LET'S PLEASE CALL THIS MEETING TO ORDER. PLEASE CALL THE ROLL COMMISSIONER GILL. ABSENT. COMMISSIONER LUCIANO. ABSENT. COMMISSIONER MERCADO. ABSENT. COMMISSIONER MURRAY THOMAS. ABSENT. COMMISSIONER RICHARDSON. HERE. COMMISSIONER SIEBEL. ABSENT. COMMISSIONER SERMONS ABSENT. COMMISSIONER VICE PRESIDENT COOPER. HERE. COMMISSIONER, PRESIDENT POIS HERE. THANK YOU, MADAM CLERK. I HAVE BEFORE ME CERTIFICATION FROM THE CLERK THAT THIS MEETING IS IN COMPLIANCE WITH THE OPEN PUBLIC MEETINGS ACT. THE PURPOSE OF THIS MEETING IS TO MEET WITH THE FINANCIAL INSTITUTIONS THAT THE COUNTY HAVE ALL OF OUR DEPOSITS AND INVESTMENTS WITH, AND DISCUSS THEIR REINVESTMENT ACTIVITIES AND THEIR IMPACT HERE IN THE COUNTY OF ESSEX. SO TONIGHT WE'RE GOING TO MEET THREE BANKS, AND THE FIRST BANK UP IS PROVIDENT BANK. CAN WE PLEASE HAVE THEM COME IN? THANK YOU. GOOD EVENING. DON'T BE SHY. COME ON UP. COME ON UP TO THE MIC. YES, TAKE YOUR COAT OFF. MAKE YOURSELF COMFORTABLE FOR A COUPLE MINUTES. WE DON'T BITE. HI, HOW ARE YOU? HOW ARE YOU? GOOD. PLEASE STATE YOUR NAME AND AFFILIATION FOR THE RECORD AND YOU CAN INTRODUCE THE OTHER FOLKS THAT YOU HAVE WITH YOU TODAY. SURE. MY NAME IS, UH, LEONARDO RAMOS. I'M WITH PROVIDE BANK, AND I HAVE WITH ME ROXANNE CJO. RIGHT HERE. . I'M THE CRA OFFICER FOR PROVIDE BANK. AND ROXANNE IS THE, UH, UH, COMMUNITY DEVELOPMENT OFFICER FOR PROVIDE BANK. WELL, THANK YOU SO MUCH FOR COMING THIS EVENING. PLEASE GIVE US AN OVERVIEW OF YOUR, UM, REINVESTMENT ACTIVITIES HERE IN THE COUNTY OF ESSEX. PLEASE HIGHLIGHT FOR US, UM, ESPECIALLY THE COMMUNITY INVESTMENTS WITH THE COMMUNITY BASED ORGANIZATIONS, YOUR PROGRAMS AND SERVICES. ANY, UM, LOANS THAT YOU'VE MADE TO SMALL BUSINESSES, L-G-B-T-Q COMMUNITY OR VETERANS ARE THE THINGS THAT WE'RE REALLY INTERESTED IN HEARING ABOUT THIS EVENING. OKAY. UM, I HAVE MORE, BUT DEFINITELY, YES. UM, SO FROM THE SURVEY THAT YOU SENT, WE'VE DONE, UH, 42 SMALL BUSINESS LOANS, UH, FOR ABOUT 15,424,000 IN ESSEX COUNTY. UM, WE'VE ALSO DONE 126 MORTGAGE LOANS, UH, FOR 104,710,000. UM, WHEN IT COMES TO, UH, COMMUNITY DEVELOPMENT LOANS, WE DID, UH, FIVE LOANS, FIVE COMMUNITY DEVELOPMENT LOANS FOR 45,000,950. UM, WE DID ONE, UH, LARGE LOAN, UH, FOR, UH, A, UH, REVITALIZATION LOAN, UH, FOR $43 MILLION TO DNR ORANGE TO URBAN RENEWAL. LLC UM, IS AN ORANGE. THIS IS A REAL ESTATE DEVELOPMENT FIRM. UM, AND IT WAS, UH, A PROJECT FOR, UM, UH, THE REDEVELOPMENT OF MAIN STREET AND, AND THE REHABILITATION OF MAIN STREET IN, UH, THE CITY OF ORANGE. UH, THAT, UH, UH, PROJECT BUILT 200 UNITS, UM, MULTI-FAMILY RENTALS, UM, AND ABOUT 353, UH, UH, PARKING, UM, FOR PARKING FOR 353 VEHICLES. UM, BASICALLY WITH, UH, FOUR, UH, COMMUNITY DEVELOPMENT LOANS THAT, UH, ARE COMMUNITY SERVICE. TWO LOANS FOR, UH, JEWISH, UH, SERVICE FOR, UH, THE DEVELOPMENTALLY DISABLED OF METRO WEST IN LIVINGSTON. UM, ONE TO SUPPORT THEIR ACTIVITIES. AND THE OTHER ONE WAS MORE FOR CAPITAL NEEDS. WE DID, UH, A LOAN FOR $250,000 TO GLASS ROOTS INCORPORATED IN NEWARK THAT, UH, IS A NONPROFIT ORGANIZATION WHO TEACHES GLASS MAKING TO YOUTH. UM, AND THEN WE DID A LOAN FOR $1.9 MILLION
TO DV MAC BUILDINGS, LLC, UM, WHICH WAS, UH, A OR IS A FAMILY URGENT CARE HERE. UM, YOU KNOW, WE'VE DONE ABOUT 32 GRANTS IN, UH, ESSEX COUNTY AS WELL FOR $54,465 TWO GRANTS FOR AFFORDABLE HOUSING, TWO GRANTS FOR ECONOMIC DEVELOPMENT, AND SEVEN GRANTS FOR COMMUNITY SERVICES. THANK YOU. UM, DID YOUR COLLEAGUE WANNA ADD ANYTHING TO YOUR PRESENTATION? YES. YES. PLEASE STATE YOUR NAME AND AFFILIATION ON, ON THE RECORD, PLEASE BEFORE YOU BEGIN. SURE. ROXANNE C UH, SENIOR VICE PRESIDENT COMMUTE DEVELOPMENT OFFICER FOR PROVIDENT BANK. UM, I DO WANNA ADD ALL THE ACTIVITY AS MY, THE COMMUNITY DEVELOPMENT OFFICER FOR THE BANK. IT IS MY JOB TO MAKE SURE THAT WE ENGAGE WITH THE NONPROFITS, SCHOOLS, SMALL BUSINESSES IN ESSEX COUNTY, BUT ALSO THROUGHOUT OUR FOOTPRINT. AND I PERSONALLY SIT ON A BOARD HERE IN ESSEX COUNTY FOR, UH, GREATER, UH, NEWARK FOR HABITAT FOR HUMANITY, UH, THAT PROVIDES AFFORDABLE HOUSING THROUGHOUT ESSEX COUNTY, BUT THEY ALSO EXTEND HOUSING IN UNION COUNTY AND HUDSON COUNTY. UH, MY EMPLOYEE, UM, LANA MOLINA, SHE ALSO SITS ON, ON A BOARD HERE IN ESSEX COUNTY CALLED GEM PROJECT, WHICH ALSO PROVIDES SERVICES TO THE YOUTH HERE IN ESSEX COUNTY, SPECIFICALLY IN THE CITY OF NEWARK. BUT WE ALSO HAVE OTHER BOARD, OTHER AFFILIATE, OTHER EMPLOYEES AT PROVIDENCE BANK THAT SERVE ON BOARDS, UM, AND PROVIDE SERVICES THROUGHOUT OUR FOOTPRINT AND HERE IN ESSEX COUNTY. IN ADDITION TO BOARD SERVICE, WE ALSO CONDUCT FINANCIAL LITERACY WORKSHOPS. UM, MY COWORKER, LENO LEO HAD PROVIDED A LIST OF ALL THE WORKSHOPS WE'VE COMPLETED HERE IN ESSEX COUNTY. I WANNA SAY THERE WAS AT LEAST 30 WORKSHOPS. THIS INCLUDES FINANCIAL LITERACY TO THE YOUTH, TO SENIORS, AND ALSO TO ADULTS. WE ALSO PROVIDE SMALL BUSINESS, UH, EDUCATION TO ENTREPRENEURS HERE IN ESSEX COUNTY. AND WE ALSO PROVIDE SCAN PRESENTATIONS FOR THE SENIORS HERE IN ESSEX COUNTY. UH, TONIGHT DOWN IN THE IRONBOUND SECTION IN, UH, LAFAYETTE AVENUE, WE ARE CONDUCTING A HOME BUYER WORKSHOP, UH, WITH THE CITY OF NEWARK'S GRANT PROGRAM. SO WE CAN DISCUSS ABOUT OUR SPECIAL MORTGAGE PRODUCTS THAT WE CURRENTLY HAVE HERE IN ESSEX COUNTY. ONE SPECIFICALLY IS CALLED THE COMMUNITY ADVANTAGE PROGRAM. THAT, UM, MORTGAGE PROGRAM PROGRAM PROVIDES A DISCOUNTED RATE TO INDIVIDUALS LOOKING TO PURCHASE IN ESSEX COUNTY, SPECIFICALLY IN MAJORITY BLACK AND HISPANIC CENSUS TRACK AREAS. AND THEN WE ALSO HAVE ANOTHER PROGRAM CALLED THE WELCOME HOME LOAN, WHICH OFFERS A DISCOUNTED RATE OF FIXED MORTGAGE FOR FIRST TIME HOME BUYERS WHO ARE CONSIDERED LOW AND MODERATE INCOME, LOOKING AT THE HUD MEDIUM INCOME GUIDELINE. SO WE HAVE THOSE PROGRAMS. IN ADDITION, WE ALSO HAVE THE SMALL BUSINESS ADVANTAGE PROGRAM, WHICH IF THE BUSINESS IS LOCATED IN A LOW AND MODERATE CENSUS TRACK AREA, THEN WE'LL OFFER THEM A DISCOUNT UP TO 2% FOR A A SMALL BUSINESS LOAN. AND THEY COULD BE ANYWHERE HERE IN ESSEX COUNTY, ANYWHERE WITHIN OUR FOOTPRINT AT PROVIDENCE BANK. SO THESE ARE SOME SPECIAL PROGRAMS THAT WE OFFER. AND WE ALSO HAVE A FOUNDATION, UH, THE PROVIDENCE BANK FOUNDATION THAT HAS NEW PILLARS THAT ARE ROLLING OUT IN 2025 THAT WILL FOCUS ON EDUCATION. UM, AND THAT'S SEPARATE THAN PROVIDENCE BANK, BUT IT IS PART OF THE PROVIDENCE BANK, UM, FOUNDATION. THANK YOU. THE, THE GRANT MAKING ACTIVITIES THAT'S LISTED IN THIS REPORT HERE, WAS THAT THROUGH THE FOUNDATION? THAT IS THROUGH PROVIDENT BANK. THAT'S THROUGH PROVIDENT BANK. IT'S NOT THROUGH THE FOUNDATION THAT IS SEPARATE. WE HAVE A SEPARATE BOARD OF DIRECTORS FOR THE PROVIDENT FOUNDATION, BUT IT IS AN EXTENDED ARM OF PROVIDENT BANK. THANK YOU, COMMISSIONERS. ANY QUESTIONS? COMMISSIONER, PRESIDENT. GOOD EVENING. THANK YOU FOR COMING TODAY. AND ALSO THANK YOU FOR HAVING YOUR STAFF FROM VOLUNTEERING LOCAL BOARDS. I'M A NON-PROFIT GUY, SO I, I SPEAK THAT LANGUAGE. SO I WANT TO GO BACK TO, UM, YOUR GRANT MAKING. SO YOU HAVE FOUNDATION GRANTS AND YOU MENTIONED EARLIER, AND I THINK MR. RAM, I THINK YOU MENTIONED SOMEWHERE AROUND $54,000 TO ABOUT 32 34 GROUPS. IS THAT MORE OR LESS WHAT YOU SAID? YES. MORE, LESS SO THAT'S AN AVERAGE WARD OF ABOUT $1,500 OR SO. IS THAT LIKE WHERE YOU, DOES THAT SOUND ABOUT RIGHT? IT SOUNDS ABOUT RIGHT. OKAY. SO CAN YOU TELL US WHAT KIND OF ORGANIZATIONS YOU ARE FUNDING LIKE THAT THROUGH YOUR BANK DIRECTLY? WHAT ARE THE NATURE OF THOSE ORGANIZATIONS? SURE. THE MAJORITY ARE NONPROFIT ORGANIZATIONS. UH, ONE OF THE ORGANIZATIONS
