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AND ARE YOU READY? OKAY.DO I WANNA CALL THIS MEETING ORDER? MADAM CLERK, PLEASE CALL THE ROLE COMMISSIONER GRAHAM HERE.
COMMISSIONER VICE PRESIDENT OMARE.
I HAVE BEFORE ME CERTIFICATION.
THE PURPOSE THAT THIS MEETING IS IN COMPLIANCE WITH THE OPEN PUBLIC AGREEANCE ACT.
THE PURPOSE OF THIS MEETING IS TO REVIEW THE DEPOSITORY INSTITUTIONS THAT THE COUNTY OF ESSEX HAS AND TO DISCUSS THE CRA ACTIVITIES.
SO TONIGHT WE HAVE A COUPLE OF BANKS BEFORE US.
THIS IS A CONTINUATION OF OUR MEETING FROM LAST WEEK.
AND THE FIRST BANK THAT WE'RE INVITING IN IS PNC BANK, PNC.
ARE THEY HERE? UH, I DON'T BELIEVE SO.
THE FIRST THING TO SHOW WAS, UH, WE COMMUNITY FLAG.
WELL WE'RE, WE'RE GONNA GO A LITTLE BIT OUTTA ORDER THEN, SINCE THEY GOT HERE.
WHICH BANK IS THAT COMING IN? NEW YORK COMMUNITY BANK.
I'M TOM GNO FROM NEW YORK COMMUNITY BANK, A DIVISION OF FLAGSTAR BANK.
PLEASE, YOU STATE YOUR NAME AND AFFILIATION FOR THE RECORD, PLEASE.
HI, I'M TOM GNO, UH, NEW YORK COMMUNITY BANK, A DIVISION OF FLAGSTAR BANK.
SO, UM, THANK YOU FOR SENDING IN YOUR RESPONSE, WE WOULD LIKE FOR YOU TO DISCUSS LIKE, THREE MAJOR AREAS, YOUR LENDING ACTIVITIES IN ESSEX COUNTY, ANY FORECLOSE, YOUR ACTIVITIES, YOUR GRANT MAKING ACTIVITIES AND PRODUCTS AND SERVICES THAT YOU HAVE FOR OUR COMMUNITY-BASED ORGANIZATIONS, FAITH-BASED INSTITUTIONS, AND WHAT YOUR INVESTMENTS HAVE BEEN IN THE FORM OF GRANTS, UM, TO THOSE, UM, ENTITIES HERE IN ESSEX COUNTY.
I'M GOING TO TURN IT OVER TO OUR CRA OFFICER BEVERLY MEEK.
PLEASE STATE YOUR NAME AND AFFILIATION FOR THE RECORD BEFORE YOU BEGIN.
I'M CRA DIRECTOR FOR FLAGSTAR FLAGSTAR BANK.
SO I JUST WANNA START WITH OUR LENDING.
UM, LAST YEAR, DECEMBER 1ST OF 22, UH, FLAGSTAR AND NYCB MERGED.
UH, THIS WAS A MERGER, UH, THAT WAS, UH, EACH ME, EACH BANK, UH, REALLY, UM, BENEFITED FROM, UH, THE FACT THAT WE DID NOT OVERLAP OUR TERRITORIES.
UH, WE ARE, FLAGSTAR WAS A LEADING, UM, WE HAVE LEADING POSITIONS IN MORTGAGE BANKING, UH, COMMERCIAL BANKING, AND WITH NYCB, THEY HAD LEADING POSITIONS IN MULTI-FAMILY AND OTHER BUSINESSES AS WELL.
SO, UH, WITH RESPECT TO THAT MERGER, UH, WE BROUGHT, FLAGSTAR BROUGHT MORTGAGE LENDING TO, UH, THIS AREA.
AND SO WE ARE IN THE PROCESS NOW OF RAMPING UP OUR MORTGAGE LENDING.
UH, WE HAVE SEVERAL LOW TO MODERATE INCOME PRODUCTS THAT ARE AVAILABLE.
UH, FOR EXAMPLE, WE HAVE A HUNDRED PERCENT LOAN TO VALUE PRODUCT.
THIS IS, UH, A PRODUCT THAT IS, UH, USED FOR LOW TO MODERATE INCOME INDIVIDUALS, FAMILIES, AND COMMUNITIES.
UH, WE HAVE A DOWN PAYMENT ASSISTANCE PROGRAM THAT IS PROVIDING $15,000, UH, PER HOUSEHOLD.
UH, SO THESE ARE JUST EXAMPLES OF SOME OF THE MORTGAGE LENDING PROGRAMS THAT WE HAVE.
IN ADDITION, UH, NYCB IS A LONG TIME LEADER IN MULTI-FAMILY HOUSING.
