MultiFunding Releases New Jersey Region’s Most Committed Small Business Lenders
Jennifer Sherlock
jsherlock@jennacommunications.com
FOR IMMEDIATE RELEASE
MultiFunding Releases New Jersey Region’s Most Committed Small Business Lenders
PHILADELPHIA, Nov. 8, 2011 – In today’s tough economic environment, there are banks making loans to small businesses. The banks that are actively committed to small business lending deserve all of our recognition and support, as they are focused on our community, helping unemployment, and regional growth.
MultiFunding has compiled its first annual list of the New Jersey Region’s Most Committed Small Business Lenders. The 78 lenders included in the ranking are a range of banks from all of New Jersey. They are all regulated by the FDIC and have a minimum of $100 million of deposits as of June 30, 2011. In order to rank them, each bank’s small business loans are divided by their deposits, as reported in their FDIC call reports. Small business loans are defined as loans with a balance of $1 million or less.
How can we measure a bank’s commitment to small business? At MultiFunding, we believe that the data that the banks report to the FDIC on a quarterly basis about their outstanding loans of $1 million or less is an excellent barometer of main street lending. With this statistic, if there is a loan outstanding with a balance of $1 million or less, it counts. The aggregate number is affected by a number of factors including loans that go bad, loans that are paid now, loans that the bank insists leave, attrition, and new loans.
“The range of commitment to small business lending amongst the banks in the survey is dramatic,” said founder and CEO of MultiFunding, Ami Kassar. “Heritage Community Bank in Randolph, the top ranked bank in our ranking, leverages 59.46 percent of their deposits to make small business loans. In contrast, Investors Bank of Short Hill leverages only 2.48 percent of their deposits to make small business loans.”
RANKING | NAME | CITY | URL |
1 | Heritage Community Bank | Randolph | http://www.heritagecbnj.com |
2 | Cornerstone Bank | Moorestown | http://www.cornerstonebanknj.com |
3 | BankAsiana | Palisades Park | http://www.bankasiana.com |
4 | Indus American Bank | Iselin | http://www.indusamericanbank.com |
5 | Highlands State Bank | Vernon | http://www.highlandsstatebank.com |
6 | Hilltop Community Bank | Summit | http://www.hilltopcommunitybank.com |
7 | BNB Bank, National Association | Fort Lee | http://www.bnbbank.com |
8 | Allegiance Community Bank | South Orange | http://www.allegiancebank.com |
9 | Freedom Bank | Oradell | http://www.freedombanknj.com |
10 | First State Bank | Cranford | http://www.fsbnj.com |
11 | Capital Bank of New Jersey | Vineland | http://www.capitalbanknj.com |
12 | Harvest Community Bank | Pennsville | http://www.harvestcommunitybank.com |
13 | New Millennium Bank | New Brunswick | http://www.nmbonline.com |
14 | New Jersey Community Bank | Freehold | http://www.njcbk.com |
15 | SussexBank | Franklin | http://www.sussexbank.com |
16 | Liberty Bell Bank | Marlton | http://www.libertybellbank.com |
17 | Two River Community Bank | Middletown | http://www.tworiverbank.com |
18 | Unity Bank | Clinton | http://www.unitybank.com |
19 | Pascack Community Bank | Westwood | http://www.pascackbank.com |
20 | The Bank | Mount Laurel | http://www.thebankonline.com |
21 | 1st Constitution Bank | Cranbury | http://www.1stconstitution.com |
22 | Shore Community Bank | Toms River | http://www.shorecommunitybank.com |
23 | 1st Colonial National Bank | Collingswood | http://www.1stcolonial.com |
24 | Skylands Community Bank | Chester | http://www.skylandscombank.com |
25 | Atlantic Stewardship Bank | Midland Park | http://www.asbnow.com |
26 | The First National Bank of Elmer | Elmer | http://www.elmerbank.com |
27 | Hopewell Valley Community Bank | Pennington | http://www.hvcbonline.com |