THAT WE ACTUALLY, UH, FUND IS, UH, FOCUS AND, UH, WE'RE FUNDING MORE OF THOSE AS WELL. SO I, I AM ACTUALLY, I DO SEE IN THE BOARD OF FOCUS AS WELL, FORGOT TO MENTION THAT, UH, HISPANIC CENTER FOR COMMUNITY DEVELOPMENT HERE IN NEWARK. UM, AND THEN OTHER ORGANIZATIONS THAT, UH, YOU KNOW, WILL COME TO US OR COME TO THE BRANCH REQUESTING, UM, FUNDING. AND THEN, LIKE, UH, ROXANNE MENTIONED FOR LARGER GRANTS THAT WE UTILIZE THE FOUNDATION, THE FOUNDATION IS THE ONE THAT ACTUALLY PROVIDES THE VERY LARGE GRANTS. WHAT ARE THE OTHER KIND OF ORGANIZATIONS THAT YOU GIVE? ARE THEY EDUCATIONAL ONES OR, I MEAN, I KNOW THEY'RE NONPROFITS, SO BECAUSE THEY WANNA MAKE QUALIFYING FOR IT. YEAH. COMM, THEY, THEY DO COMMUNITY WORK, EDUCATIONAL. THEY, UH, WORK WITH THE CHILDREN WITH DISABILITIES. UM, SO THERE, THERE'S A PROLIFERATION OF THE ORGANIZATIONS THAT WE ACTUALLY WORK WITH, CURIOUS WORK WITH. KNOW. DO YOU HAVE ANY ARTS AND MUSEUMS AND ORGANIZATIONS? WE DO ACTUALLY. WE PROVIDE, UH, FOR THE ARTS AS WELL, YES. OKAY. UM, YOU MENTIONED, UH, THE FOUNDATION PILLARS. I KNOW YOU'RE NOT REPRESENTING THE FOUNDATION, BUT SOME OF THOSE CHANGES TO THE PILLARS OF FOUNDATION FOR NEXT YEAR. WHAT ARE THEY, DO YOU, ARE YOU AWARE OF WHAT THOSE PILLARS ARE? I'M NOT A HUNDRED PERCENT. THEY'RE, THEY'RE ACTUALLY, BECAUSE OF THE MERGER, THEY'RE IN THE MIDST OF, UH, AMPING THE FOUNDATION. SO I DON'T KNOW EXACTLY, UM, ALL THE PILLARS THAT, UH, THEY WILL BE ACTUALLY FOCUSING ON. BUT, UM, YOU KNOW, WE CAN COME BACK NEXT YEAR AND THEN KIND OF LIKE GIVE YOU A LITTLE MORE ON THE FOUNDATION AS WELL. I, I THINK THAT'S A GREAT EVENT, GREAT INTEREST OF THE COMMITTEE. UH, YOU KNOW, IT IS A WHOLE, AND SPECIFICALLY ON, A LITTLE BIT FOCUSED ON THE ARTS. 'CAUSE THEY, ON TOP OF ALL THE NON-PROFITS SEEM TO GET LESS BECAUSE IT'S HARD TO COMPETE WITH, YOU KNOW, HOMELESS ISSUES AND THINGS LIKE THAT. WHEN YOU, WHEN THEY'RE ALL LOCKED IN THAT GROUP, YOU KNOW, THEY GET PRIORITIZED. RIGHT. AND THE ARTS USUALLY SUFFER AS A RESULT OF BEING, YOU KNOW, KIND OF THAT LARGER GROUP. SO I'D BE CURIOUS TO SEE WHAT THEY ARE, WHAT YOUR PILLARS WOULD BE ON THE FOUNDATION SIDE, AND A ROBUST LIST OF THE KIND OF ORGANIZATIONS YOU'RE FUNDING TO THE BANKS SIDE. OKAY. THANK YOU. THANK YOU. NO PROBLEM. COMMISSIONER RICHARDSON, ANY QUESTIONS? NO, I HAVE A COMMENT. I JUST, I LIKE YOUR PRESENTATION. I LIKE THE FACT THAT YOU, UH, DEAL WITH A LOT OF NON-PROFITS THAT, AND GIVE LOANS TO SMALL BUSINESSES. THOSE ARE THINGS WE LIKE TO HEAR. AND YOU DIDN'T COME IN WITH THE SAME USUAL, UH, LIST OF SUSPECTS THAT THE BIG GUYS WHO GET ALL OVER THE GRANTS. SO I WAS HAPPY TO HEAR THAT. WE NEED MORE BASE TO DO WHAT YOU GUYS DO. BY THE WAY, SOMETHING I FORGOT TO MENTION, WE DO PARTNER THROUGH, THROUGH EVERFI WITH, UH, SCHOOLS IN NEWARK. AND, UM, WE HAVE A PROGRAM THAT WE GIVE, UH, AWAY TO SCHOOLS. MAJORITY OF THOSE ARE SITTING IN LMI AREAS. UM, AND THROUGH THAT THEY GET SELF-GUIDED, UH, FINANCIAL LITERACY. SO WE GET TEACHERS TO KINDA LIKE, SIGN UP FOR THAT. WE GIVE THEM THE PROGRAM, AND THEN THEY'RE ABLE TO GO IN AND, AND LOOK AT, UH, UM, YEAH, SELF-GUIDED FINANCIAL, UH, ADVICE, RIGHT? SO THEY'RE ABLE TO LOOK AT VIDEOS AND THEN LEARN ABOUT THE BASICS OF BANKING, UM, HOW TO BORROW MONEY, HOW TO SPEND MONEY, UM, ALL OF THAT. UM, THIS YEAR ALONE, WE HAD 685 STUDENTS THAT HAVE SIGNED UP AND THEY'VE COMPLETED 3,686 MODULES. SO, UM, I AGREE WITH EVERYTHING THAT MY COLLEAGUES SAID. ONE OF MY QUESTIONS IS, HOW DO PEOPLE FIND OUT ABOUT YOUR PRODUCTS? YOU KNOW, IF THEY DON'T WALK INTO A BANK, HOW WOULD THEY KNOW? AND ESPECIALLY THE GRANT MAKING SIDE, WE'RE OFTEN ALWAYS ASKED, HOW DO WE GO ABOUT APPLYING FOR GRANTS? AND SOMETIMES YOU GO TO SOME OF YOUR WEBSITES AND IT'S LIKE A, A, A CAT AND MOUSE CHASE. YOU'VE GOTTA REALLY DRILL DOWN TO FIGURE OUT WHERE THE LINKS, WHO ARE THE CONTACT PEOPLE. SO THE PUBLIC IS AT HOME WATCHING THIS PROGRAM TONIGHT. SO, SO HOW DO THEY FIND OUT ABOUT YOUR LOAN MAKING ACTIVITIES AND YOUR GRANT MAKING ACTIVITIES? SO, I MEAN, I, I'LL HATE TO DIRECT YOU TO THE WEBSITE, BUT IT IS ALL IN THE WEBSITE . YES. UM, AND THEN ALSO, YOU KNOW, WE HAVE, UH, PEOPLE LIKE, UH, ROXANNE THAT IS IN THE COMMUNITY, UM, ALWAYS HAVING CONVERSATIONS AND TALKING WITH THE COMMUNITY ADVOCATES, UH, TO LET THEM KNOW HOW ALL THIS WORKS, THE PROGRAMS THAT WE HAVE. UM, WE ALSO HAVE, UH, UM, COMMUNITY, OR NOT COMMUNITY, BUT CRA LOAN OFFICERS THAT DO THE SAME, RIGHT? THEY'RE IN THE COMMUNITY, HAVING CONVERSATIONS WITH COMMUNITY ORGANIZATIONS, HAVING CONVERSATIONS WITH THE BORROWERS, UM, YOU KNOW, EXPLAINING THE PRODUCTS, THE SERVICES, UM, AND THEN, YOU KNOW, I'M THERE AS WELL, RIGHT? SO REACHING OUT TO THE ORGANIZATIONS THAT, UH, WE THINK ARE THE SERVING OF, OF, BECAUSE OF ALL THE THINGS THAT THEY'RE DOING, AND, UH, ENSURING THAT THEY KNOW
HOW TO APPLY FOR THE GRANTS AND THE GRANT MAKING AND WHERE THE MONEY IS. SO IF I GO TO YOUR WEBSITE TODAY, IS IT CLEAR THAT IF I POKE AROUND SOME, HOW TO FIND OUT ABOUT A GRANT, HOW TO FIND OUT ABOUT YOUR LENDING SERVICES? THERE? A THERE IS A, A SECTION FOR THE FOUNDATION SPECIFICALLY WHERE YOU ACTUALLY CLICK AND YOU CAN SEE EVERYTHING THAT THE FOUNDATION DOES. IF I CAN ADD, COME STATE YOUR NAME AND AFFILIATION FOR THE MIC, PLEASE. UH, ROXANNE CILLO, UH, WITH, UH, PROVIDENT BANK. UM, JUST TO ADD TO HOW WE GET ALL THE INFORMATION OUT, WE ALSO HAVE A HUGE, UM, NOT A HUGE, UH, MARKETING DEPARTMENT THAT SPECIFICALLY GO INTO MAGAZINES LIKE POSITIVE COMMUNITY, WHICH IS KNOWN IN ESSEX COUNTY, UH, WITH THE CHURCHES. AND WE PUT OUR PRODUCT ON THAT MAGAZINE ALONG WITH URBAN NEWS. WE ALSO POST OUR INFORMATION IN RADIO STATIONS, LARGER NEWSPAPERS IN BILLBOARDS THROUGHOUT ESSEX COUNTY. UM, I DON'T KNOW OFF THE TOP OF MY HEAD, HEAD, BUT IT IS OUT THERE THROUGH OUR MARKETING DEPARTMENT. AND WE CAN PROVIDE THE LOCATIONS IF NEEDED. BUT WE DO HAVE, UH, DIFFERENT WAYS, UH, TRAIN STATIONS, TRANSPORTATION, AND WHERE INDIVIDUALS ARE WAITING FOR THEIR, THEIR, THEIR BUS OR TRAIN. THEY WILL SEE OUR AD. WE'VE, UM, ALSO TRIED A SOLAR BENCH ON THE CAMPUS, UM, IN THE PAST. UM, BUT IT DIDN'T REALLY GENERATE SO MUCH. SO WE TRIED THE, UM, MAGAZINES. SO MAGAZINES LIKE COMMUNITY POSITIVE URBAN NEWS, UM, ARE SOME JUST IN ESSEX COUNTY THAT WE ANNOUNCE OUR MORTGAGE PRODUCT SO OTHER PEOPLE CAN REACH OUT. BUT LIKE GIL SAID, I'M OUT IN THE COMMUNITY. I'M MEETING WITH NONPROFITS THROUGHOUT ESSEX COUNTY, LIKE URBAN LEAGUE. THEY INVITE US TO THEIR WORKSHOPS. WE ATTEND THEIR WORKSHOPS, UH, INVEST NEW WORK, NEW JERSEY CITIZEN ACTION. ANY, ANYBODY, ANY ORGANIZATION THAT'S HUD CERTIFIED GIVES US AN OPPORTUNITY TO DISCUSS OUR PRODUCT AND INVITE INDIVIDUALS TO COME WORK WITH OUR CCRA MLO SO THEY GET ADDITIONAL INFORMATION. THANK YOU. COMMISSIONER RICHARDSON. YES. I, I I JUST WONDER HOW MUCH OF BANKING INFORMATION YOU ACTUALLY TEACH FOLKS. DO YOU TEACH 'EM ABOUT WHEN THEY MAKE A DEPOSIT IN YOUR BANK AND LET'S SAY A CHECKING ACCOUNT THAT SAY THEY PUT IN $10,000 IN YOUR BANK, YOU LOAN THAT OUT AS A, AT A HIGH INTEREST RATE TO THE BORROWERS, BUT THE PERSON WHO PUTS THE MONEY IN THE BANK IS VERY LITTLE FOR PUTTING THEIR MONEY IN YOUR BANK. UH, HOW DO THEY GET A BETTER RATE? SO, LIKE, NAME AND AFFILIATION FOR THE RECORD, PLEASE, BEFORE YOU RESPOND. LEONARDO RAMOS, UH, CRA OFFICER PROVIDE BANK. UM, SO WE, WE DO LIKE, UH, YOU KNOW, WE DO HAVE, UH, FIRST OF ALL, WE HAVE AN AFFILIATION WITH EVERFI. UH, WE HAVE ABOUT 20 FINANCIAL LITERACY SEMINARS THAT WE DO ON A VERY REGULAR BASIS. THEY GO FROM, UH, THE VERY BASIC, ALL THE WAY UP TO MORE COMPLICATED THINGS. SO THE VERY BASIC OF HOW DO YOU ESTABLISH AN ACCOUNT, HOW DO YOU USE THE ACCOUNT BANKING SERVICES? AND THEY'RE MORE COMPLICATED TO, UH, HOW DO YOU ESTABLISH A BUSINESS? HOW DOES THE BUSINESS WORK? HOW DO YOU FIND FUNDING FOR THE BUSINESS? SO WE HAVE THAT, BUT ALSO, UM, OUR CULTURE AS, AS BANKERS AND IN THE BANK ITSELF, YOU KNOW, WE, WE HAVE A MODUS, UH, COMMITMENT YOU CAN COUNT ON. AND, UH, THE IDEA OF THAT IS YOU CAN COUNT ON US TO TELL YOU, LIKE, AND, AND STEER YOU IN THE RIGHT WAY, IF YOU WILL. SO IF YOU COME TO THE BRANCH AND YOU OPEN AN ACCOUNT AND YOU HAVE MONEY THAT YOU WILL BE ABLE TO ACTUALLY, UH, INVEST, UH, WE WILL LET YOU KNOW WHERE YOUR MONEY WILL BE MAKING MORE. UM, THE, THE BENEFIT IS FOR YOU. AND, UH, THAT'S WHAT WE DO. AND IT, AND IT IS NOT, YOU KNOW, I'M NOT TRYING TO SELL YOU, UM, A BUNCH OF GOODS HERE. IT, IT IS TRUTHFULLY WHAT HAPPENS WHEN YOU GO TO A PROVIDE BANK BRANCH. I WORKED IN ANOTHER BANKS WHERE THAT WAS INSINCERE, BUT THIS IS ACTUALLY VERY SINCERE. YOU STILL DIDN'T TELL ME HOW I COULD GET MORE, MORE INTEREST RATE ON MY MONEY. , YOU DID EVERYTHING, BUT TELL ME THAT, RIGHT? . UM, I'M GONNA GIVE YOU A TYPICAL BANKER ANSWER, IN. I DO WANNA ADD ONE MORE THING. UM, 'CAUSE YOU BOUGHT UP DEPOSITS. YOUR NAME AGAIN FOR THE RECORD, PLEASE. ROXANNE CAMA, COMMUNITY DEVELOPMENT OFFICER. PROVIDE AND BANK. UM, WE ALSO PARTICIPATE ON THE NATIONAL PROGRAM CALLED THE BANK ON PROGRAM, WHICH THIS HELPS INDIVIDUALS THAT ARE LOOKING FOR AN ACCOUNT WHERE THEY WON'T GET CHARGED THE OVERDRAFT FEE. UM, WE ARE A PARTICIPATING LENDER, AND THAT'S HUGE FOR US BECAUSE, YOU KNOW, THERE'S HUNDREDS OF OTHER BANKS THAT ARE A PART OF THAT PROGRAM. BUT IT IS A NATIONAL PROGRAM AND IT, IT TIES IN WITH WHO WE ARE AT PROVIDE AND BANK AND MAKING SURE THAT WE'RE PROVIDING THEM THE RIGHT SERVICES TO OUR CUSTOMERS.