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AND SO, UH, OVER THE LAST YEAR, MULTI-FAMILY LENDING AND CD LENDING, FLAGSTAR, NYCB HAS MADE $64 MILLION IN COMMUNITY DEVELOPMENT LENDING.SO WE'VE MADE 12 LOANS OVER THIS PERIOD.
FIVE OF THOSE LOANS, UH, FOR APPROXIMATELY 25 MILLION WERE QUALIFIED AS COMMUNITY DEVELOPMENT LOANS UNDER THE CRA ACT.
AND WE'VE ALSO, UH, MADE OVER $3 MILLION IN 10 LOANS IN SMALL BUSINESS LOANS OVER THE LAST YEAR.
SMALL BUSINESS LENDING IS ANOTHER AREA THAT WE ARE EXPANDING OUR PLATFORM WITH OUR ACQUISITION OF ASSETS FROM SIGNATURE BANK.
UH, WE ARE NOW A SBA PREFERRED LENDER.
SO, UH, THAT'S ANOTHER PLATFORM THAT WE'LL BE EXPANDING OVER THE LAST FIVE YEAR, NEXT FIVE YEARS.
AND ESSEX COUNTY WILL BE A PART OF THAT.
IAN, WHAT OTHER AREAS? THE GRANTS.
UH, WE HAVE ALSO SIGNIFICANTLY INCREASED OUR GRANT FUNDING IN ESSEX COUNTY.
UH, LAST YEAR WE PROVIDED, UH, FOURTH.
LAST YEAR WE PROVIDED, UH, $53,000 IN GRANT FUNDING TO NONPROFIT ORGANIZATIONS.
UH, THOSE WERE FOR AFFORDABLE HOUSING, SMALL BUSINESS ORGANIZATIONS AND SOCIAL SERVICE AGENCIES.
UM, THIS YEAR WE HAVE, WE WILL, BY THE END OF THE YEAR HAVE A HUNDRED THOUSAND DOLLARS INVESTED IN NONPROFIT ORGANIZATIONS.
MOSTLY AFFORDABLE HOUSING AND SMALL BUSINESS DEVELOPMENT, UM, AS WELL AS COMMUNITY AND ECONOMIC DEVELOPMENT ORGANIZATIONS.
SO WE HA WE ARE CERTAINLY RAMPING UP.
THIS IS, UH, ONE OF THE, THE FIRST YEAR OF FIVE YEARS IN WHICH YOU'LL SEE MUCH MORE ACTIVITY FROM FLAGSTAR BANK.
ANY QUESTIONS? COMMISSIONER EZ? THANK YOU, MADAM CHAIR.
THANK YOU FOR BEING HERE TODAY, UH, ALL OF YOU.
SO WE TO REFER TO YOU AS FLAGSTAFF BA BANQUET FORWARD, IS THAT CORRECT? FLAGSTAR.
SO, UM, WITH RESPECT TO, UH, THE HOLDINGS, UH, THAT YOU HAVE, UH, THAT'S ABOUT $11 MILLION THAT WE HAVE IN HOLDINGS, I GUESS THROUGH YOU THERE.
SO MY QUESTION IS ABOUT THE GRANTS.
UM, WHAT KIND OF GRANTS DO YOU GIVE TO ANY NON-PROFITS, SMALL NON-PROFITS, THAT, THAT ARE A LITTLE BIT DIFFERENT? 'CAUSE IT SEEMS LIKE YOU'RE VERY FOCUSED ON LIKE TWO DIFFERENT KINDS OF GRANTS.
YOU GIVE ANYTHING FOR EITHER EDUCATION OR IN PARTICULAR ARTS, UH, ORGANIZATIONS THAT IS IN PARTICULAR, MY INTEREST IS IN THE ARTS ORGANIZATIONS BECAUSE I ALWAYS FEEL LIKE THE ARTS IS AN OVERLOOKED ENTITY AS A WHOLE.
IT GETS POORLY FUNDED NATIONALLY, STATEWIDE, YOU KNOW, UH, YOU, YOU NAME IT.
AND IT IS AN, AN ECONOMIC, IT'S CONTRIBUTED TO THE ECONOMY OF A LOCAL COMMUNITY.
WE HAVE NOT SPECIFICALLY FOCUSED ON ARTS, WE HAVE FOCUSED MOSTLY ON COMMUNITY AND ECONOMIC DEVELOPMENT TYPE GRANTS.
UM, WE DO, I, WHAT'S GREAT ABOUT OUR MERGER IS THAT WE DO NOW HAVE THE FLAGSTAR FOUNDATION.
AND SO THIS IS SOMETHING THAT THEY FOCUS ON AND WE WILL CERTAINLY TAKE THAT RECOMMENDATION BACK THAT, YOU KNOW, YOU WANT MORE ARTS PROGRAMS AND FUNDING IN THAT CATEGORY.
WELL, I THINK IT'S IMPORTANT BECAUSE THE ARTS ARE AN ECONOMIC DRIVER.