28 | Crown Bank | Ocean City | http://www.crownbank.net |
29 | Audubon Savings Bank | Audubon | http://www.audubonsavings.com |
30 | Regal Bank | Livingston | http://www.regalbanknj.com |
31 | MARINERS BANK | Edgewater | http://www.marinersbank.com |
32 | Newfield National Bank | Newfield | http://www.newfieldbank.com |
33 | First Bank | Williamstown | http://www.firstbanknj.com |
34 | Cross River Bank | Teaneck | http://www.crossriverbank.com |
35 | Bank of New Jersey | Fort Lee | http://www.bonj.net |
36 | City National Bank of New Jersey | Newark | http://www.citynatbank.com |
37 | Rumson-Fair Haven Bank and Trust Company | Rumson | http://www.rfhbank.com |
38 | The Bank of Princeton | Princeton | http://www.thebankofprinceton.com |
39 | Cape Bank | Cape May Court House | http://www.capebanknj.com |
40 | Magyar Bank | New Brunswick | http://www.magbank.com |
41 | First Choice Bank | Lawrenceville | http://www.firstchoice-bank.com |
42 | Somerset Hills Bank | Bernardsville | http://www.somersethillsbank.com |
43 | Grand Bank, National Association | Hamilton | http://www.grandbk.com |
44 | Community Bank of Bergen County, N. J. | Maywood | http://www.cbbcnj.com |
45 | Parke Bank | Sewell | http://www.parkebank.com |
46 | Lakeland Bank | Newfoundland | http://www.lakelandbank.com |
47 | North Jersey Community Bank | Englewood Cliffs | http://www.njcb.com |
48 | First Hope Bank, A National Banking Association | Hope | http://www.firsthope.com |
49 | BCB Community Bank | Bayonne | http://www.bcbbancorp.com |
50 | Sun National Bank | Vineland | http://www.sunnb.com |
51 | Crest Savings Bank | Wildwood | http://www.crestsavings.com |
52 | Millington Savings Bank | Millington | http://www.millingtonsb.com |
53 | Manasquan Savings Bank | Manasquan | http://www.manasquanbank.com |
54 | Sturdy Savings Bank | Stone Harbor | http://www.sturdyonline.com |
55 | Valley National Bank | Wayne | http://www.valleynationalbank.com |
56 | Oritani Bank | Township Of Washington | http://www.oritani.com |
57 | Union Center National Bank | Union | http://www.ucnb.com |
58 | Peapack-Gladstone Bank | Gladstone | http://www.pgbank.com |
59 | Century Savings Bank | Vineland | http://www.centurysb.com |
60 | The Provident Bank | Jersey City | http://www.providentnj.com |
61 | Boiling Springs Savings Bank | Rutherford | http://www.bssbank.com |
62 | The First National Bank of Absecon | Absecon | http://www.fnbabsecon.com |
63 | NVE Bank | Englewood | http://www.nvebank.com |
64 | The Pennsville National Bank | Pennsville | http://www.pennsvillenb.com |
65 | Metuchen Savings Bank | Metuchen | http://www.metuchensavingsbank.com |
66 | Amboy Bank | Old Bridge | http://www.amboybank.com |
67 | RSI BANK | Rahway | http://www.rsibanking.com |
68 | Haven Savings Bank | Hoboken | http://www.havenbank.com |
69 | Investors Bank | Short Hills | http://www.isbnj.com |
70 | Bogota Savings Bank | Bogota | http://www.bogotasavingsbank.com |
71 | Union County Savings Bank | Elizabeth | |
72 | Bessemer Trust Company | Woodbridge | http://www.bessemer.com |
73 | Haddon Savings Bank | Haddon Heights | http://www.haddonsavings.com |
74 | Roselle Savings Bank | Roselle | www.rosellesavings.com |
75 | Metlife Bank, National Association | Convent Station | http://www.metlifebank.com |
76 | Glen Rock Savings Bank | Glen Rock | http://www.glenrocksavings.com |
77 | College Savings Bank | Princeton | http://www.collegesavings.com |
78 | Sumitomo Trust and Banking Co. (U.S.A.) | Hoboken | http://www.sumitomotrustusa.com |
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About MultiFunding
Based in the greater Philadelphia area, MultiFunding works with small business owners in more than 27 states to understand small business lending options, and to ultimately evaluate and secure the best loan alternatives for their businesses. For further information, please visitwww.multifunding.com or view the small business blog at sligshotcafe.net.