AND REGARDING EDUCATION, WE EDUCATE, NOT JUST THROUGH FINANCIAL LITERACY, BUT IF LEO AND I ARE NOT THE PROFESSIONALS TO TALK ABOUT INVESTMENT, WE HAVE A DEPARTMENT FOR THAT. SO WE HAVE OUR INVESTMENT DEPARTMENT, I WOULD SAY THEY'RE THE PROTECTION PLUS PROGRAM, WHERE WE INVITE THEM TO SOME OF OUR EVENTS WHERE THEY'LL TALK ABOUT A 401K, THEY'LL TALK ABOUT GETTING LIFE INSURANCE, EVEN IF IT'S FOR $10,000 TO GET ONE JUST IN CASE. RIGHT? SO WE HAVE SEVERAL DEPARTMENTS THAT I WORK WITH EXCLUSIVELY WHEN I GO OUT AND MEET THE COMMUNITY. 'CAUSE IT'S NOT JUST GONNA BE ABOUT BUYING A HOME, IT'S GONNA BE ABOUT BANKING, IT'S GONNA BE ABOUT SAVING LIFE INSURANCE, EDUCATION AND, AND, UM, STARTING A SMALL BUSINESS. SO I TRY TO BRING ALL MY PARTNERS TO EVENTS, TO TABLING EVENTS SO THEY GET THE FULL SCOPE OF WHAT A BANK CAN OFFER A CUSTOMER. THANK YOU. COMMISSIONERS. ANY OTHER QUE? COMMISSIONER, PRESIDENT. THANK YOU. WELL, YOU, YOU'RE TALKING TO GO ON THE WEBSITE AND I DID. AND SINCE I'M A NON-PROFIT GUY, I DO THIS QUITE A BIT. SO UNFORTUNATELY, UH, WHEN YOU TYPE IN GRANTS, GRANTS REQUEST, THE ONLY THING THAT COMES UP ARE OUR FOUNDATIONS. AND THAT'S FROM 2023. AND IT'S, THERE'S NOTHING FOR 20. THERE'S AN EXPLANATION FOR THAT. SO, UH, THE FOUNDATION MADE A DECISION THAT, UH, THEY WILL ACTUALLY GRANT, UH, EVERYONE THAT WAS GRANTED IN 2023 FOR 2024. WE WOULD NEVER KNOW THAT THOUGH. YEAH. AND THAT PROBABLY MEANS THAT THERE WAS NO OPPORTUNITY FOR NEW PEOPLE OR NEW ORGANIZATIONS. NOT, NOT IN 2024, BUT 2025. YES. OKAY. SO, BUT MY POINT IS, UH, THE SECOND PART OF IT, ASIDE FROM THE FOUNDATION, SINCE YOU GUYS GIVE ABOUT $54,000, WHEN I TYPE IN ANYTHING LIKE, YOU KNOW, LOCAL BRANCH SPONSORSHIP, LOCAL BRANCH GRANTS OR ANYTHING LIKE THAT, THOSE KIND OF KEY WORDS, NOTHING COMES UP. SO IN OTHER WORDS, IF I WERE TO, UH, COME TO YOU AS A BRANCH, I'D HAVE TO GO INTO YOUR, TO YOUR APPOINTMENT OF VICE PRESIDENT. YOU'D HAVE TO GO INTO THE BRANCH AND SEEK THAT OUT BECAUSE IT'S NOT IMMEDIATELY AVAILABLE. SO PERHAPS IF YOU MAY, UH, BE RECEPTIVE TO SOME ADVICE. SURE. AND THAT IS TO SEND BACK THE MESSAGE THAT WHEN, UH, YOU'RE LOOKING FOR SUPPORT, YOU CAN'T FIND IT HERE. NOW, I KNOW YOU'RE IN THE BUSINESS OF MAKING MONEY, BUT YOU ALSO HAVE AN OBLIGATION THROUGH YOUR FOUNDATIONS. RIGHT? AND SO, UH, THAT SHOULDN'T BE SO BURIED IN HERE TO, TO FIND, IT SHOULD BE A LITTLE BIT EASIER TO FIND. AND I'M IN THE NON-PROFIT BUSINESS, AND I THINK EVERYONE HERE UNDERSTANDS WHAT YOU'RE TALKING ABOUT. BUT NOT EVERYONE UNDERSTANDS THE DIFFERENCE BETWEEN THE FOUNDATION GRANTS AND THE FACT THAT YOU MAKE SEPARATE GRANTS IN YOUR BRANCH AS WELL. SO THERE'S NO DISTINCTION FOR THAT. AND THAT, UH, THAT'S SOMETHING I BROUGHT UP WITH YOUR BANK LAST YEAR AND THE YEAR BEFORE. OKAY. AND THE YEAR BEFORE , AND NOW THIS IS MY SEVENTH YEAR, SO AT LEAST SIX TIMES I'VE ASKED THAT MAYBE THIS BEING THE SEVENTH. SO THIS DOESN'T REALLY MAKE IT GET BACK HOME. AND THAT'S IMPORTANT TO THE BOARD AS A WHOLE ABOUT YOUR PHILANTHROPY. BUT IF YOUR PHILANTHROPY IS VERY DIFFICULT TO NAVIGATE, THEN IT MAKES THE PROCESS ALL MORE DIFFICULT. SO, I, I APPLAUD YOU FOR ALL THAT YOU'RE DOING, BUT THIS REMAINS A CHALLENGE NOW AFTER A NUMBER OF YEARS. AND WE DO A LOT OF BUSINESS WITH YOU GUYS, RIGHT? YES. I MEAN, DO WE HAVE ANY FIGURE ON THAT? YES, WE DO. SO ACCORDING TO THE SHEET THAT WE WERE GIVEN, MR. PRESIDENT, OUR TOTAL DEPOSITS ARE $34 MILLION WITH THE PRIVATE BANK. YOU KNOW, I MEAN, MAYBE NOT THE BIGGEST CLIENT YOU HAVE, BUT IT IS RESPECTABLE. I WOULD SAY 34,000, $34 MILLION. PARDON ME, CLIENT. YOU KNOW, WHEN, WHEN YOU GET FEEDBACK LIKE THAT, I THINK IT, IT SHOULD BE THE POINT SHOULD BE DRIVEN SOMEWHERE TO CORPORATE THAT HEY, A MADE YOUR CLIENT IS INQUIRING ABOUT THESE THINGS ON BEHALF OF THE PUBLIC AND IT ONLY MAKES YOU LOOK BETTER. ANYWAY. SO THIS IS SOME FEEDBACK THAT I'VE REPEATED OVER THE YEARS THAT I HOPE YOU FOLKS NOW DON'T TAKE IT PERSONAL. NO, NO, WE AT YOU. WE WILL TAKE IT BACK. BUT THIS LIKE, THIS NEEDS TO HIT HOME AND, AND YOU'RE NOT THE ONLY BANK, YOU KNOW. BUT THIS IS IMPORTANT TO OUR BOARD. AND I THINK THIS BOARD HAS TRUST THAT OVER THE YEARS. THANK YOU VICE PRESIDENT. WELL, THANK YOU MR. PRESIDENT FOR THAT. UM, MR. CORY JULIUS COLT, DEPUTY COUNTY ADMINISTRATOR, UH, LISTENING TO THE PROVIDENT, UH, REPRESENTATIVES, UM, I SEE THEY HAVE A SMALL BUSINESS, UH, LOAN PROGRAM. IT'D BE VERY BENEFICIAL IF THEY CONTACTED THE OFFICE OF SMALL BUSINESS. SO WHEN WE DO HAVE PROGRAMS, THEY CAN COME AND PRESENT THEIR LOAN PROGRAM AND POSSIBLY TEACH SOME OF THE PARTICIPANTS, UH, AT THE SMALL BUSINESS OF AGENDA THAT WE HAVE. SO HOPEFULLY THEY CAN REACH OUT TO OUR OFFICE OF SMALL BUSINESS. THANK YOU, MR. PALTRY. THAT WAS GONNA BE ONE OF MY CLOSING REMARKS TO THEM. SO THANK YOU FOR THAT, MR. PRESIDENT. THANK YOU. I APPRECIATE YOUR COMMENTS AND I AGREE WITH THEM 100%. I WAS GOING TO SAY, FOR A NUMBER OF YEARS GOING, WE HAVE HIGHLIGHTED
THE NEED FOR PROVIDENT TO MAKE IT EASIER FOR, UM, RESIDENTS TO FIND OUT ABOUT YOUR PRODUCTS, ESPECIALLY IN THE GRANT MAKING AREA. I THINK YOU GUYS HAVE DONE A TREMENDOUS JOB WITH YOUR LENDING ACTIVITIES OF SMALL BUSINESSES WITH YOUR MORTGAGE PRO PRODUCTS TO FIRST TIME HOME BUYERS. YOU GUYS HAVE GREAT PRODUCTS AND YOU GUYS ALWAYS COME IN AND GIVE US A GREAT PRESENTATION. IT'S EASY TO FOLLOW, IT'S EASY FOR US TO UNDERSTAND. AND YOU WORK WITH COMMUNITY BASED ORGANIZATIONS THAT A LOT OF US, UM, INTERACT WITH. AND AS COMMISSIONER RICHARDSON POINTED OUT, YOU ARE NOT JUST DEALING WITH THE SAME BIG ORGANIZATIONS, COMMUNITY BASED ONES THAT ALWAYS GET THE FUNDING. YOU MIX IT UP AND WE APPRECIATE THAT ABOUT YOU. MY BIGGEST DIG IS WHAT THE COMMISSIONER PRESIDENT JUST POINTED OUT, YOUR, YOUR WEBSITE IS VERY DIFFICULT TO NAVIGATE. I ASKED THAT ON PURPOSE BECAUSE I RECALL YEAR AFTER, AFTER YEAR, WE'VE HIGHLIGHTED THAT AS A CONCERN AND SOMETHING THAT WE WANTED TO SEE CHANGE. SOMETHING THAT I HIGHLIGHTED YEAR AFTER THE YEAR IS I THOUGHT YOUR GRANT MAKING SIDE FROM THE BANK IS A LITTLE LEAN. WHEN I LOOK AT $34 MILLION IN INVESTMENT, I EXPECT TO SEE MORE THAN A HUNDRED THOUSAND DOLLARS IN GRANT MAKING, UM, FROM THE BANK. UM, YOU GUYS ARE REQUIRED THROUGH YOUR CRA ACTIVITIES, AND I UNDERSTAND THAT BANKS OFTEN HEDGE HEAVY ON THE LENDING SIDE, BUT WE NEED THE GRANT MAKING SIDE TO EQUALLY COMPLIMENT, UM, THE LENDING AND INVESTMENTS AT THE SAME LEVEL. I WOULD LOVE TO HEAR AS A FOLLOW UP, THE LEVEL OF GRANT MAKING FROM THE FOUNDATION SIDE. 'CAUSE YOU ARE THE FIRST PERSON TO REALLY TALK ABOUT THE PRIVATE FOUNDATION. AND I KNOW ONE OF THE THINGS THAT I BEAT YOU GUYS UP FOR IS THE GRANT MAKING. AND YOU GUYS ARE THE FIRST GROUP TO TALK ABOUT YOUR FOUNDATION SIDE AND THE LENDING THAT THEY GIVE OUT. SO I WOULD LOVE TO SEE WHAT THEIR GRANT MAKING ACTIVITIES HAS BEEN. AND I'M SURE IT'S A LOT BETTER THAN WHAT WE SEE HERE FROM THE BANK LENDING THAT THAT'S GONE OUT. AND I'M SURE THAT MAY MAKE ME FEEL A LITTLE BIT BETTER. BUT ALSO TO COMPLIMENT THAT, TO GO BACK TO THE COMMISSIONER, PRESIDENT, HOW DO PEOPLE GET TO THE FOUNDATION SIDE? HOW DO PEOPLE FIND OUT ABOUT YOUR GIVING? IF THERE'S A, UM, ANNUAL ROUND OF FUNDING, HOW DO PEOPLE APPLY FOR THAT? SO, UM, IF NO ONE ELSE HAVE ANY OTHER QUESTIONS, THERE'S SOME OPEN QUESTIONS THAT WE ASKED HERE TODAY. WE WOULD LIKE TO HAVE THAT INFORMATION PROVIDED BACK TO OUR OFFICE. ADAM WAS THE CONTACT, IS IT? SO ADAM, PLEASE GIVE, UM, ON YOUR WAY OUT YOUR, YOUR BUSINESS CARDS, PLEASE TO MR. ADAM SO THAT WE COULD FOLLOW UP WITH YOU AND PLEASE PROVIDE US BACK WITH, WITH THAT INFORMATION THAT WE'RE LOOKING FOR AROUND THE FOUNDATION AND GRANT MAKING. AND I WANNA DRIVE HOME. COMMISSIONER PRESIDENT'S POINT OF YOUR HIGHER UPS NEED TO UNDERSTAND $34 MILLION IS A SIGNIFICANT AMOUNT OF AN INVESTMENT FOR US. AND WE'D LIKE TO SEE SOME LITTLE TWEAKS ON YOUR WEBSITE. I'M SURE YOU GUYS HAVE A WHOLE BIG ROBUST IT DEPARTMENT THAT COULD MAKE SOME LITTLE, YOU KNOW, CLICKS OF THAT, THAT MOUSE TO MAKE IT EASIER FOR PEOPLE TO FIND THOSE GRANTS. SO THANK YOU SO MUCH FOR COMING OUT. WE APPRECIATE YOUR TIME AND THANK YOU FOR THE OPPORTUNITY. THANK YOU. PERFECT. THANK YOU. GOOD EVENING. PLEASE INTRODUCE YOURSELF AND GIVE US A LITTLE OVERVIEW. HI, GOOD EVENING. MY NAME IS ROBERT BARBERINO. I'M WITH VALLEY NATIONAL BANK. I'M IN OUR GOVERNMENT SERVICE, UH, DEPARTMENT, AND I HANDLE GOVERNMENT BANKING FOR THE BANK. THANK YOU. HI, MY NAME IS KAITLYN ZI. I'M FROM VALLEY BANK. I'M A SENIOR VICE PRESIDENT, ONE OF PART OF THE CORPORATE SOCIAL RESPONSIBILITY TEAM, AND ONE OF THE CRA REGIONAL OFFICERS FOR THE BANK. THANK YOU. GOOD EVENING. MY NAME IS BERNA J WALLER. I'M AN EXECUTIVE VICE PRESIDENT WITH
