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Navigating Uncertainty WINTER 2010 NEW JERSEY BANKER Navigating Economic Uncertainty The View Back, the Way Ahead Inside: Trends in Banking Gen Y The Case Against Social Media BankHorizons 2009 / Banks and Credit Ratings / Board Portals ENDORSED BY THE NEW JERSEY BANKERS ASSOCIATION New Jersey Bankers Association www.njbankers.com / www.njleague.com NEW JERSEY 411 North Avenue East BANKER Cranford, NJ 07016-2436 Phone: 908-272-8500 Fax: 908-272-6626 NJBankers Board of Directors Steven E. Brady Joseph F. Dempsey, Jr. Anthony Labozzetta William D. Moss Kevin Tylus President/Chief Executive Officer President Executive Vice President President/Chief Executive Officer Regional President Ocean City Home Bank New Jersey Middle Market Banking Mid-Atlantic Retail Division Two River Community Bank PNC Bank, N.A. JPMorgan Chase Bank, N.A. TD Bank, N.A. Peter M. Brown Robert Ranzinger, Sr. Chris Van Der Stad President/Chief Executive Officer Peter A. Dontas Margaret Lanning President/Chief Executive Officer President/Chief Executive Officer Manasquan Savings Bank Market Executive Senior Vice President/ Wawel Savings Bank New Millennium Bank Bank of America Senior Regional Credit Officer Walter Celuch Northeast Region Eugene W. Rogers Norman E. Beatty President/Chief Executive Officer Elizabeth E. Hance Wachovia Bank, N.A. Chief Executive Officer Immediate Former Co-Chairman Clifton Savings Bank President/Chief Executive Officer Newfield National Bank Chairman/President/ Magyar Bank Kevin M. Lenihan Chief Executive Officer Joseph Coccaro President/Chief Executive Officer D. Russell Taylor First Hope Bank President/Chief Executive Officer David J. Hemple Indus American Bank President/Chief Executive Officer Bogota Savings Bank President/Chief Executive Officer RSI Bank John H. Wessling, III Century Savings Bank Donald Mindiak Immediate Former Co-Chairman Robert E. Davis, Jr. President/Chief Executive Officer Frank J. Travea, III President/Chief Executive Officer President/Chief Executive Officer Stanley J. Koreyva, Jr. BCB Community Bank President/Chief Executive Officer Haven Savings Bank Rumson-Fair Haven Bank Executive Vice President/ Roebling Bank and Trust Company Chief Operating Officer Amboy Bank The Warren Group Staff NJBankers Officers NJBankers Staff John E. McWeeney, Jr. James R. Silkensen Timothy M. Warren Timothy M. Warren Jr. Robert C. Ahrens Co-President and Co-CEO Co-President and Co-CEO Chairman CEO & Publisher Chairman ext. 627 ext. 617 President/Chief Executive Officer [email protected] [email protected] David B. Lovins Vincent Michael Valvo GCF Bank President Group Publisher James M. Meredith Emily T. DeMasi & Editor in Chief Executive Vice President and Director of Communications Chief Operating Officer ext. 610 Jeffrey E. Lewis Gerald H. Lipkin ext. 614 [email protected] Controller George Chateauneuf First Vice Chairman Dir. of Operations Custom Publications & [email protected] Chairman/President/Chief Executive Officer Claire Anello Advertising Director Valley National Bank Michael P. Affuso, Esq. Database and Web site Manager Christina P. O’Neill Vice President and Director of ext. 631 Custom Publications Editor Helene Sansoucy Government Relations [email protected] Account Manager Frank A. Kissel ext. 628 Sarah Cunningham Paula Cassidy Second Vice Chairman [email protected] Account Manager Emily Torres Assistant to the Director of Chairman/Chief Executive Officer Advertising, Marketing & David W. Harkness Communications John Bottini Events Coordinator Peapack-Gladstone Bank Vice President and Director of ext. 604 Creative Director Business Development [email protected] Scott Ellison Manager, NJBA Service Cassidy Norton Senior Graphic Designer Kevin Cummings Corporation Jean Reiser Associate Editor Third Vice Chairman ext. 630 Assistant to the Co-Presidents Joyce Lin President/Chief Executive Officer [email protected] ext. 618 [email protected] Design Intern Investors Savings Bank Wendy C. Mandelbaum Controller/Office Manager Cynthia M. Zaccaro ext. 603 Administrative Assistant Robert H. King [email protected] ext. 632 Fourth Vice Chairman [email protected] www.thewarrengroup.com President Jenn Zorn Sterling Bank Vice President and Director of Brenda Malfatto 280 Summer Street • Boston, MA 02210 Education Receptionist 617-428-5100 ext. 611 ext. 600 [email protected] [email protected] John E. McWeeney, Jr. Published continually as a quarterly publication by the Co-President and Co-Chief Executive Officer Candida Johnson Counsel New Jersey Bankers Association from 1929 to Winter New Jersey Bankers Association Assistant Vice President/ Michael M. Horn, Esq., 1986. Revived as a quarterly publication by NJBankers Assistant to the McCarter & English, LLP and The Warren Group in 