2009… In a year that most would use the words challenging, difficult, disastrous, or turmoil to describe, North Jersey Community Bank had the vision to see through the fog of the economic and financial collapse to record its finest year.
The highlights of our accomplishments are as follows:
Growth of our total Assets of $137 million to $515 million
Growth of our total loans of $93 million to $393 million
Growth of our total deposits of $115 million to $429 million
The acquisition of Citizen’s Community Bank in Ridgewood through the FDIC
The opening of our first Hudson County branch in West New York
The re-location of our Corporate Headquarters
Raising of $10.5 million dollars in capital
This was accomplished while earning over $2.2 million in profit or almost $1.00 per share.
Unlike many other struggling community banks, NJCB has been able to realize these results without the use of any TARP funds, or any other government assistance. Our model has been a simple one; we take in deposits, and make sound loans to qualified borrowers in the communities we serve. We have certainly taken advantage of the market place that is littered with the national banks that while being “Too Big to Fail” are also “Too Big to Serve” and have left many long term relationship customers twisting in the wind. Our local community bank competitors have likewise frozen up in their ability to make any decisions, and have equally hurt their loyal customer base. These factors combined with our award winning customer service and technological prowess have created the best performing and fastest growing bank in the State.
North Jersey Community Bank recently celebrated its Five Year Anniversary, and as we advance into 2010 look to take advantage of additional market opportunities. Our network of customers spans the entire Northern part of NJ from Route 195 to the New York State Border, and beyond. We have developed some of the most robust product offerings in the industry, and have been recognized in the press and media for our proactive, innovative business plan.
This has translated into value creation for our shareholders. Our Book Value per common share has increased from inception, an unprecedented 40 % to over $13.20 per share common. We appreciate all your support and look forward to continuing to serve you in 2010.
Frank Sorrentino III