THE BANK, AND I OVERSEE ALL OF OUR CORPORATE SOCIAL RESPONSIBILITY, CRA AND SOME OTHER, UH, REGULATORY MATTERS. MM-HMM . UH, ACROSS OUR FOOTPRINT. THANKS FOR HAVING US. THANK YOU. THANK YOU ALL SO MUCH FOR COMING THIS EVENING. PLEASE BEGIN YOUR PRESENTATION BY GIVING US AN OVERVIEW, UM, HIGH LEVEL OF YOUR, UM, CRA ACTIVITIES, SPECIFICALLY HIGHLIGHTING YOUR COMMUNITY LENDING ACTIVITIES, YOUR GRANTS, YOUR LOANS, YOUR FIRST TIME, UM, HOME BUYERS PRODUCTS, ANY MORTGAGE PRODUCTS, UM, THINGS THAT WERE ASKED OF YOU IN THE SURVEY THAT YOU RESPONDED TO. SURE. EACH TIME SOMEONE SPEAKS YOU PLEASE NEED TO PUT YOUR NAME AND AFFILIATION ON THE RECORD 'CAUSE WE'RE RECORDING AND WE HAVE TO TRANSCRIBE BERNADETTE MUELLER, UH, VALLEY BANK. SO, WITH REGARD TO OUR CRA EFFORTS, WOULD YOU LIKE ME TO ADDRESS SPECIFICALLY THE BANK'S OVERALL EFFORTS OR ESSEX COUNTY? ESSEX COUNTY? OKAY. SO WITH REGARD TO ESSEX COUNTY, UM, WE HAVE APPROXIMATELY 17 BRANCHES HERE IN ESSEX COUNTY. AND, UM, BOTH IN, THROUGHOUT THE MANY DIFFERENT MUNICIPALITIES INCLUDING NEWARK, UM, WE HAVE FROM A, UH, COMMUNITY LENDING AND A MORTGAGE LENDING PERSPECTIVE, UH, WE ARE PROBABLY ONE OF THE FEW BANKS, WELL NUMBER ONE, THAT IS HEADQUARTERED HERE IN NEW JERSEY. UH, ALTHOUGH WE CROSS, WE SPAN SIX STATES. NEW JERSEY IS OUR LARGEST, UH, ESSEX COUNTY IS DEFINITELY, UH, AN AREA OF CONCENTRATION FOR US. UM, WE SUPPORT MANY ORGANIZATIONS WITHIN THE COUNTY, UH, IN TERMS OF NOT JUST FINANCIAL, IT'S NOT OUR, UM, IT'S NOT OUR GOAL TO BE JUST A FINANCIAL AND PHILANTHROPIC ARM WHEN WE SUPPORT AN ORGANIZATION. WE LIKE TO SUPPORT THEM WITH FINANCIAL EDUCATION, FINANCIAL RESOURCES, UM, INVESTMENTS, WHETHER IT BE THE NRTC IN CLINTON HILL OR, UM, WE LIKE TO DO IT ACROSS MULTIPLE CHANNELS. UM, WE ARE PROBABLY ONE OF THE FEW BANKS THAT HAVE, UH, HOME MORTGAGE ORIGINATORS STILL FEET ON THE STREET. I, I, I BELIEVE IN ESSEX COUNTY IN TOTAL. AND, AND LET ME DOUBLE CHECK. I THINK WE ORIGINATED APPROXIMATELY 200 AND, UH, OH NO, EXCUSE ME, 164 RESIDENTIAL MORTGAGES OF WHICH, UH, ALMOST HALF OF THEM WERE, WERE EITHER MADE TO LOW OR MODERATE INDIVIDUALS OR IN LOW OR MODERATE INCOME AREAS. WE HAVE, UH, TWO PROPRIETARY PROGRAMS THAT WE KEEP IN HOUSE, 97% FINANCING AND 95% FINANCING FROM AN LTV PERSPECTIVE. UH, WITH NO PMI, WE, WE PAY FOR THE PMI. UM, WE, IN ADDITION TO THAT, WE PROBABLY HAVE, UH, I'M GONNA SAY AN ADDITIONAL SIX PROGRAMS WITH FANNIE AND FREDDY AND FHA THAT WE PROVIDE. UM, BUT I THINK WHAT'S IMPORTANT ABOUT VALLEY IS, ALTHOUGH AS I MENTIONED EARLIER, WE'RE IN SIX STATES, WE ARE VERY COMMITTED TO LOCAL LEADERSHIP AND LOCAL INVESTMENTS. SO OUR FEET ON THE STREET WILL ACTUALLY MEET WITH OUR, YOU KNOW, RESIDENTIAL MORTGAGE CLIENTS AT THEIR PLACE OF BUSINESS, AT THEIR HOME, AT THE BRANCH, WHEREVER THAT MAY BE. UM, PLUS OF COURSE, WE DO HAVE DIGITAL CAPABILITIES AS WELL, BUT WE'RE VERY MUCH A RELATIONSHIP BANK. UM, WE, AS I INDICATED AT A MOMENT EARLIER, HAVE BEEN LONG TIME PARTICIPANTS IN THE NRTC, THE NEIGHBORHOOD REVIT, A REVITALIZATION TAX CREDIT PROGRAM. AND PROBABLY, AND I, WELL, NOT PROBABLY, I COULD TELL YOU THE VERY FIRST ONE WE DID, UH, WAS A MILLION DOLLARS, WHICH WAS A MAX, AND THAT WAS WELL OVER 10 YEARS AGO. AND THAT WAS TO AN ORGANIZATION IN, UH, THE ORANGES HANDS AT THE TIME. UH, AND THAT WAS OUR VERY FIRST ENTREE INTO IT. WE HAVE JUST SHY OF, I BELIEVE IT'S ABOUT WE'RE IN THE TOP 10 AS SOME OF MY, UH, COMMUNITY-BASED ORGANIZATIONS HAVE POINTED OUT. WE'RE IN THE TOP 10 OF LIFETIME SUP, YOU KNOW, LIFETIME CONTRIBUTORS TO THAT PROGRAM. UH, WE ALSO PARTICIPATE VERY, UH, ACTIVELY AND HAVE DONE SO FOR, I THINK SINCE ITS INCEPTION, THE AFFORDABLE HOUSING PROGRAM, A HP, WHICH YOU MAY BE FAMILIAR WITH, IT'S WITH THE FEDERAL HOME LOAN BANK OF NEW YORK. AND, UM, WE, AS A MEMBER, BANK OF THE FEDERAL HOME LOAN BANK WILL
PUT THROUGH APPLICATIONS ON BEHALF OF OUR, UH, COMMUNITY-BASED ORGANIZATIONS FOR THE PURPOSE OF DEVELOPING HOUSING, AFFORDABLE HOUSING. SO, UH, WE, YOU KNOW, JUST RECENTLY PUT THROUGH ANOTHER FIVE APPLICATIONS FOR THAT. AND WE, YOU KNOW, WE MONITOR THAT. SO WE TRY TO REALLY TAKE ADVANTAGE OF PROGRAMS WHEREVER WE CAN TO BENEFIT THE PEOPLE WHO NEED IT THE MOST. UM, AND WITH THESE PROGRAMS, ESPECIALLY THE A HP, IT HELPS SUPPORT NONPROFITS AND, AND EVEN MISSION-BASED DEVELOPERS TRY TO CREATE AFFORDABLE HOUSING, WHICH AS WE KNOW IS VERY EXPENSIVE. UH, SO THAT'S SOMETHING THAT WE ARE, YOU KNOW, VERY MUCH COMMITTED TO. WE ALSO HAVE DEVELOPED, WE'RE, UM, AGAIN, A LITTLE UNIQUE. WE, WE HAD A NEED, ONE OF OUR, UM, ADVISORY BOARD MEMBERS BROUGHT TO US A NEED TO DO LAND TRUST LENDING. SO, UM, WE'VE DEVELOPED, YOU KNOW, A PRODUCT WHERE WE SUPPORT PEOPLE WHO WANNA BUY HOMES IN A COMMUNITY LAND TRUST. AND WE'VE DONE THAT HERE IN ESSEX COUNTY. AND WE'VE ALSO DONE IT IN, IN OF STATES, INCLUDING FLORIDA, UM, AND, UH, ALABAMA. THANK YOU. YOU'RE WELCOME. CAN I, CAN WE HEAR AN OVERVIEW OF YOUR GRANT MAKING, UM, ACTIVITIES, PLEASE? SURE. SO LAST YEAR, UM, IN 2023, THANK YOU. UH, WE MADE, WELL JUST IN ESSEX COUNTY ALONE, UH, WE CONTRIBUTED APPROXIMATELY 360,000 TO ABOUT 45 DIFFERENT ORGANIZATIONS. NOW, LET ME PREFACE THAT BY SAYING THOSE GRANTS AND, AND THOSE DONATIONS WERE STRICTLY FOR THE SUPPORT OF LOW OR MODERATE INCOME OR INDIVIDUALS THAT ARE SERVICED BY ORGANIZATIONS OR FOR SMALL BUSINESSES, CDFIS. UM, THEY WERE ALL, AS WE WOULD SAY, CRA QUALIFIED. UM, THEY DON'T ENCOMPASS ALL OF OUR PHILANTHROPIC, UH, GRANT GIVING HERE IN ESSEX COUNTY. OKAY. THANK YOU. COMMISSIONERS. ANY QUESTIONS? COMMISSIONER, PRESIDENT. THANK YOU. THANK YOU FOR COMING HERE TODAY. UM, SO I'M A NONPROFIT GUY, MY TRADE, AND SO MY QUESTIONS ARE GONNA BE MORE ABOUT YOUR PHILANTHROPY TO SMALL ORGANIZATIONS THAT ARE NOT NECESSARILY BASED ON HOUSING, SO OTHER BANKS MAY SUPPORT YOUR LOCAL HISTORIC HOUSE, MUSEUM, AN ARTS ORGANIZATION, THINGS OF THAT NATURE. CAN YOU DISCUSS MORE ABOUT THE WAYS YOU HELP US, KIND OF ORGANIZATIONS AND HOW A REPRESENTATIVE OF MUSEUM X WOULD GO ABOUT APPLYING FOR A GRANT? SURE. UM, WE DO SUPPORT, AND WE VERY MUCH BELIEVE IN THE ARTS AS WELL. UM, SO, UH, THEY'RE NOT MUTUALLY EXCLUSIVE. UH, I'LL GIVE YOU AN EXAMPLE. WE, WE SUPPORT NEW JERSEY PERFORMING ARTS CENTER HERE IN NEWARK. UM, BUT WE SUPPORT ONE OF THEIR PROGRAMS THAT DOES OUTREACH TO, UH, YOUNG STUDENTS THAT ARE FROM UNDERSERVED NEIGHBORHOODS. SO, UH, WE DO TRY WHEREVER POSSIBLE TO REACH THOSE THAT MAY NOT BE, MAY NOT BE, UH, ABLE TO TAKE ADVANTAGE OF SOME OF THESE PROGRAMS THROUGH THE ARTS. WE BELIEVE VERY MUCH IN, IN, IN THE ARTS IN TERMS OF ENHANCING THE OVERALL QUALITY OF LIFE AND EDUCATION. SO, UM, AND, AND THERE ARE MANY OTHERS THAT I CAN TELL YOU ABOUT, BUT THAT ONE COMES TO MIND SINCE IT'S ESSEX COUNTY, I HAVE TIME. UM, I, I'D BE CURIOUS TO KNOW MORE, BECAUSE THIS IS VERY IMPORTANT TO ME BECAUSE I THINK IT GETS OVERLOOKED QUITE A BIT. SO I'D BE CURIOUS TO KNOW, WHAT ARE THE KIND OF ORGANIZATIONS IN THAT WORLD THAT YOU FUND IN ESSEX COUNTY? SO WITH REGARD TO, UM, THE OTHER ORGANIZATIONS IN ESSEX COUNTY THAT ARE MUSEUMS, I, I DON'T MUSEUM ARTS CULTURE, ANYTHING OF THAT UMBRELLA. OKAY. OKAY. SO WE VERY MUCH INVESTED IN LUNA STAGE, WHICH, UM, IS A ORGANIZATION IN THE VALLEY. AND, UM, WE INVESTED IN THAT IN, NOT ONLY IN GRANTS, BUT IN, UH, NRTC MONEY AS WELL. THE INSTITUTE OF MUSIC IS ANOTHER ONE IN ELIZABETH THAT WE, UH, WERE OUT OF THAT AREA THAT WE, UM, AND THEY SU THEY COVER, I KNOW ELIZABETH IS UNION COUNTY, BUT THEY DO COVER A, A, A WIDER AREA.
