, have agreed to merge.

Peapack-Gladstone hires new senior management director

Peapack-Gladstone Financial Corporation, parent of Peapack-Gladstone Bank, has hired Ron Andersen as senior managing director of its Commercial Private Banking unit, a new position.

Wells Fargo names new head of small business acquisition in Northeast

Wells Fargo has promoted Ed Ross to small business acquisition manager in the Northeast region, a new position that covers New Jersey, Pennsylvania, New York, Connecticut and Delaware.

New Jersey 50 Index reveals mixed market activity for NJ stocks

An analysis of New Jersey City University’s New Jersey 50 Index shows 15 New Jersey-based companies outperformed the major stock market indices in February.

Provident inks marketing pact with Red Bulls

Jersey City-based Provident Bank has entered into a marketing agreement with Major League Soccer’s New York Red Bulls.

SBA: Small-business loans to black-owned businesses on an upswing

After opening two Buffalo Boss organic chicken wing restaurants in New York City to great acclaim, Jamar White wanted to give New Jersey a taste of his spicy sauce. For his dreams to come to fruition, he turned to the U.S. Small Business Association for a financial booster: a $387,000 loan.