MultiFunding Releases New Jersey Region’s Most Committed Small Business Lenders

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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.

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