AGAIN, WE TRY WHEREVER TO SUPPORT THE ARTS AND THEN SUPPORT THE ARTS AND THEN MAYBE, HOPEFULLY HAVE IT, HOPEFULLY IT HAS A PROGRAM THAT REACHES, UH, AGAIN, PEOPLE WHO ARE, UH, EITHER LOW OR MODERATE INCOME AND MAY NOT BE ABLE TO AFFORD, UH, GOING TO, TO CERTAIN CULTURAL SHOWS. UM, HOW WOULD AN ORGANIZATION GO ABOUT APPLYING, UH, YOU, YOU WOULD CONTACT, UH, ANY, YOU CAN GO TO ANY ONE OF OUR BRANCHES AND, UM, YOU CAN CONTACT US DIRECTLY AND THEY WOULD, YOU KNOW, JUST SEND YOUR APPLICATION TO US. CAN YOU FIND THAT ONLINE? WE DON'T HAVE OUR APPLICATION ONLINE AT PRESENT. UM, WE ARE IN THE PROCESS RIGHT NOW OF NAVIGATING AND UPGRADING OUR WEBSITE, AND WE ARE HAVING DISCUSSIONS ABOUT PUTTING IT ONLINE. WE HAVEN'T MADE THE DECISION YET, BUT WE ARE DEFINITELY HAVING DISCUSSIONS. I MEAN, WE CAN EMAIL IT TO YOU. IT'S, IS THERE ANY SPECIFIC REASON YOU DON'T HAVE IT ONLINE? UM, YES. YES. BECAUSE AT THIS POINT IN TIME WE'RE, WE WANNA MAKE SURE THAT WE, WE PUT SOMETHING OUT THERE ONLINE, WE CAN, NUMBER ONE, FULFILL IT TURNAROUND TIME RESPONSIVENESS. SO WE, WE WANNA MAKE SURE WE UNDERSTAND WHAT'S INVOLVED IN THAT. IT'S NOT AN ISSUE TO GET AN APPLICATION. ANY BRANCH WOULD BE HAPPY TO SEND YOU ONE. YOU KNOW, IT'S ELECTRONIC, IT'S PDF, UH, IT'S VERY EASY. IT'S NOT A, A DIFFICULT PROCESS, BUT WE DON'T, YOU KNOW, WE HAVEN'T THOUGHT ABOUT IT. WE WANNA KNOW WHAT THE OUTCOME WOULD BE BEFORE WE DO THAT, OR THINK ABOUT THE POSSIBLE OUTCOMES AND HOW WE WOULD ADJUST FOR THAT. AND WHEN YOU SAY APPLICATION, I'M ASSUMING YOU MEAN THROUGH LIKE A FOUNDATION SIDE OF THEN, NOT THE LOCAL BRANCH THAT GIVES AWAY, UH, FUNDING. IS THAT CORRECT? SO TO THAT POINT, MOST OF VALLEY HISTORICALLY, UM, UH, MOST OF OUR PHILANTHROPIC GIVING HAS BEEN DONE AT THE BANK LEVEL, NOT THROUGH A FOUNDATION. UM, MANY BANKS THAT YOU MIGHT SEE THAT WERE SAVINGS BANKS, WHEN THEY CHANGED AND, AND THEY WENT THROUGH THEIR CONVERSION PROCESS, THEY WERE MANDATED TO PUT ASIDE, UH, A CERTAIN AMOUNT OF DOLLARS. SO THEY HAVE SOME VERY LOFTY AND RICH FOUNDATIONS. UM, WE NEVER WENT THROUGH THAT PROCESS. WE'VE ALWAYS BEEN A COMMERCIAL BANK. UM, WE'VE ALWAYS BEEN HERE IN NEW JERSEY, SO WE DON'T HAVE A, A LOFTY FOUNDATION LIKE THAT. AND THEREFORE, YOU KNOW, MOST OF THE PHILANTHROPIC GIVING IS DONE RIGHT OUT OF THE BANKS. SO HOW LONG HAS VALLEY BEEN IN BUSINESS? 1927 WE STARTED. AND HOW LONG HAVE YOU BEEN SERVING ESSEX COUNTY AND HOW LONG HAVE WE BEEN SERVING ESSEX COUNTY? ROUGHLY? I'M NOT GONNA HOLD YOU THE PRECISE DATE, BUT I WANNA GET A SENSE WHETHER IT BEEN FIVE YEARS, 10 YEARS, 20, OH, MUCH MORE THAN THAT. YEAH. NOW WE BOUGHT, WE BOUGHT A BANK, UM, WHERE OUR, OUR BRANCH IS RIGHT ON A BROAD ON BLOOMFIELD. OKAY. SO, SO YOU'VE BEEN AROUND FOREVER, RIGHT? PRESUMABLY, AS LONG AS IT'S, I'VE BEEN ALIVE AS LONG AS THE INTERNET'S BEEN AROUND, AS LONG AS WEBSITES HAVE BEEN PREVALENT AND OUR MAINSTREAM SOCIETY, BUT YOU REALLY CAN'T FIND ANY MECHANISM OR JUSTIFICATION FOR PUTTING THIS STUFF ONLINE WHERE MANY OTHER BANKS DO. SO I, FORGIVE ME, I'M NOT TRYING TO BE CONDESCENDING OR ANYTHING LIKE THAT, BUT THAT'S A VERY WEAK ANSWER FROM MY POINT OF VIEW WHEN SO MANY OTHER BANKS DO HAVE A LOT. THIS IS NOT, YOU KNOW, CRAZY INFORMATION. AND YOU'RE ALREADY PROCESSING GRANTS, SO YOU HAVE THAT'S CORRECT. PROCESS. THAT'S CORRECT. YEAH. SO YOU HAVE, YOU HAVE GRANTS AND YOU'RE GIVING GRANTS, BUT YOU CAN'T PUT IT ONLINE. I DIDN SAY WE COULDN'T BECAUSE OF THE RESPONSE TIME. SO CAN YOU GIVE AN IDEA HOW MUCH BUSINESS WE DO WITH YOU AND ESSEX COUNTY IS OUR GOVERNMENT? WHAT DOES THAT REFER TO? CAN SOMEONE REFER $3.5 MILLION? I'M SORRY. OKAY. $3.5 MILLION. ALL RIGHT. AND MR. PRESIDENT, FOR THE RECORD, YOUR CONCERNS WERE VOICED LAST YEAR, I RECALL. YEAH. SO YEAH, SO I'VE BEEN HERE SEVEN YEARS NOW. THIS IS LIKE, I THINK THIS IS, I'M GONNA NECESSARILY, I, YOU KNOW, SO FOR THE LAST SIX YEARS I'VE SAID IT, I KNOW THE REP, YOU WEREN'T THE REP WHO'S HERE. LAST YEAR WE HAD SOMEONE HERE WHO APPARENTLY WASN'T IN TODAY. SHE'S BEEN HERE FOR THE LAST COUPLE YEARS. AND I'VE ASKED EXACTLY THE SAME QUESTIONS PRETTY MUCH. AND, UH, I PRETTY MUCH GET A DIFFERENT ANSWER EVERY TIME. WELL, FIRST OF ALL, I HAVE TO APOLOGIZE FOR THAT. UM, SO YOU, YOU'RE GETTING THE ANSWER FROM ME OVERSEEING THE ENTIRE DEPARTMENT. UM, I WANTED TO COME THIS SHEER PURPOSELY BECAUSE I WANTED TO, YOU KNOW, WE, WE BELIEVE SO MUCH IN WHAT WE DO FROM A CULTURAL PERSPECTIVE HERE AT THE BANK. AND, UM, I, I HEARD FEEDBACK, NOT NECESSARILY ABOUT THAT, BUT I, I DID HEAR FEEDBACK ABOUT HOW SOME OF THESE
MEETINGS WERE CONDUCTED. AND, UM, SO I, I WANTED TO BE HERE FIRSTHAND SO I COULD HEAR THE QUESTIONS THAT YOU ASKED. I APPRECIATE YOU COMING AND HEARING IT FOR YOURSELF SINCE YOU DO HAVE THE SOCIAL RESPONSIBILITY, UH, COMPONENT OF IT. SO WHAT I WOULD SAY TO OTHER BANKS IS TO GO REPORT TO THE PERSON WHO HAS A SOCIAL RESPONSIBILITY, WHICH IN THIS CASE I'M TALKING TO DIRECTLY. SO THIS IS, YOU ABSOLUTELY ARE. THIS IS A GREAT OPPORTUNITY. SO I THINK IT'S VERY IMPORTANT TO THE BOARD THAT BANKS GIVE BACK, RIGHT? PERIOD. AND IT'S GREAT THAT WE DO LOW INTEREST LOANS AND ALL THAT STUFF, BUT THAT'S STILL REALLY DOING BUSINESS AT THE END OF THE DAY, MAYBE JUST WITH A SMALLER PROFIT. SO AS A NONPROFIT GUY THAT I'VE BEEN TRYING TO DO FOR A LONG TIME IN THE ARTS AND HISTORIC HOUSES, AND WORKING IN VERY SMALL MUSEUMS WHERE I'VE BEEN MAYBE ONE OF ONE EMPLOYEE OR ONE OF 10 EMPLOYEES, OR ONE OF 50 EMPLOYEES, THE ISSUE IS LIKE, IT TAKES A LONG TIME TO DO THAT RESEARCH. AND WHEN ANY OTHER BANK, IT MAKES IT A LITTLE BIT EASIER. YOUR BANK DOESN'T, OKAY, I TAKE THAT UNDER ADVISEMENT. AND, AND YOU, YOU DID MAKE, MAKE A POINT TO TELL US HOW IMPORTANT NEW JERSEY IS AND HOW ESSEX COUNTY IS. AND SO, YOU KNOW, THIS IS WHAT ESSEX COUNTY IS INTERESTED IN, RIGHT? SO AT LEAST IN THIS ROOM, OR AT LEAST I'LL SPEAK FOR MYSELF, OKAY? THIS IS VERY IMPORTANT TO US, AND IT DOESN'T SEEM TO GET ADDRESSED YEAR AFTER YEAR AFTER YEAR. AND I CAN REST ASSURED I'LL BE HERE THIS YEAR AND I'LL BE ASKING THE SAME KIND OF QUESTIONS. WELL, HOPEFULLY I'LL BE HERE TOO, AND WE CAN HAVE THIS CONVERSATION. WELL, HOPEFULLY WE, AND IT'LL BE, WE GAVE THE WONDERFUL IMPROVEMENTS YOU'VE MADE BECAUSE YOU ALREADY ALREADY STARTED THINKING THAT WHEN YOU STARTED TO RESPOND TO IT. AND HOPEFULLY, UH, WE'VE HEARD THE CALL BECAUSE IT'S BEEN A FEW YEARS NOW THAT WE'VE KIND OF NOT REALLY GOTTEN THE ANSWER. AND I WAS ON YOUR WEBSITE GOING THROUGH IT, AND IT'S, IT'S DIFFICULT BECAUSE THERE'S NOWHERE TO FIND IT. AND THAT'S MY POINT. SO IF I MAY, MR. PRESIDENT, I THINK THAT WE MAY NEED TO MAKE SOME ADJUSTMENTS IN HOW WE COMMUNICATE OUT, UM, REALLY WHO WE ARE AS THE BOARD. WE DECIDE WHERE THE DEPOSITS ARE HELD WITH THE COUNTY. THE ADMINISTRATION PUTS A RESOLUTION BEFORE US, AND WE EITHER VOTED UP OR WE VOTED DOWN, AND WE, AS MR. PRESIDENT SAID, LOVE BANKS THAT MAKE INVESTMENTS IN OUR COMMUNITY. YES, THE RETAIL LENDING IS GREAT, BUT YOU'RE GETTING A RETURN ON THAT INVESTMENT. WE EQUALLY WANNA SEE A HIGH LEVEL OF GIVING FROM THE GRANT MAKING PERSPECTIVE, AND CONSIDERING OUR LEVEL OF INVESTMENT WITH YOU, YOUR LEVEL OF GIVING IS PRETTY DARN GOOD. YOU KNOW, IT'S, YOU KNOW, IT'S $359,000. IF YOU HAVE $3.5 MILLION IN A BANK, THAT'S A PRETTY GOOD, YOU KNOW, PRETTY GOOD LEVEL OF, OF, OF GIVING. BUT AT A MINIMUM, I, I WOULD THINK THAT YOU WOULD PUT A PAGE UP ON YOUR WEBSITE THAT AT LEAST SAYS IF YOU'RE INTERESTED IN GRANT MAKING ACTIVITIES, YOU KNOW, CONTACT THE LOCAL BRANCH OR, UH, A GENERIC, UH, GRANT MAKING KIND OF EMAIL FOR PEOPLE TO SEND SOMETHING THROUGH. BECAUSE AS MR. PRESIDENT JUST, UM, DISCUSSED, SMALL COMMUNITY-BASED ORGANIZATIONS DON'T HAVE A WHOLE LOT OF HUMAN CAPITAL TO SPEND AND, YOU KNOW, RESEARCHING TO FIGURE IT OUT. YEAH, I UNDERSTAND THAT. SO, AND IF YOU'RE TRULY INTERESTED IN THAT SOCIAL RESPONSIBILITY THAT YOU TALKED ABOUT MM-HMM . IT SHOULDN'T BE, BE A TREASURE HUNT TO FIGURE IT OUT. MAKE IT A LITTLE BIT MORE ACCESSIBLE FOR PEOPLE TO AT LEAST APPLY FOR PEOPLE TO TRY. UH, MR. PRESIDENT, DO YOU HAVE ANY MORE QUESTIONS? NO, I DON'T. MADAM VICE PRESIDENT, THANK YOU VERY MUCH. AND THANK YOU FOR YOUR RESPONSE. APPRECIATE, I THINK YOU COVERED IT. NO, I APPRECIATE, UM, COMMENTS. PLEASE PUT YOUR NAME ON THE RECORD AGAIN, PLEASE BEFORE YOU SPEAK. UH, BERNADETTE MUELLER VALLEY BANK. THANK YOU. I APPRECIATE YOUR COMMENTS AND YOUR FEEDBACK. UM, AND THEN THEY ARE DULY NOTED. THANK YOU. AND HOPEFULLY WE CAN, UH, RESOLVE THEM. THANK YOU. I'LL BE HERE. I JUST HAVE ONE LAST QUESTION BEFORE YOU GO. IN YOUR REPORT THAT YOU GAVE TO US, YOU REFERENCED THAT YOU GUYS GAVE OUT 411 SMALL BUSINESS LOANS, BUT THERE WASN'T A TOTAL AGGREGATE NUMBER OF WHAT THE, THAT NUMERIC VALUE THAT THE 411 LOANS REPRESENTED. SO, AS A FOLLOW UP IN DOLLAR AMOUNT, YOU MEAN IN DOLLAR AMOUNT? YEAH, NO, I APOLOGIZE. I I NOTICED THAT TOO. SO I ASKED THE QUESTION. UM, IT WAS JUST SHY OF $18,000,018 MILLION. YEAH. AND, AND JUST ALSO, I DON'T KNOW, I THINK IT WAS IN THE SURVEY, AND I APOLOGIZE. THE PERSON WHO, UM, REPRESENTED HERE BEFORE IS NO LONGER WITH THE BANK, WHICH IS WHY, UM, YOU'RE SEEING SOME NEW FACES. SO I MIGHT NOT BE, I DIDN'T READ THROUGH THE WHOLE SURVEY IN, IN DETAIL, BUT, UM, 91% OF THOSE LOANS WERE A HUNDRED THOUSAND OR LESS JUST AS A, AS A, UH, POINT. AND THE OTHER ASPECT TOO, AND I KNOW INVESTMENTS