THEY, THEY MAY NOT BE SEEN THAT WAY, BUT, UH, YOU KNOW, BY SOME.
I MEAN, I, I CAN ONLY QUALIFY AND SPEAK FOR MYSELF AS, YOU KNOW, 30 YEAR PLUS VETERAN OF THE NONPROFIT WORLD IN MY DAY JOB.
THIS IS MY AFTERNOON OR EVENING JOB.
SO IT IS SOMETHING THAT, YOU KNOW, YOU'RE HAVING A MERGER AND YOU'RE TALKING ABOUT HOW YOU SERVICE ESSEX COUNTY.
THAT IS A MESSAGE THAT I PERSONALLY WOULD LIKE TO HAVE RELAYED BACK THAT THIS IS A POINT OF INTEREST, UH, AT LEAST FOR ONE COMMISSIONER.
UH, I DON'T THINK I'M ALONE, BUT I WON'T SPEAK FOR EVERYBODY, UH, THAT THIS IS IMPORTANT.
AND, UH, TO TAKE IT A STEP FURTHER, SMALLER NON-PROFIT ORGANIZATIONS, BECAUSE WE GET A LOT OF THE, YOUR, UM, COMPETITORS, I GUESS, AND COLLEAGUES WHO COME AND THEY'LL FUND VERY LARGE ARTS ORGANIZATIONS, WHICH I HAVE NO PROBLEM WHATSOEVER 'CAUSE IT GOES INTO THE ARTS.
BUT I THINK YET FURTHER OVERLOOKED OTHER SMALLER ARTS ORGANIZATIONS.
AND SO THAT'S SOMETHING THAT WE WOULD LIKE FOR YOU TO CONSIDER AS YOU, UH, UH, I GUESS NEW
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TEAM MEMBERS WILL BE COMING TO ASEX COUNTY AND THEY'LL BE WORKING HERE.AND THAT'S, I GUESS, PART OF THE EDUCATION PROCESS AS FAR AS AT LEAST WE ARE CONCERNED OR I'M CONCERNED AND SHARING THAT WITH YOU.
UM, I HAVE A FEW QUESTIONS ON PAGE.
THE SECOND PAGE WHERE IT REFERS TO FORECLOSURE ACTIVITIES, IT SAYS NO DATA PROVIDED, AND THEN UNDERNEATH THAT IT SAYS, AS OF 11 29 23, WE HAVE 23 F.
SO DO YOU HAVE FORECLOSED, FORECLOSED PROPERTIES OR NO? WE DO HAVE, UH, FORECLOSED PROPERTIES.
SO, UM, WE HAVE 17 FORECLOSED PROPERTIES DURING THIS TIME PERIOD.
THE HEALTH FOR, UH, FOR INVESTMENT PROPERTIES, UH, THOSE ARE PROPERTIES THAT WE ARE, THAT WE HAVE FORECLOSED ON AND THEY'RE ON OUR BOOKS.
ARE ANY OF THOSE PROPERTIES IN ESS COUNTY? 17 ARE IN ESS COUNTY 17 OR IN ESSEX COUNTY.
WE WOULD LIKE TO KNOW THE TOWNS THAT THOSE ARE LISTED IN.
YOU CAN ADD THE FOLLOW UP ITEM, YOU CAN COME BACK TO US.
UM, THEN ON THE NEXT PAGE, YOU TALK ABOUT OPPORTUNITIES OR WAYS THAT YOU MAY, UM, DISPOSE OF THESE PROPERTIES.
ARE THOSE PROPERTIES LISTED ON YOUR WEBSITE? AND HOW DO NON-PROFITS, ANOTHER PART OF YOUR ANSWER IS SOMETIMES YOU GUYS MAY INTERACT WITH NONPROFITS.
HOW DO THOSE NONPROFITS INTERACT WITH YOUR ORGANIZATION TO POTENTIALLY SEE IF THERE'S A MATCH THAT COULD BE MADE? THE PROPERTIES ARE LISTED ON THE, ON THE WEBSITE, AND THERE IS A NUMBER THERE TO CALL IF ANYONE IS INTERESTED.
AND THEN, UM, IN ITEM FOUR, YOUR RESPONSE TALK ABOUT LOCAL VENDORS ARE USED TO MAYBE HELP YOU GUYS MAINTAIN AND WINTERIZE THESE RO PROPERTIES THAT YOU MAY HAVE.
HOW ARE LOCAL VENDORS, UM, SELECTED? HOW CAN LOCAL VENDORS PROVIDE THEIR INFORMATION TO YOU TO BE CONSIDERED? YEAH, SO AS PART OF THE, THE MERGER, BOTH FLAGSTAR AND NYCB HAD SUPPLIER DIVERSITY PROGRAMS. AND WE HAVE A SUPPLIER DIVERSITY MANAGER HIRED JUST FOR THAT PURPOSE TO ENSURE THAT, UH, WE CAN ORIGINATE MORE BUSINESS FROM MINORITY, UH, VENDORS.