1998 under the name New Executive Vice President Jersey Bank & Thrift and continued as New Jersey Banker ext. 615 Mary Kay Roberts, Esq., in 2002. Combined with The League Leader, published James R. Silkensen [email protected] Riker, Danzig, Scherer, Hyland, Perretti LLP by the New Jersey League of Community Bankers, in Co-President and Co-Chief Executive Officer December 2008 and continued as New Jersey Banker. New Jersey Bankers Association Contributing Editor Emily T. DeMasi Winter 2010 New Jersey Banker 3 Table of Contents NEW JERSEY BANKER Departments 6 Chairman’s Platform Evolving Out of the Crisis 8 From the Co-Presidents’ Office Looking to 2010 with Cautious Optimism SPECIAL SECTIONS 10 Politics & Policy 16 BankHorizons 24 Trends in Banking A New Governor New Jersey Bankers Reach Marketing to Gen Y Beyond the Horizon 12 Upcoming Events 26 Trends in Banking 20 Trends in Banking The Case Against 34 Bank Notes A Whole New Social Media in Banking Two-Way Arena 36 Bank Shots Features 12 NJBankers Education 28 Behind the Teller Line 30 Swine Flu in the Workplace Foundation Awards A Bergen County Banking and Related Employment Scholarship to Spouse Program that is Law Issues of Fallen Hero Stimulating the Economy 32 Board Portals 101 27 Senior Management 29 Banks and Credit Ratings Photos 4 New Jersey Banker Winter 2010 Operating Experience Among investment banks, Griffin Financial Group is one-of-a-kind. That’s because we understand a bank’s challenges and opportunities from the perspective of a bank board member and a bank executive. Many of our professionals are former senior bank executives with significant operating and transactional experience who understand banks and their operations. What’s more, our team also includes strong technical financial and tax accountants and investors with substantial bank experience. When it comes to your bank, look to a one-of-a-kind financial advisor who understands the issues from your perspective. Look to Griffin. Samuel A. McCullough Joseph M. Harenza Mark R. McCollom Richard A. Vader Jeffrey P. Waldron President, Griffin Holdings Group CEO and Senior Managing Director Senior Managing Director Senior Managing Director Senior Managing Director 610.478.2151 610.478.2160 610.478.2106 610.205.6119 610.205.6028 [email protected] [email protected] [email protected] [email protected] [email protected] Griffin Financial Group offers a full range of investment banking services to assist bank executives and boards of directors in achieving their strategic growth objectives. Our professionals have completed hundreds of mergers, acquisitions and financing transactions for banks and thrifts of all sizes. MEMBER FINRA | MEMBER SIPC www.go2griffin.com Chairman’s Platform Evolving Out of the Crisis By Robert C. Ahrens here’s a saying that if all the of a magnitude not felt since the Great count on pain ahead. economists in the world were Depression or the savings and loan crisis of But that doesn’t mean that with an laid end to end, they would not the ’80s. evolving business plan, our banks won’t Treach a conclusion. And that just seems to What we do know is that the continue to do what we always have done characterize the uncertainty that continues environment we work, play and live in is in the communities we serve: support to lie ahead for us evolving and I don’t need to tell you what the financial needs of consumers and as bankers and as happens when a creature does not evolve businesses as they themselves face economic consumers. with its environment! This environment uncertainties. We certainly has presented us with a “financial cliff,” so Traditional banks never stopped lending have the “tradi- to speak. Bankers will step back, evaluate to businesses. The demand, however, has tional” uncertainty their business strategy and move in a changed. Small businesses are faced with that we have always direction that works in this new, though uncertainties including loss of income, dealt with as bank- still uncertain, environment. cutbacks by customers and even higher Robert C. Ahrens ing leaders: there We know, for example, that capital taxes. Chairman NJBankers are always chang- requirements will be increased. We Traditional banks never stopped President/Chief Executive Officer ing regulations, know that new regulations have and will mortgage lending and continue to provide GCF Bank [email protected] changing products, continue to beset our banks (even though consumer education and guidance the changing staff, we adhered to regulation all along). We borrower needs to make healthy, financial changing competition and changing demo- know that we’ll be paying in advance into decisions. Yet many consumers have lost graphics and psychographics. the FDIC fund. We know
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