ARE REALLY IMPORTANT, BUT LET'S NOT UNDERPLAY THE INVESTMENTS THAT WE GET WITH THE NRTC, THE NEIGHBORHOOD REVITALIZATION TAX CREDIT. YOU KNOW, THE ORGANIZATIONS ARE GETTING, YOU KNOW, 75,000, 200,000, 300,000. AND ALSO THE A HP, LIKE THE URBAN LEAGUE OF ESSEX COUNTY, YOU KNOW, THEY COULD RECEIVE UP TO A MILLION DOLLARS WITH US PROCESSING AND PUTTING THROUGH THEIR APPLICATION. AGAIN, WE RECOGNIZE THAT THOSE, YOU KNOW, THOSE NEEDS REALLY NEED TO BE MET. SO I I, I THINK THERE'S A BIGGER PICTURE. I, I QUICKLY LOOKED THROUGH THE SURVEY. UM, WE ALSO HAVE A, A, A COMMUNITY LENDING GROUP, WHICH AGAIN, I AM PROBABLY FOCUSING ON LENDING. YOU DON'T WANT TO HEAR THAT. BUT THEY DO LOANS AS SMALL AS 5,000, UM, WITH A FOCUS ON MINORITY AND WOMEN OWNED BUSINESSES, SERVICE EVERYONE. BUT THERE IS A FOCUS IN OUTREACH THROUGH CDFIS AS WELL. UM, AND THEN WE DO, THE ONE THING THAT I WILL MENTION, UM, WE DO A LOT OF STATEWIDE, UH, INVESTING. SO WE'LL DO EQ TWOS INTO ORGANIZATIONS THAT SERVICE THE ENTIRE STATE, LIKE NEW JERSEY COMMUNITY CAPITAL, UM, YOU KNOW, IS IS ONE OF THE LARGER ONES IN, IN NEW JERSEY THAT WE SERVICE. SO THERE ARE A LOT OF STATEWIDE ORGANIZATIONS THAT WE FUND WHO THEN IN TURN FUND SMALLER ORGANIZATIONS AS WELL. SO WE LIKE TO HEAR ABOUT THE GRANT MAKING, THE LENDING AND EVERYTHING ABOVE. 'CAUSE WE REPRESENT THE COUNTY OF ESSEX. MM-HMM . OUR CONSTITUENCIES REPRESENT A WHOLE LOT OF DIFFERENT NEEDS AND INTERESTS. AND AS MR. COLT, WOULD YOU PLEASE SHARE WITH THEM THE SMALL BUSINESS OFFICE THAT WE WOULD LOVE FOR YOU GUYS TO CONNECT WITH, BECAUSE ALL OF YOUR PRODUCTS THAT YOU'VE TALKED ABOUT TODAY IN THIS REPORT MAY BENEFIT SOME OF OUR SMALL BUSINESSES, UM, CONSTITUENTS. WE WOULD LOVE. WE ACTUALLY TRIED AT ONE POINT TO, TO DO THAT AT THE, UM, THE, THE MAYOR, UH, HAD, HAD TRIED TO HELP FACILITATE THAT AT, AT SOME POINT. UM, SO I'D LIKE TO FOLLOW UP WITH THAT. CAN DEPUTY COUNTY ADMINISTRATOR, UM, WE HAVE A DIRECT OFFICE OF SMALL BUSINESS HERE. MM-HMM . UH, THE COUNTY IS THE COUNTY. THE CITY IS THE CITY. SO THERE ARE TWO DIFFERENT, UH, GOVERNMENTAL AGENCIES. SO, UH, THE OFFICE OF SMALL BUSINESSES RUN BY DIRECTOR OF BURGESS, AND HER PHONE NUMBER IS NINE SEVEN THREE . THANK YOU. 6 2 1 2 0 1 OH. OKAY. SO, AND IF YOU CONTACT HER, UH, SHE'S GOING TO BE RUNNING, UM, PROGRAMS, UH, IN LET'S SAY THE NORTH WARD, POSSIBLY WEEK LAKE SECTION OF NEWARK, AND BRINGING IN SMALL BUSINESSES WHO WILL NEED LOANS AND JUST LEARN HOW TO APPLY FOR THE LOANS. MM-HMM . SO THIS IS WHAT WE'RE TRYING TO DO IN OUR OFFICE OF SMALL BUSINESS. SURE. WE'D LOVE TO BE PART OF THAT. GREAT. AND ASSIST. I'LL BE GLAD TO PARTICIPATE. WE'LL FOLLOW UP. THANK YOU. THANK YOU, COMMISSIONER. ANY OTHER QUESTIONS? THANK YOU. SO THANK YOU SO MUCH FOR COMING. WE HOPE WE DIDN'T BEAT YOU UP TOO BAD FOR YOUR FIRST DAY. NO. AND WE LOOK FORWARD TO THE RESPONSES, THE QUESTIONS THAT WE ASK HERE THAT, UM, REQUIRE A RESPONSE. CAN YOU PLEASE, UM, EMAIL THEM TO ADAM IN THE BACK OF YOUR WAY OUT, PLEASE PROVIDE YOUR CONTACT INFORMATION, YOUR BUSINESS CARDS TO ADAM IN CASE ANY OF US WANNA FOLLOW UP WITH YOU WITH ADDITIONAL QUESTIONS. ABSOLUTELY. THANK YOU SO MUCH FOR COMING. HAVE A GOOD EVENING. THANK YOU VERY MUCH. I APPRECIATE YOU. CANDOR
ARE ACCUSTOMED TO US, . GOOD EVENING. WELCOME. WELCOME. HELLO, HOW ARE YOU? HOW IS EVERYONE? GOOD EVENING. HOW GOOD HOLIDAYS TOUR. PLEASE PUT YOUR NAME AND AFFILIATION ON THE RECORD BEFORE YOU BEGIN YOUR PRESENTATION, PLEASE. SURE. I AM WILLIE BLAYLOCK, SENIOR VICE PRESIDENT OF INDUSTRIAL BANK. AND WITH ME, I HAVE TODAY I HAVE SOME WITH, WITH ME FOR A CHANGE OR WHATEVER, WE HAVE A DEDICATED COMMERCIAL LENDER. RICHARD LIVINGSTON IS RESPONSIBLE FOR THE LENDING ACTIVITY FOR, UH, NEW JERSEY. THANK YOU. WELCOME. SO WE MAY BEGIN. OKAY. I CAN GET RIGHT INTO IT. SO, UM, 2024 HAS BEEN, YOU KNOW, CHALLENGING TO SAY THE LEAST BECAUSE OF INTEREST RATES AND THAT TYPE OF STUFF. SO THERE HAS BEEN A LITTLE DECLINE IN JUST APPROVALS AND DIFFERENT TYPES OF THINGS, PRIMARILY BECAUSE OF THAT. IF YOU LOOK AT THE BEGINNING OF THE YEAR WITH COMMERCIAL RATES VERSUS WHAT THEY ARE NOW OR WHATEVER WE DO, AND THEY'RE NOT BALANCING THEMSELVES OUT LIKE THE, UH, RESIDENTIAL AND RESIDENTIAL IS STILL A LITTLE HIGH. UH, THE LAST TIME I WAS HERE, I THINK LAST YEAR, UH, WE WERE JUST RAMPING UP. SO I CAN SAY TO YOU THAT WE DO NOW HAVE A DEDICATED MORTGAGE REPRESENTATIVE FOR RESIDENTIAL MORTGAGES THUS FAR. UH, WE STARTED IN MARCH OF THIS YEAR. WE HAVE DONE FOUR MORTGAGES, UH, FOUR RESIDENTIAL MORTGAGES IN ESSEX COUNTY. UH, THIS YEAR. UH, SHE HAS AN ADDITIONAL THREE OR FOUR THAT'S IN HER PIPELINE CURRENTLY. SO WE'RE AGGRESSIVELY GOING OUT LOOKING FOR, UH, PRIMARILY REFINANCES AND DIFFERENT TYPES OF THINGS, UH, NEW HOMES THAT ARE ACTUALLY BEING BUILT, UH, ON THE RESIDENTIAL SIDE. ON THE COMMERCIAL SIDE, WE PAIR A LOT WITH A LOT OF THE, UH, NOT-FOR-PROFIT ORGANIZATIONS AND, UH, BUILDERS THAT ARE LOCAL. UH, ONE OF THE FEW THINGS THAT WE'VE ACTUALLY DONE, ONE OF THE PRIDE THINGS THAT WE'VE DONE EARLIER THIS YEAR IS, UH, URBAN LEAGUE OF ESSEX COUNTY, UH, RIGHT HERE, UH, THE URBAN LEAGUE, UH, HAS BUILT FOUR HOMES. WE FINANCED THOSE HOMES. THEY DID QUITE A UNIQUE PROGRAM. THOSE HOMES ARE BEING SOLD BELOW MARKET, ROUGHLY APPROXIMATELY ABOUT $150,000 BELOW MARKET. UH, UNFORTUNATELY BECAUSE THERE WAS SUBSIDY INVOLVED, UH, THE URBAN LEAGUE REALIZED THAT THEY HAD TO OPEN IT UP TO A LOTTERY, NOT ONLY TO ESSEX COUNTY, BUT BY LAW THEY HAD TO OPEN IT UP TO THE ENTIRE STATE. SO, UH, THE INTENT WAS THERE. HOWEVER, THE BOTTOM LINE WAS ALL OF ESSEX COUNTY RESIDENTS DIDN'T GET THE OPPORTUNITY TO WIN THE BIDS TO THOSE HOMES BECAUSE THEY HAD TO BE OPENED UP TO THE ENTIRE STATE. SO, UH, WITH THAT BEING SAID, ADDITIONALLY, THERE'S ANOTHER PROGRAM THAT OUR INDUSTRIAL BANK HAS IMPLEMENTED. UH, WE HAVE AN EMER, UM, AN EMERGING BUSINESS ACCOUNT FOR SMALL BUSINESS OWNERS. UH, THEY CAN GET A BUSINESS ACCOUNT, UH, SERVICE FREE FOR ONE YEAR TO GET THEIR BUSINESSES RAMPED UP AND STARTED. SO THAT'S ANOTHER THING THAT WE'VE, UH, IMPLEMENTED. AND WE'RE AGGRESSIVELY GOING AFTER THE SMALL BUSINESS OWNERS TO ALLOW THEM THE OPPORTUNITY TO RAMP THEIR BUSINESS UP BEFORE ANY FEES ARE ACTUALLY CHARGED TO THEM. SO THAT'S ANOTHER THING THAT WE ACTUALLY DO. UH, AND I, AND WE DO HAVE A JUSTICE EXPOSED PROGRAM THAT'S, UH, BEEN IN PLACE FOR A FEW YEARS, HOWEVER, IT'S BEING ROLLED OUT AND NOW IT'S AVAILABLE HERE FOR NOT ONLY ESSEX COUNTY, BUT THE ENTIRE NEW JERSEY WHERE INDUSTRIAL BANK WILL ACTUALLY GO INTO THE PRISON SYSTEM. AND WE PAIR WITH THEM AND WE ACTUALLY DO TUTORIALS AND COUNSELING ON, UH, RECIDIVISM AND ALL TYPES OF THINGS SO THAT AS INDIVIDUALS ARE COMING OUT, ONE, WE SET THEM UP WITH AN OPPORTUNITY SO THAT THEY'RE NOT FAILING. THEY UNDERSTANDING SOME OF THEM HAVE GONE IN AND THINGS HAVE CHANGED OR WHATEVER. SO WE EXPLAINED TO THEM THE DIFFERENT TYPES OF OPPORTUNITIES THAT ARE ACTUALLY OUT THERE IN ADDITION TO, UH, WHAT THEY CAN EXPECT IN TERMS OF MANAGING IN AN ACCOUNT AND BUDGETING AND DIFFERENT TYPES OF THINGS. SO THAT'S A PROGRAM THAT'S EIGHT WEEKS. I DID, UH, INCLUDE IN THE EMAIL A FLYER FOR THAT, UH, PROGRAM ITSELF THERE. SO THAT'S ACTUALLY OFFERED TO, UH, ANYONE WHO'S INCARCERATED OR, UH, WE'VE EXTENDED IT TO ALSO THE, UH, THE HOMELESS AND ALSO THE SHELTERS AS WELL. SO WE ARE MORE THAN WILLING TO GO IN AND DO THOSE TYPE OF THINGS. ALSO, UH, YOU KNOW, IN TERMS OF CRA RATING, UH, WE HAVE NOT HAD AN AUDIT SINCE OUR, OUR LAST TIME. SO WE'RE EXPECTING AN AUDIT, UH, Q2 2025. SO THEY'VE ALREADY NOTIFIED US THAT THEY WILL BE A CRA AUDIT BY GOING OVER EVERYTHING THAT INDUSTRIAL BANK DOES. WE'RE CELEBRATING OUR 90TH YEAR THIS YEAR, SO WE 90 YEARS, UH, BEING MINORITY OWNED AND OPERATED. UH, SO THAT'S A BIG FEAT. AND THE LAST TIME I WAS HERE, WE HAD JUST OPENED OUR REELING HEISEN, UH, AVENUE OFFICE THAT'S ON THE NEW OFFICE THAT'S THERE. THAT OFFICE IS GROWING AND DOING WELL. UM,