AND SO WE WOULD CERTAINLY, UH, HAVE NO ISSUES WITH GIVING YOU HER NAME.
UH, AND, UH, WE WILL PUT HER NAME ON THE WEBSITE AS WELL.
CAN YOU, THAT'LL BE A FOLLOW UP THAT WE'LL ASK AS WE'RE LOOKING TO PAY THE MATCHING GAME WITH OUR LOCAL VENDORS HERE AND OUR ORGANIZATIONS TO SEE HOW THEY COULD BE CONSIDERED FOR, UM, OPPORTUNITIES.
NEXT QUESTION IS, HOW DO THE NONPROFITS FIND OUT ABOUT YOUR GRANT MAKING, UM, ACTIVITIES THAT YOU DISCUSSED? WHEN YOU LOOK ON A WEBSITE, IT'S NOT A REAL CLEAR PATH ON HOW TO APPLY FOR A GRANT OR, UM, SPONSORSHIP OR OTHER SOLICITATIONS.
YEAH, WE ARE GOING THROUGH A RESTRUCTURING OF OUR WEBSITE.
UM, YOU CAN, ON THE FLAGSTAR.COM WEBSITE, UH, THERE IS A LINK TO THE FLAGSTAR FOUNDATION AND, UH, THEY WOULD JUST CLICK ON THAT LINK AND THERE'S APPLICATION PROCESS THERE, THERE.
EXPLAIN THE APPLICATION PROCESS ON THAT LINK.
MADAM UH, CHAIR, IF I MAY FOLLOW UP.
AND IT IS A RELATIVELY EASY LINK TO FIND THROUGH THE FOUNDATION.
AND THE FOUNDATION AND PLEASED TO SEE DOES HAVE WELL, UH, AMONG ITS FOCUSES OF, UH, GRANT FUNDING, ITS WORKFORCE READINESS, ARTS AND CULTURE AND FINANCIAL CAPABILITY.
UH, SO IT'S GOOD TO SEE, UH, WE WOULD JUST LIKE TO MAKE SURE THAT AS YOU'RE PART OF IT IS DUE TO ESSEX COUNTY, THAT ESSEX COUNTY WOULD, YOU KNOW, GET ITS FAIR SHARE AND, AND THAT THERE ISN'T, UH, AN EFFORT MADE TO REACH OUT TO THE COMMUNITY AND NOT JUST HOPE PEOPLE APPLY FOR GRANTS BECAUSE THAT'S, YEAH.
I, NONPROFIT ORGANIZATIONS ARE SO SEVERELY UNDERSTAFFED, RIGHT.
AND, UH, SO WE, WE WOULD EXPECT THAT, UH, A REAL ALLOTMENT TO MAKE THOSE KIND OF CONNECTIONS ARE MADE.
WE WILL CERTAINLY FOLLOW UP ON THAT FOR YOU.
UM, THANK YOU COMMISSIONER PAREZ.
I WANNA COMPLIMENT YOUR, UM, FIRST I'M HOME BUYERS PROGRAM AND YOUR $15,000 DOWN PAYMENT ASSISTANCE.
AND IT'S REALLY EXCITING TO HEAR THAT YOU GUYS ARE, UM, WILLING TO GO 120% OF A MI FOR QUALIFICATION.
SO IF AS A FOLLOW UP, CAN YOU PLEASE ALSO PROVIDE THAT KIND OF INFORMATION, UM, TO US AS WELL? 'CAUSE WE, SOME OF US OFTEN COME ACROSS PEOPLE WHO ARE FIRST TIME HOME BUYERS LOOKING TO PURCHASE HOMES, AND I LIKE TO PROVIDE A LIST OF FOLKS AND SAY, HEY, GO LOOK AT ALL THESE BANKS.
JUST LIKE IF YOU WERE BUYING A CAR, YOU SHOP AROUND FOR A CAR, GO FIND OUT, TEST DRIVE AND SEE WHICH ONE MIGHT MAKE THE PERFECT MATCH FOR YOU.
SO COMMISSIONER, DO YOU HAVE HAVE ANY OTHER QUESTIONS? I DO.
I WAS JUST CURIOUS, MR. MCINERNEY.
UM, THE STATISTICS THAT WERE GIVEN OUT, THE $25 MILLION
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OF, UH, THERE WERE FIVE LOANS, UM, AND THEN THERE WERE 10 SMALL BUSINESS LOANS, 3 MILLION, AND THE A HUNDRED THOUSAND DOLLARS NOT-FOR-PROFIT GRANTS.IS THAT ALL RELEGATED TO ESSEX COUNTY OR IS OR IS THAT A LARGER AREA? NO, THAT IS ESSEX COUNTY.
