FREEHOLD, NJ--(Marketwired - Aug 9, 2016) - New Jersey Community Bank (OTCQB: NJCB) (the "Bank") announced today that the Federal Deposit Insurance Corporation and the New Jersey Department of Banking and Insurance had terminated the two consent orders entered into between the Bank and the two regulatory agencies. The first order had been entered into effective March 24, 2014 and the second order, focused on improving certain compliance functions, was effective July 29, 2015.
Mr. William H. Placke, Chairman, President and CEO of the Bank, stated: "We are very pleased that the FDIC and NJDOBI have recognized the hard work of the current management team and Board of Directors in addressing the issues that led to the two consent orders. While we still have work to do in making NJCB a strong community bank serving the Central New Jersey market, having the two orders terminated is a very important first step. This shows the commitment of all of our employees to making NJCB an important part of the financial life of our customers and shareholders."
Separately, the Bank announced that Board members Brendan O'Donnell and Rogan O'Donnell had resigned from the Board.
Mr. Steven T. Meyer has been appointed to the Board of the Bank. Mr. Meyer is the President and founder of Advisors Mortgage Group, LLC, a multi-state mortgage banker institution and the second largest lender in Monmouth County by market share with several offices throughout the United States. Advisors Mortgage has been in business for 17 years and originates $800 million annually in residential mortgages.
About the Bank
New Jersey Community Bank is a state-chartered commercial bank headquartered in Freehold, New Jersey. The Bank opened for business in July 2008 and operates two full-service banking offices in the central New Jersey county of Monmouth. The Bank provides traditional commercial and retail banking services to small businesses and consumers. For additional information about New Jersey Community Bank, please visit www.njcbk.com or call 732-431-2265.
This release contains forward-looking statements relating to present or future trends or factors affecting the banking industry, and specifically the financial condition and results of operations, including without limitation, statements relating to the earnings outlook of the Bank, as well as its operations, markets and products. Actual results could differ materially from those indicated. Among the important factors that could cause results to differ materially are interest rate changes, change in economic climate, which could materially impact credit quality trends and the ability to generate loans, changes in the mix of the Bank's business, competitive pressures, changes in accounting, tax or regulatory practices or requirements, resolution of tax reviews, and those risk factors detailed in the Bank's periodic reports. The Bank undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.