WE, I WOULD SAY THANK YOU BECAUSE WE DID RECEIVE ADDITIONAL DEPOSITS LAST YEAR, UH, TO PUT TO USE OR WHATEVER. SO, UH, CURRENTLY THE, UH, COUNTY HAS, UH, NEAR $11 MILLION ON DEPOSIT WITH INDUSTRIAL BANK THAT WE UTILIZE TO PUT BACK IN THE MARKET. UH, WHAT WE ARE SEEING REALLY IS IN TERMS OF THE SMALL BUSINESS, UH, WE DO A LOT OF THE SMALL BUSINESS COUNSELING AND DIFFERENT TYPES OF THINGS BECAUSE OF THE SITUATIONS THE SMALL BUSINESS OWNERS HAVE. WE FIND THAT THERE ARE CHALLENGES WITH PROVIDING THE FINANCIAL INFORMATION THAT'S NEEDED. SO, UH, WE'VE IMPLEMENTED THE BUSINESS CHECKING ACCOUNT. UH, NOT ONLY THAT, BUT THE BUSINESS CREDIT CARD FOR THE SMALL BUSINESS OWNER, BECAUSE THE IMPORTANCE IS GETTING THEM TO UNDERSTAND, TO SEPARATE THEIR BUSINESSES SO THAT THEY'RE NOT COMMINGLING PERSONAL FUNDS WITH BUSINESS FUNDS AND THINGS OF THAT NATURE. UH, AND IF THEY ARE, THEN GIVE THEM AVENUES HOW TO SEPARATE THAT TYPE OF STUFF SO THAT WHEN THEY'RE AUDITED OR IF THEY'RE AUDITED, THEY'RE ONLY AUDITED ON WHATEVER THAT PORTION IS AND NOT ON THE ENTIRE THING. UM, SEE WHAT ELSE I CAN DISCUSS WITH YOU. THAT HAS HAPPENED OVER THE YEAR. I MEAN, OVERALL IT'S BEEN A, YOU KNOW, IN TERMS OF LENDING OUR LENDING CAPACITY FROM 2023 TO 2024, UH, WE HAVE DONE LESS IN TERMS OF DOLLAR AMOUNTS AND THAT TYPE OF STUFF BECAUSE OF THE INTEREST RATE ENVIRONMENT AT BEGINNING OF THE YEAR, UH, RATES WERE LOWER. AND THEN LITERALLY, I MEAN, THERE WERE RATES THAT WERE UP TO, UH, IN THE SEVENS AT ONE TIME FOR COMMERCIAL LOANS. SO IF YOU LOOK AT THE AMOUNT OF MONEY THAT WAS ACTUALLY OUT THERE, IN SOME CASES, WE'VE REFERRED SOME CUSTOMERS TO DIFFERENT AVENUES THAT TOLD THEM TO, IT WAS A BETTER IDEA TO USE FUNDS THAT THEY CURRENTLY HAD, MAYBE, OR TO TAKE SOME EQUITY OUT OF SOME THINGS AS OPPOSED TO REFINANCING. I WOULD PREFER, OR WE WOULD PREFER AS INDUSTRIAL BANK NOT TO DO A DEAL IF IT'S NOT GONNA BE IN THE BEST INTEREST OF THE SMALL BUSINESS OWNERS. SO, UH, WITH THAT BEING SAID, UH, IF YOU HAVE ANY ADDITIONAL QUESTIONS OR ANYTHING, I'M MORE THAN WILLING TO ANSWER THEM. COMMISSIONERS, ANY QUESTIONS? COMMISSIONER, PRESIDENT. THANK YOU, MR. ELECT. GOOD TO SEE YOU AGAIN, COMMISSIONER. HOW ARE YOU? GOOD SEEING YOU. WHAT THINGS ARE GOING WELL FOR YOU AND THAT YOU'RE DOUBLING IN SIZE? UH, WE, WE ARE, WE ARE, WE ARE, WE'RE GROWING. SO THAT'S A GOOD THING. YES. MAYBE IT'S HERE. WE'LL KEEP THAT DOUBLING GOING FOR A WHILE. RIGHT. . UM, BUT THAT'S ALL GOOD. SO, UM, I WANTED TO ASK A QUESTION. I ASKED THIS LAST YEAR, I, I THINK, UH, THIS WAS IT. I THINK WHAT MADE YOU A LITTLE BIT DIFFERENT. DID YOU OFFER LOANS TO CHURCHES AS WELL? WE ARE PRIME THE PRIMARY, UH, PAID EIGHTH BASED LENDER. UM, THANK YOU FOR MENTIONING THAT. AS A MATTER OF FACT, BECAUSE I DIDN'T DISCUSS THE FORECLOSURE, UH, WHAT WE HAVE, WE KNOW, WE, I PRIDE MYSELF ON WORKING OUT WHATEVER SITUATION IT IS, ESPECIALLY WHEN IT COMES TO RESIDENTIAL. ON THE COMMERCIAL SIDE, WE ONLY HAVE ONE LOAN THAT'S IN OUR PORTFOLIO THAT'S CLASSIFIED AS A SPECIAL ASSET, WHICH ACTUALLY A CHURCH. AND WHAT WE JUST RECENTLY DID WAS RE REFINANCE THE LOAN SO THAT THEY COULD AFFORD THE PAYMENT. BUT IN ADDITION TO THAT, I WENT OUT AND, UH, ONE OF RICHARD'S REPORTS WENT OUT AND WE CONDUCTED A SEMINAR FOR THE ENTIRE COMMITTEE OF THE CHURCH TO GIVE THEM AN UNDERSTANDING ON HOW TO ACTUALLY QUICKBOOKS AND HOW TO BALANCE THE, UH, BOOKS GOING FORWARD SO THAT THEY CAN AFFORD THE PAYMENT. AND SO WE ARE STILL VERY AGGRESSIVELY AND ACTIVELY, UH, REFINANCING AND DOING SOME OF THE FINANCING. SOME OF THE OTHER FINANCIAL INSTITUTIONS ARE ASKING THE FAITH-BASED ORGANIZATIONS TO, UH, EXIT THEIR LOANS WHEN THEY BECOME MATURE IN THAT KIND OF STUFF. SO WE ARE STILL, THE, THE NATURE OF THE LOANS ARE THEY LIKE FOR CAPITAL IMPROVEMENT I MEAN, ONE OF THE THINGS THAT I SEE A COMBINATION IS THAT SO MANY OF THE BUILDINGS ARE SO PHYSICALLY OLD. RIGHT? RIGHT. BECAUSE WE'RE SO OLD IN THIS PART OF THE COUNTRY, AND CHURCHES ARE USUALLY AMONG THE FIRST THINGS THAT GET BUILT IN COMMUNITIES. MM-HMM . HISTORICAL SPEAKING. UM, AND I KNOW, KNOW MY TOWN, I LIVE OFF THE TOWN GREEN IN BLUEFIELD. THERE'S LIKE SIX CHURCHES THERE. VERY, THE NEWEST ONES IS JUST A HUNDRED YEARS OLD. RIGHT. THAT'S THE NEWEST ONE. . SO WHAT ARE THE KIND OF LOANS THAT YOU GIVE TO THE FAITH-BASED ORGANIZATIONS? SO WE, WE DO THE ENTIRE GAMUT. WE, UM, A LOT OF THE STUFF THAT WE HAVE DONE, UH, IN 2024 HAS BEEN REFINANCING. SO SAY FOR EXAMPLE, IF, UH, COMMERCIAL LOANS ARE DIFFERENT THAN RESIDENTIAL, THE TERM THE DURATION IS SHORTER, EVEN THOUGH THE AMORTIZATION MAY BE SIMILAR 25 YEARS OR 30 YEARS OR, UH, THAT NATURE. SO WHAT ACTUALLY HAPPENS IN THOSE CASES, MOST OF THOSE LOANS HAVE A BALLOON PAYMENT AT MATURITY. AND IN THAT INSTANCE, WHAT HAPPENS WITH FINANCIAL INSTITUTIONS, WE ACTUALLY REVIEW THE INFORMATION TO SEE IF THEY WERE PERFORMING AS AGREED, SO ON AND SO FORTH, UH, TO REFINANCE, TO GIVE 'EM AN OPPORTUNITY TO REFINANCE. WHAT WE FOUND IS A LOT, UH, WELL, I WOULDN'T SAY A LOT, I SHOULDN'T SAY THAT, UH, TO SOME OF MY COUNTERPARTS, A FEW OF THEM HAVE TAKEN THE OPTION NOT TO DO THE REFINANCING TO GET OUT OF THAT BUSINESS. AND THAT'S BEEN COMMON FOR YEARS AND YEARS AND YEARS. SO IN THOSE INSTANCES, THEY WOULD COME TO INDUSTRIAL AND JUST LET US KNOW THAT THEY HAVE A LOAN THAT'S ACTUALLY MATURING OR WHATEVER, AND WE WOULD LOOK TO ENTERTAIN TO THE TAKEOUT
FOR THAT. BUT AT THAT TIME, WE ACTUALLY GO VISIT, SIT WITH THEM TO SEE IF THERE'S ANY, SAY, FOR EXAMPLE, REPAIRS THAT NEED TO BE DONE TO INCORPORATE THAT IN THE ENTIRE LOAN. BECAUSE A LOT OF THEM HAVE BEEN PAYING OVER YEARS, AND SO THEY HAVE QUITE A BIT OF EQUITY IN THESE BUILDINGS AND DIFFERENT TYPES OF THINGS. UH, SO AT THAT TIME, WE DETERMINE WHAT IS ACTUALLY NEEDED. SO SAY FOR EXAMPLE, IF THEY HAD TO REFINANCE FOR $500,000 OUTSTANDING, THEY MAY NEED AN ADDITIONAL 150 OR $200,000 TO DO A NEW ROOF OR NEW PEWS OR CARPET OR WHATEVER ELSE IT IS. WE CAN INCORPORATE THAT ENTIRE THING INTO ONE LOAN AND THEN JUST EXPAND IT OUT SO THAT IT'S AFFORDABLE. AND IN MOST CASES, THEY HAVE EITHER THE SAME PAYMENT AND IN SOME CASES EVEN LOWER BY GETTING MORE MONEY BECAUSE THEY'RE AT THE END OF THE INITIAL LOAN. SO, UH, THAT LO THAT HIGHER PAYMENT THAT THEY REALLY HAD, THEY CAN ACTUALLY GET MORE MONEY TO DO SOME OF THE THINGS THAT ARE ACTUALLY NEEDED TO BE DONE. BUT WE'RE MORE THAN WILLING, IF THEY CURRENTLY HAVE AN EXISTING MORTGAGE SOMEWHERE ELSE, WE'LL ACTUALLY COME IN AND IF THEY NEED, WE HAVE SOME THAT THEY NEED, UM, A BOILER THAT GOES OUT AND THIS TIME, UH, WHEN THEY SPARK THE BOILERS UP, WE HAVE THOSE COMMON THINGS AND THOSE THINGS RANGE 50,000, A HUNDRED THOUSAND DOLLARS, DIFFERENT TYPES OF THINGS. SO WE'LL DO THOSE AND, AND SPREAD IT OUT OVER A FIVE YEAR, 10 YEAR PERIOD FOR THEM. SO WE HAVE SITUATIONS LIKE THAT. WE HAVE OTHER SITUATIONS WHERE THEY'VE INCORPORATED, YOU KNOW, KNOW, HAD TO DO PARKING LOTS OVER OR ROOFS AND THINGS OF THAT NATURE. SO THAT'S ALL. SO WE DO THE ENTIRE GAMUT WHEN IT COMES TO THAT TYPE THAT, THAT'S PROBABLY RE EFFICIENT TO HEAR BECAUSE IT'S SO DIFFICULT FOR ORGANIZATIONS LIKE THAT FINANCIALLY TO MOVE FORWARD. RIGHT. I MEAN, YOU, IF YOU'RE LUCKY TO HAVE AN ACCOUNTANT ON THE, ON THE BOARD OR SOMETHING LIKE THAT, THEY CAN GUIDE YOU, GIVE YOU A BETTER SENSE. BUT A LOT OF BANKS RIGHT. UH, DON'T REALLY WANNA LOOK AT THAT OR THEY MAKE IT SO DIFFICULT TO DISCOURAGE THAT KIND OF, YOU KNOW, WELL, THE NONPROFIT ARENA IN GENERAL, YES. A LOT OF BANKS ARE NOT WILLING TO LOOK AT THAT TYPE OF STUFF. AND I DO YOU WORK WITH CULTURAL ORGANIZATIONS AS WELL ASIDE? ABSOLUTELY. OKAY. AB ABSOLUTELY, ABSOLUTELY. AND NOT ONLY DO WE WORK WITH THEM, BUT PARDON? OH, CONSTRUCTION AS WELL. RICHARD IS TELLING ME FROM THE, FROM THE LENDING SIDE CONSTRUCTION AS WELL, WE'VE HAD SOME THAT WE'VE DONE, UH, NEW CONSTRUCTION, UH, OR ADDITIONS TO, UH, A LOT OF THE CHURCHES, UH, MAYBE THE REAR OR THEY'VE HAD SOME TYPE OF, UH, WATER DAMAGE OR FIRE OR SOMETHING LIKE THAT. SO WE'RE WILLING TO DO CONSTRUCTION AS WELL. WE'LL DO THAT ALSO. MM-HMM . GREAT. THANK, THANK YOU VERY MUCH. I I WOULD LOVE TO, I I THINK ONE OF THE THINGS THAT, UH, WOULD BE A BENEFIT TO YOUR INSTITUTION AND TO CULTURAL AND, AND FAITH-BASED WOULD JUST BE KNOWING YOU EXIST, RIGHT? I MEAN, THAT'S PROBABLY THE BIGGEST CHALLENGE YOU HAVE. ABSOLUTELY. ABSOLUTELY. WE DON'T, UNFORTUNATELY BECAUSE OF THE SIZE OF OUR INSTITUTION, AND I THINK I SAY THAT EVERY SINGLE YEAR THAT I'M HERE, YOU HAVE SOME OF THE BANKS THAT HAVE BRANCHES THAT ARE LARGER THAN OUR ENTIRE BANK. WE ARE ABOUT 730 MILLION IN ASSETS COMPARED TO, IF YOU LOOK AT SOME OF THE LARGE ONES, TRILLIONS IN ASSETS. SO YOU CAN ONLY IMAGINE THE DIFFERENCE IN THE SIZE. SO SOME OF THEM HAVE BRANCHES THAT HAVE, YOU KNOW, BILLION DOLLARS OR $2 BILLION IN ASSETS. SO, UM, WE ARE, WE'RE OUT THERE. OUR LENDING CAPACITY THOUGH, ISN'T BAD BECAUSE WE HAVE BEEN GROWING. SO IN MOST CASES WE ARE, YOU KNOW, THERE'S NOT BEEN AN OPPORTUNITY THAT WE HAVEN'T BEEN ABLE TO SUPPORT. WE DO HAVE SUPPORT FROM SOME OF THE LOCAL, UH, COMPANIES THAT ARE IN NEWARK AS WELL. WE HAVE A VERY GOOD PARTNERSHIP, OF COURSE, WITH, UH, PRUDENTIAL WHO DO, UH, DON'T DO PERMANENT, BUT THEY'LL DO CONSTRUCTION TYPE STUFF. SO WE, WE DO A LOT OF THAT STUFF WITH THEM, UH, AND INVEST NEWARK AND THE URBAN LEAGUE AND, UH, ORGANIZATIONS LIKE LIS AND THAT TYPE OF STUFF. SO WE DO HAVE A PARTNERSHIP WITH ALL OF THEM. SO WHEN WE ARE MORE, OUR CONCERN IS JUST GETTING SOME OF THE DEALS DONE SO THAT WE CAN IMPROVE THE COMMUNITY. SO IF IN FACT WE JUST DID A DEAL WITH, UH, LIS THAT, UH, THEY HAD THAT WE TOOK A PORTION OF, UH, WE HAD SOME CHALLENGES WITH, IF SOME OF YOU KNOW, THE KRUGER MANSION, THAT WAS ONE OF THE MOST RECENT ONES. THEY HAD STOPPED CONSTRUCTION BECAUSE THEY RAN OUTTA MONEY. NO ONE ELSE WAS WILLING TO LEND TO THEM. SO, UH, I WISH I HAD AVI, AVI HERE TO EXPLAIN. WE HAD TO GO IN AND PROVIDE THEM WITH THE LAST MILLION AND AND A HALF SO THAT THEY CAN DO WHAT THEY NEEDED TO DO. YES, WE'RE LOW ON THE TOTEM POLE IN TERMS OF GETTING PAID BACK, BUT WE ARE BETTING ON ALLOWING THEM TO DO WHAT THEY NEED TO DO SO THEY CAN GET THAT GREENHOUSE AND KITCHEN AND ALL THE OTHER STUFF UP AND RUNNING SO THAT SOME JOBS CAN BE ACTUALLY BE CREATED HERE IN ESSEX COUNTY. OKAY. THANK YOU. THANK YOU MADAM VICE PRESIDENT. THANK YOU VERY MUCH, MS. RESIDENT COMMISSIONER RICHARDSON. ANY QUESTIONS THAT VY TELL US. I'M SORRY, I, I WISH YOU HAD VY HERE TOO. YES. SO I COULD READ 'EM TO RYAN, SO, SO YOU CAN TELL EXACTLY. THAT CAME TO US. SO, BUT, BUT WE GOT IT DONE. WE WORKED WITH PRUDENTIAL AND GOLDMAN AND A LOT OF THE OTHERS AND, UM, WE, WE DID GET, THAT WAS A DIFFICULT DEAL. I GUESS RICHARD WILL CONTEST TO THAT, BUT WE DID GET IT DONE FOR THEM TO ALLOW THEM TO MOVE FORWARD WITH IT. AND NOW THE PROJECT, HOPEFULLY AVI CAN GET IT UP AND RUNNING AND SHOWING SOME PROFIT THAT'S