WELL, THANK YOU ALL VERY MUCH FOR COMING OUT TODAY.
WE APPRECIATE YOUR RESPONSE AND LOOK FORWARD TO YOUR FOLLOW UP MS. BEVERLY.
UM, AND, UM, MR. THOMAS, ANA, CAN YOU PLEASE MAKE SURE TO GIVE YOUR BUSINESS CARD TO OUR STAFF PERSON AT THE BACK? OKAY.
AND REMEMBER, SHORT PRESENTATIONS ARE GOOD.
SOMETIMES SMALL CAN HAVE A REAL BIG IMPACT.
YOU WANT ME TO TELL THEM WHO'S NEXT? I OKAY.
YOU CAN BRING THE OTHER BANK IN WHILE YOU'RE VALIDATING.
ANY PARTICULAR ONE? YEAH, THE NEXT ONE.
IF YOU COULD DO THE WELCOME WHILE SHE'S OUT'S COMING.
I'M IN A, I'M IN A COMMITTEE MEETING DOWN IN THE, I'LL CALL BACKS
OUR CHAIR STEPPED OUT FOR, FOR A MOMENT.
SO OF TIME I'M JUST GONNA GET THROUGH.
PLEASE, UH, INTRODUCE YOURSELF FOR, UH, FOR THE RECORD, STATE YOUR NAME AND YOUR POSITION IN THE, UH, INSTITUTION YOU'RE WITH.
MY NAME IS KEVIN CURRAN, UH, SENIOR VICE PRESIDENT, GOVERNMENT RELATIONS OFFICER FOR SANTANDER BANK.
AND ARE YOU REP, YOU THE SOLE REPRESENTATIVE OF THE BANK? YES SIR.
THAT MEANS THE PRESENTATION SHOULD BE QUICKER, RIGHT? IT'S ME AND ME
AS THEY SAY, THERE'S NO I IN TEAM, BUT TODAY THERE IS TODAY.
SO WHAT, YOU KNOW, WE'RE HERE TODAY OF COURSE.
SO WE ARE REVIEWING THE BANKS THAT WE DO BUSINESS WITH, AND WE'D LIKE FOR YOU TO SHARE A LITTLE BIT ABOUT YOURSELF.
I SEE THAT OUR ESTEEMED MADAM CHAIRS THEN, SO I'M GONNA LET HER TAKE OVER AS, UH, THIS GENTLEMAN HAS ALREADY INTRODUCED HIMSELF, SO YOU CAN START WITH YOUR NORMAL, UH, INTRODUCTION.
UM, THANK YOU COMMISSIONER, VICE PRESIDENT.
UH, WE'D LIKE FOR YOU TO GIVE US AN OVERVIEW OF YOUR CRA ACTIVITIES, SPECIFICALLY FOCUS ON YOUR COMMUNITY DEVELOPMENT INVESTMENTS HERE IN ESS COUNTY.
ANY FORECLOSURE ACTIVITIES, YOUR GRANT MAKING ACTIVITIES, UM, AND ANY SMALL BUSINESS LENDING.
WELL, I, UM, I DON'T HAVE ALL THE NUMBERS MEMORIZED, BUT WE DID DOCUMENT ALL THAT IN OUR RESPONSE.
AND WE DO HAVE A NUMBER OF LENDING ACTIVITIES IN THE, UH, LOW TO TO MIDDLE INCOME.
UH, 46 TOTAL LENDING FOR ABOUT $37 MILLION.
LMI TRACK 22 COUNT FOR, SORRY,
15 OF THAT IS FOR, UH, BORROWING, UH, LMI ABOUT 2 MILLION.
WE DO HAVE SOME SMALL BUSINESS LENDING AS WELL.
155 LOANS FOR ABOUT 18,000,083 L-M-L-M-I TRACK FOR ABOUT 10 MILLION, UH, OVER 1,000,013 AND 114 UNDER A HUNDRED THOUSAND DOLLARS IN LOANS.
AND THEN OUR GRANT MAKING OPPORTUNITY, WE HAVE ABOUT, WE DID ABOUT 18 GRANTS FOR $575,000, UH, THIS
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YEAR TOTAL SO FAR.UM, FORECLOSURE ACTIVITY, JUST LOOK TO THAT PAGE.
WE HAD FIVE FORECLOSURES IN ESSEX COUNTY.
WE HAVE, UH, 26 REO PROPERTIES AND ZERO REO PROPERTIES ON THE MUNICIPAL, A PRA LIST.
AND WE HAVE ABOUT 13 BRANCHES IN THE COUNTY.
SMALL DEPOSIT SHARE OVERALL WITH ALL THE OTHER BANKS OF ABOUT 6%.
WE WORK CLOSELY WITH, UM, THE NEW JERSEY CITIZENS ACTION COMMITTEE.
THEY ARE PART OF OUR NATIONAL COMMUNITY DEVELOPMENT PROGRAM.
WE MEET EVERY SIX MONTHS UP IN BOSTON AND WE, WE, LAST YEAR THE BANK HAD EXITED THE MORTGAGE BUSINESS.
UH, WE STILL SERVICE MORTGAGES THAT WE WROTE PRIOR TO THAT, BUT WE DO NOT OFFER, UM, PERSONAL MORTGAGES OR PERSONAL HELOCS.
UM, THANK YOU FOR THAT RESPONSE.
CAN YOU PLEASE, AS A FOLLOW UP, PROVIDE US WITH A LIST OF TOWNS THAT THE 26 REO PROPERTIES ARE LOCATED, UM, AND WHAT THEIR CURRENT DISPOSITION ARE.
ARE THEY LIKE CURRENTLY UNDER CONTRACT TO BE SOLD? AND YOU GUYS DID NOT RESPOND TO HOW CAN, UM, NON-PROFITS OR SMALL CONTRACTORS THAT'S INTERESTED IN POTENTIALLY PURCHASING THESE PROPERTIES, HOW DO THEY FIND OUT ABOUT THEM? ARE THEY LISTED ON YOUR WEBSITE OR IS THERE A DIRECT CONTACT PERSON THAT THEY CAN GO TO? SORRY, BRADY LIST DOWN.
UH, THE FIRST QUESTION WAS, SORRY, LIST OF THE 26 ROS, UH, THE TOWNS THAT THEY'RE IN.
JUST WANNA MAKE SURE I GOT THAT CORRECT.
AND THE SECOND QUESTION, I APOLOGIZE, I WAS TRYING TO WRITE AND I LOST TRACK.
ARE THESE PROPERTIES, HOW CAN PEOPLE FIND OUT, UM, REALLY MORE SO FOR NON-PROFITS OR, YOU KNOW, WE HAVE SMALL DEVELOPERS THROUGHOUT THE COUNTY THAT MAY BE INTERESTED IN BIDDING ON THESE PROPERTIES.
HOW ARE THEY, UM, ADVERTISED OR DISPOSED OF? DO YOU JUST USE CONVENTIONAL, UM, YOUR REALTORS THROUGH YOUR, THROUGH YOUR BANK? HOW WOULD PEOPLE FIND OUT ABOUT THOSE PROPERTIES? SOME BANKS HAVE WEBSITES WITH A LISTING OF THEM.
DO YOUR BANK HAVE THAT SAME KIND OF SETUP? I WILL HAVE TO GET BACK TO YOU ON THAT ONE.
UM, MADAM I DO NOT HAVE THE DIRECT ANSWER FOR THAT.
ALRIGHT, SO THAT'S ANOTHER FOLLOW UP.
ANY QUESTIONS? I DO, MADAM CHAIR.
SO I'M A NONPROFIT GUY, SO I'M GONNA BE FOCUSED MORE ON THE GRANTS.
CAN YOU REPEAT AGAIN WHAT YOUR, IT WAS 18 GRANTS AND WHAT KIND OF TOTAL WAS IT HERE IN ESSEX COUNTY? I'M ASSUMING? I'M SORRY, I THOUGHT YOU SAID 500,000, IS THAT OBJECTION, ABOUT $574,500.
THAT'S VERY, THAT'S, THOSE ARE SIZABLE GRANTS.
AND I'M ASSUMING THAT THESE ARE PER THE, UH, FIVE PILLARS THAT YOU HAVE ON YOUR WEBSITE, WHICH IS EDUCATIONAL, PHYSICAL, ECONOMIC, SUSTAINABLE CRISIS, RESILIENCY, AND THOSE PILLARS.
THEY WERE AFFORDABLE HOUSING, COMMUNITY SERVICES, FINANCIAL EDUCATION, SMALL BUSINESS DEVELOPMENT, AND WORKFORCE DEVELOPMENT.
UH, I'M NOT GONNA LAY THIS ON YOU BECAUSE I KNOW YOU'RE A SOLE GUY HERE, BUT, AND THIS IS A MUCH BIGGER, UH, BANK THAN ESSEX COUNTY.
BUT ONE OF THE THINGS OF INTEREST IN PARTICULAR FOR ME, BUT I THINK, UH, WHAT'S OFTEN OVERLOOKED AS A NONPROFIT GUY IS THAT THE ARTS ALSO PLAY A TRANSFORMATIVE ROLE IN THE ECONOMIC DEVELOPMENT OF ANY COMMUNITY.
AND THE UNDERSERVED COMMUNITIES WHERE THESE FAILURES SUPPORT, AND I APPLAUD THE AMOUNT THAT YOU GAVE IN ESSEX COUNTY, WHICH IS SIGNIFICANTLY BETTER THAN SIMILAR BANKS WITH THE SAME NUMBER OF GRANTS, SIGNIFICANTLY LOWER A DOLLAR AMOUNT.