ACTUALLY, IT IS OPEN, YES, IT'S OPEN FOR BUSINESS, THE GREENHOUSE, UH, I DON'T KNOW IF THE GREENHOUSE, GREENHOUSE, GREENHOUSE IN THE KITCHEN IS WHAT THEY HAD, THEY RAN OUT OF FUNDS ON. SO THAT'S WHAT WE ALLOW, WE ALLOWED OUR LOAN TO GO TOWARDS. SO THAT, AND THAT KITCHEN IS GOING TO BE OPEN TO THE PUBLIC TO RENT OUT AND PORTIONS AND THAT KIND OF STUFF. SO IF SOMEONE HAS A SMALL BUSINESS. SO THAT WAS ANOTHER CAVEAT FOR US DOING THE LOAN TO SAY, HEY, THIS IS WHAT WE'D LIKE TO SEE HAPPEN HERE. YEAH. IT'S A SMALL BUSINESS INCUBATOR, RIGHT. THE BUILDING, UH, BEHIND THE RIGHT GER SHOP MANAGER MM-HMM . SO YEAH, NO, I'M, I'M VERY FAMILIAR WITH CONSTRUCTION AND IV, UH, ANYWAY, , THAT'S ANOTHER CONVERSATION. BUT AGAIN, UM, MAKE SURE YOU TALK TO HIM AND TELL HIM HE NEEDS TO PAY ME NOW. HE DOESN'T WANNA TALK TO ME NOW, HE WON'T TALK TO ME . BUT THAT'S, THAT'S NEITHER HERE NOR THAT. BUT HAPPY TO SEE YOU HERE DOING BUSINESS GROWING AND CONGRATULATIONS ON YOUR 90 YEARS. AND I'M GONNA ASK THE SAME THING I ASKED LAST YEAR. CAN YOU USE MORE MONEY? WE CAN ALWAYS USE, I MEAN, BECAUSE YOU LIMITED USE, WE CAN ALWAYS USE MORE MONEY. I ASKED THAT QUESTION BEFORE AND YOU SAID YES. WELL, WE CAN ONLY TAKE THIS AMOUNT. WELL, YES, BECAUSE WE WERE LIMITED BECAUSE OF OUR ASSET SIDE IS GROWING. WE CAN TAKE ADDITIONAL FUNDS NOW AND THEN WE CAN ALSO DEPLOY THOSE FUNDS. WE'VE ALSO APPLIED BECAUSE HOW MUCH MORE IN ADDITIONAL FUNDS CAN YOU HANDLE? WE CAN HANDLE AT THIS, AT THIS GAMUT. WE CAN HANDLE WHATEVER ADDITIONAL FUNDS WE CAN GET AND WE CAN SHOW YOU WHAT WE WILL DO WITH THOSE FUNDS OR WHATEVER, UH, IN TERMS OF DEPLOYING IT BACK INTO ESSEX COUNTY. UNDERSTOOD. WE ARE COMMITTED TO DOING THAT. EXCELLENT. ALL RIGHT. IT'S A CONVERSATION WE DEFINITELY NEED TO HAVE AND I'LL HAVE WITH THE ADMINISTRATION AND OUR SON AND WE'LL HAVE THAT CONVERSATION, SEE IF WE CAN MOVE SOME MORE MONEY IN THE BANK. SON, WE'VE HAD A GOOD RELATIONSHIP, SO, UH, HE'S PROVIDED, UH, SOME, SOME INTEL TO US FROM TIME TO TIME AND THAT TYPE OF STUFF, SO, EXCELLENT. WE APPRECIATE THE RELATIONSHIP THAT WE HAVE WITH HIM AS WELL. SURE. ALRIGHT, SURE. WELL, WE'RE EXCITED TO HEAR WHAT YOU'VE DONE WITH THIS PAST YEAR IS WHEN YOU WERE BEFORE US LAST YEAR, AND YOU STARTED OFF EARLIER TALKING ABOUT SOME OF THE CHANGES THAT YOUR BANK WAS UNDERGOING. UM, WE'RE HAPPY THAT YOU ARE ABLE TO RECEIVE MORE FROM US IF WE'RE ABLE TO PROVIDE MORE TO YOU. UM, ONE OF MY QUESTIONS WOULD BE, YOUR REPORT DID NOT SPECIFY THE TOTAL NUMBER OF GRANTS THAT YOU PROVIDED AND THE NUMERIC VALUE THAT THOSE GRANTS REPRESENT. RIGHT. BECAUSE OF THE SIZE OF THE ORGANIZATION, WE DON'T HAVE A, I MEAN, WE SUPPORT OF COURSE, ORGANIZATIONS, UH, LOCAL, UH, FOR EXAMPLE, UH, THE PARKS AND THAT TYPE OF STUFF OR WHATEVER, WHEN THEY'RE HAVE ANY OUTINGS AND EVENTS, WE DO SPONSOR THOSE, BUT WE DO NOT HAVE, UH, A FACILITY OR A A AN ACCOUNT OR ANYTHING THAT'S ACTUALLY SET UP SO THAT WE CAN SUPPORT. SO, BUT WE DO SUPPORT, WE'RE OUT THERE, UH, NOT ONLY SUPPORTING MONETARILY, BUT ALSO VOLUNTEERING AS WELL. SO, UM, I GET THAT, BUT WE'RE LOOKING FOR A NUMBER. OKAY. EVERYONE PROVIDES THE MERRICK VALUE OF GRANT MAKING INVESTMENTS OKAY. THAT THEY GIVE TO THE ESS COUNTY COMMUNITY. SO THE FOLLOW UP, WE WOULD LIKE TO SEE HOW MUCH IN GRANT MAKING DISBURSEMENTS DID YOU MAKE THROUGHOUT ESS COUNTY. OKAY. AND IF YOU HEAVILY REST WITHIN NEWARK IN A GREATER NEWARK AREA, THAT'S FINE, BUT PLEASE COMMUNICATE TO US WHAT THAT NUMBER IS. OKAY. AND ALSO, AS A FOLLOW UP TO COMMISSIONER RICHARDSON'S COMMENT, COMMUNICATE BACK WHAT YOUR ADDITIONAL CAPACITY IS. IF YOU ARE ABLE TO DO SOMETHING ADDITIONAL, I CAN GET THAT INFORMATION TO YOU. SO, COMMISSIONERS, ANY OTHER QUESTIONS? NOPE. MR. PALTRY, JULIUS PALTRY, UH, DEPUTY COUNTY ADMINISTRATOR, I DID SEE THAT THEY HAVE A PROGRAM FOR CORRECTIONS, UH, FOR INMATES. AND I WAS WONDERING, DO YOU PARTICIPATE WITH R ESSEX COUNTY CORRECTIONAL INSTITUTION? WE, UH, IN THE PAST WE HAVE GONE INTO, UM, THE, THE PRISONS AND WE ALSO, UH, PARTNER WITH THE COURTS. THE COURTS HAVE THE PROGRAM WITH THE, UH, PRISONERS. SO I'VE GONE IN AND I'VE CONDUCTED SEMINARS AND DONE THINGS WITH THEM, UH, IN 2024. THEY HAVEN'T REACHED OUT TO US, US AT ALL TO DO ANY, SO I DON'T KNOW IF THEY'VE STOPPED IT OR WHAT THE ISSUE IS WITH IT. BUT ALL BEFORE WE, WE WERE THEIR PRIMARY SOURCE OF, UH, TRAINING FOR THESE INDIVIDUALS WHO WERE GOING BACK OUT. OKAY. BUT WE ARE MORE THAN WILLING TO, UH, IF IN FACT THEY HAVE, IF THERE'S AN OPPORTUNITY, WE'RE MORE THAN WILLING TO DO. OKAY. IF YOU BELIEVE YOU'LL HAVE, WE, WE'LL HAVE YOUR INFORMATION AND I'LL HAVE, UH, SOMEONE FROM THE OFFICE OF CORRECTIONS ABSOLUTELY. GET IN TOUCH WITH YOU. SURE. THANK YOU VERY MUCH MS. MADAM PR THANK YOU FOR THAT MR. CORY. THAT WAS A GREAT, UM, SYNERGY TO MAKE THAT CONNECTION TO MAKE SURE THAT WE GET YOU BACK IN A CIRCUIT TO FOLLOWING UP AND INTERACTING WITH, UM, OUR CORRECTIONAL FOLKS. GREAT. ALSO, LET'S CONNECT HIM WITH THE SMALL BUSINESS, UM, DEPARTMENT AS WELL TO SEE IF WE CAN MAKE SOME CONNECTIONS WITH OUR SMALL BUSINESS, UM, FOLKS THAT'S INVOLVED WITH OUR SMALL BUSINESS OFFICE THAT'S OFTEN LOOKING
FOR RESOURCES, LOANS, GRANTS, EVEN SURE. TO HELP GROW THEIR BUSINESSES HERE IN ESS COUNTY. OKAY, GREAT. SO, UM, IF THERE'S NO OTHER QUESTIONS, LET'S PROVIDE YOUR INFORMATION, PLEASE TO ADAM, WE WANNA THANK YOU FOR COMING OUT. WE WANNA ENCOURAGE YOU TO KEEP UP THE GOOD WORK AND KEEP MAKING THE INVESTMENTS, UM, HERE IN ESSEX COUNTY. AND WELCOME TO YOUR NEW MORTGAGE PERSON THAT YOU HAVE THERE. WE, IF YOU WANNA SAY A FEW WORDS THAT YOU CAME OUT THIS EVENING KEEPS COMING UP. WELL, I, I JUST WANT TO REITERATE WHAT, UM, MR. BULLOCK'S BEEN SAYING AND I THINK PUT YOUR NAME. UM, I'M SORRY FOR THE RECORD, PLEASE. RICHARD LIVINGSTON, UH, COMMERCIAL LENDING OFFICER FOR INDUSTRIAL BANK. THANK YOU. THANK YOU FOR HAVING ME. UM, JUST WANT TO REITERATE, UH, SOME OF THE THINGS THAT HE DID SAY IN REGARDS TO WHAT WE'RE DOING. WE TALKED ABOUT, UH, UM, NON-PROFIT ORGANIZATIONS AND THE RELIGIOUS ORGANIZATIONS. UM, JUST MY EXPERIENCE IN, IN COMMERCIAL LENDING, WE DO A VAST MAJORITY OF CHURCH LOANS AND A LOT OF MINISTERS AND PASTORS DO COME TO US BECAUSE OF THE HISTORY AND BECAUSE OF WHAT WE HAVE DONE OVER THE PAST, JUST PAST YEAR, WE'VE DONE CONSTRUCTION PROJECTS FOR CHURCHES, WE'VE DONE REFINANCING FOR SOME OF THE NON-PROFITS, A COUPLE OF SCHOOLS IN THE AREA. SO WE HAVE A, A STRONG COMMUNITY IMPACT THAT WE TRY TO, YOU KNOW, PUT FORWARD. AND WE ARE NOT AFRAID OF THESE LOANS THAT SOME OF THE OTHER, UM, LARGER INSTITUTIONS KIND OF LIKE, YOU KNOW, BACK AWAY FROM WE, WE HAVE TAKEN 'EM ON. WE CONTINUE TO DO THAT AS WE GO FORWARD. AND WE DO HAVE A SMALL BUSINESS PIECE THAT WE'RE TRYING TO MAKE SURE THAT WE EMPHASIZE WITH WITHIN THE, YOU KNOW, EX COUNTY COMMUNITY SO THAT WE ALLOW A LOT OF PEOPLE TO COME TO. I HAVE ONE OF MY, UM, UH, REPORTS THAT JUST HANDLES SMALL BUSINESS, UM, LOANS. SO WE DO HAVE ALREADY ESTABLISHED A WAY TO ADDRESS THOSE SMALL BUSINESS LOANS. SO IF WE CAN CONNECT WITH THE RESOURCES THAT YOU HAVE IN THE COUNTY FOR THE SMALL BUSINESS, UM, OWNERS, WE WOULD PROBABLY BE ABLE TO TURN AROUND A LOT OF THOSE OPPORTUNITIES REALLY FAST. UM, MAKE SURE. THANK YOU. I I DO HAVE A QUESTION. DID YOU SAY THAT IF A COMMUNITY ORGANIZATION IS INTERESTED IN, UM, RECEIVING A GRANT, WHAT IS THAT, WHAT DOES THAT PROCESS LOOK LIKE? IS IT POSTED ON YOUR WEBSITE OR PEOPLE HAVE TO COME INTO THE BRANCH TO ACQUIRE? UM, IT'S, IT IS ACTUALLY, UH, PART OF BOTH. WE DO HAVE A, WE'VE JUST ESTABLISHED A LINK FOR THAT TO DEVELOP THAT WE, LIKE MR SAID, WE DON'T, WE HAVEN'T HAD IT, UM, TO, TO THAT LEVEL, BUT WE'VE HAD PARTICIPATION. WE'VE ASKED PEOPLE OVER THE YEARS TO COME BACK TO US AND WE WILL TRY TO GALVANIZE WHAT WE CAN TO DO SOMETHING WITH THEM. UM, BUT WE DO HAVE ESTABLISHED A LINK THAT I'VE BEEN ISSUING TO PEOPLE THAT HAVE ASKED FOR US, UM, TO SUPPORT THEM. AND WE'RE TRYING TO FUNCTION IT THAT WAY SO THAT WE HAVE THAT. SO AS WE HAVE STARTED TO GROW, WE FEEL A MORE COMPLETE, UM, PURPOSE FOR DOING THAT IN REGARDS TO BEING ABLE TO SUPPLY THE NECESSARY FUNDS FOR IT. SO, UM, AND THERE A LOT OF PEOPLE DO COME TO US FOR THIS AT ALL, ALL TIMES, BUT WE WOULD LIKE TO BE ABLE TO GROW TO A LEVEL WHERE WE CAN PROVIDE THAT JUST LIKE SOME OF THE OTHER LARGER BANKS CAN. AND WE WANT TO MAKE SURE THAT WE ARE HITTING THE ACTUAL BUSINESS OWNERS THAT REALLY NEED, UM, US TO COUNSEL THEM AND TO SUPPORT THEM IN THOSE PARTICULAR WAYS. THANK YOU COMMISSIONERS. NO OTHER QUESTIONS. WELL, THANK YOU AGAIN SO MUCH FOR COMING OUT. PLEASE LEAVE YOUR CARDS WITH ADAM. WILL DO. THANK YOU VERY MUCH. THANK TAKE CARE GENTLEMEN. THANK YOU. SO COMMISSIONERS TONIGHT WE REVIEWED THREE BANKS. THERE'S A COUPLE REMAINING BANKS THAT WILL.