BUT I WOULD LIKE, SINCE YOU CAN BE AN EXCELLENT MESSENGER OF, UH, OUR MESSAGE, UH, ONE OF THE, ONE OF THE DRIVERS IS FOR FUNDING THE ARTS BECAUSE THEY ARE IN UNDERSERVED COMMUNITIES.
NOT ONLY THEY STRUGGLE PERIOD.
AND THEN THEY STRUGGLE MORE IN UNDERSERVED COMMUNITIES AND IN UNDERSERVED COMMUNITIES DON'T HAVE ACCESS TO THE ARTS IN THE WAYS THAT OTHER COMMUNITIES DO.
AND AS A NONPROFIT AND MUSEUM GUY, THOSE ARE INTEREST THAT I HAVE SEEN FIRSTHAND MAKE A DIFFERENCE IN COMMUNITIES.
I DON'T, I NEED TO BE THE VOICE FOR THE ARTS.
AND I WOULD APPRECIATE IF YOU COULD TAKE THAT BANK, AND AGAIN, I APPLAUD YOU FOR THE GRANT AMOUNTS THAT YOU HAVE GIVEN.
UM, WHEN IT COMES TO FUNDING THE ARTS, I APPLAUD GRANTS OF ALL NATURES, BUT I ALSO IN PARTICULAR HAVE A FOCUS ON VERY SMALL ORGANIZATIONS, MAYBE PLACES THAT HAVE FIVE OR LESS EMPLOYEES.
THEY REALLY ARE BACKBONES AND THEY ARE AS
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IMPORTANT AS ANY OTHER NON-PROFIT IN THE, UH, COMMUNITY IN TERMS OF WHAT THEY GIVE AND, AND WHAT THEY GIVE BACK.AND MADAM CHAIR, JUST, UH, FOR THE RECORD, UH, THAT, THAT WAS A FAIRLY EASY LINK TO FIND AND SANTANDER BANK, UM, THEY'RE FOUND THROUGH THEIR, UH, OUR COMPANY PROFILE, IT'LL HAVE PHILANTHROPY AND PARTNERSHIPS.
I DIDN'T ASK ABOUT SPONSORSHIPS THAT MAY BE IN ADDITION TO WHAT THEY DO IN TERMS OF GRANTS, BUT THERE'S A GRANT PORTAL HERE THAT YOU CAN, UH, REGISTER.
AND, UH, THAT'S EASILY FOUND ON THE SITE.
AND I, UH, THERE'S A, WE MEET, SO THEY DO DO THE GRANTS, UM, TWICE A YEAR.
AND I'M ON THE COMMITTEE THAT FOR NEW YORK, NEW JERSEY, PENNSYLVANIA, THAT HOPES TO, I'M NOT THE FINAL SAY, BUT TO ADD AND TO STATE MY APPROVAL FOR THE GRANTS.
WELL, THEN WE CAN ENLIST YOU AS AN ADVOCATE FOR THE ARTS.
SO, UM, THANK YOU COMMISSIONER PALMERA.
SO WHEN ORGANIZATIONS APPLY THROUGH THE GRANT PORTAL, DO THEY COME, DO IT COME TO YOU FOR REVIEW OR SOMEONE ELSE? TO SOMEONE ELSE, MA'AM.
UM, THEY DO THE INITIAL REVIEW, REVIEW THE PAPERWORK, DO THE INITIAL FINDINGS, AND THEN WHEN WE MEET, WE GET A SPREADSHEET OF WHO, WHAT, WHEN, WHERE, ASKED FOR THE TERM, THE LENGTH, AND THEN WE ALL AGREE UPON IT.
AND YOU SAID THAT COULD BE DONE TWICE A YEAR? YES, MA'AM.
IS THE GRANT MAKING, UM, PROCESS DIFFERENT FROM SPONSORSHIPS? YES, MA'AM.
BECAUSE THE GRANTS GO THROUGH THE CRA COMMUNITY DEVELOPMENT.
A SPONSORSHIP COULD BE FOR A LOCAL ARTS COMMUNITY.
THEY'RE HAVING A COMMUNITY ARTSFEST ON A DAY, AND THEN WE MAY BE ABLE TO DO A THOUSAND DOLLARS SPONSORSHIP OR SOMETHING LIKE THAT.
SO DO YOU GO TO THE INDIVIDUAL BANKS? WHO WOULD BE THE CONTACT PERSON? IS IT THE INDIVIDUAL BANKS THAT DO THAT? NO, FOR THOSE, FOR, FOR SOME OF THE SPONSORSHIPS, IF IT IS A VERY SMALL LOCAL ONE, YES.
ANYTHING LARGER, SAY, WELL, I'M, I APOLOGIZE FOR USING THE ARTS AS THE EXAMPLE.
IF THERE IS A LOCAL COMMUNITY ARTS FESTIVAL AND THEY'RE LOOKING FOR LIKE A $5,000 SPONSORSHIP FOR SOMETHING THAT WOULD COME, COME THROUGH ME AND I WOULD SEEK THE APPROVAL PROCESS FOR THAT.
COMMISSIONERS, ANY OTHER QUESTIONS? THANK YOU SO MUCH FOR APPEARING BEFORE US AND PROVIDING YOUR RESPONSE.
WE APPRECIATE ALL THE GOOD WORK THAT THE BANK IS DOING.
IT WAS REALLY IMPRESSIVE TO SEE THE NUMBER OF COMMUNITY INVESTMENTS AND GRANTS THAT YOU WERE DOING IN THE FIVE DIFFERENT CATEGORIES.
SO PLEASE KEEP UP THE GOOD WORK.
WE LOOK FORWARD TO SEEING YOU NEXT YEAR.
AND, UM, WHEN I REPLY, WHO SHOULD I SEND MY ANSWERS TO? UM, OUR STAFF PERSON IN THE BACK CAN PROVIDE YOU WITH THAT INFORMATION.
UM, SO TODAY WE'D LIKE FOR YOU TO GIVE US A, A A QUICK OVERVIEW OF YOUR CRA
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ACTIVITIES, FOCUS, PLEASE, SPECIFICALLY ON YOUR COMMUNITY DEVELOPMENT INVESTMENTS, YOUR GRANT MAKING, UM, ACTIVITIES, ANY REO OR FORECLOSURE ACTIVITIES THAT YOU MAY HAVE IN ANY SMALL BUSINESS DEVELOPMENT PRODUCTS.I'M YVONNE LARO, COMPLIANCE AND CRA OFFICER AT KEARNEY BANK.
UM, KEARNEY BANK, EMPLOYEES, OFFICERS AND BOARD OF, UM, BOARD MEMBERS OFFER THEIR PROFESSIONAL FINANCIAL EXPERTISE AND ASSISTANCE TO COMMUNITIES, I'M SORRY, ORGANIZATIONS SUCH AS NEW JEWS, NEW JERSEY, EXCUSE ME.
JUNIOR ACHIEVEMENT HABITAT FOR HUMANITY OF GREATER NEWARK, CRA PARTNERS AND SENIOR HOUSING CRIME PREVENTION FOUNDATION, GREATER LIFE AND NEW JERSEY ASSOCIATION OF WOMEN BUSINESS OWNERS AND EDUCATING THE COMMUNITY.
WE COVER TOPICS SUCH AS FINANCIAL LITERACY, ELDER ABUSE, CAREER AWARENESS, MOCK INTERVIEWS, UM, UH, AND FIRST TIME HOME BUYER COUNSELING.
AND FOR OUR GRANTS THROUGH THE KEARNEY BANK FOUNDATION, WE SUPPORT ORGANIZATIONS AND OUR COMMUNITIES FOR GRANTS THAT FOCUS ON EDUCATION, HOUSING, COMMUNITY, BETTERMENT, AND QUALITY OF LIFE.
IN 22, WE DONATED TO 16 ORGANIZATIONS TOTALING 280,000 FOR AFFORDABLE HOUSING AND COMMUNITY SERVICES.
OUR SMALL BUSINESS LENDING IN 2022, MY APOLOGIES.
WE DID 26 LOANS TO SMALL BUSINESSES IN ESSEX COUNTY.
UM, ABOUT 15% OF THEM HAD REVENUES THAT WERE LESS THAN A MILLION.
AND THEN IN OUR HAMDA LOANS FOR HOME MORTGAGES, THERE WERE 62 LOANS.
AND, UM, NINE OF THEM WERE IN LMI CENSUS TRACTS.
WOULD YOU LIKE TO KNOW THE COMMU THE ORGANIZATIONS AS WELL? NO, WE SEE, WE SEE THAT, UM, ATTACHED HERE.
THANK YOU FOR PROVIDING THE DETAIL.
AND THEN IN REGARDS TO OUR OREO, EOS, I DON'T THINK WE HAD ANY, ANY ESSEX COUNTY? NO, WE DID NOT HAVE ANY IN ESSEX COUNTY.
AND THERE'S ONE REO THAT WAS IN PASSA COUNTY, BUT NOT ESSEX.
DO YOU HAVE ANY, UM, FIRST TIME HOME BUYER PRODUCTS? YES.
I'M GONNA, UM, PASS IT OVER TO JACKIE AND SHE'LL EXPLAIN OUR PROGRAM TO YOU.
PLEASE STATE YOUR NAME AND AFFILIATION FOR THE RECORD, PLEASE.
JACQUELINE GIBBS, I AM THE FAIR LENDING OFFICER FOR KEARNEY BANK.
WELL, PLEASE TELL US ABOUT YOUR FIRST TIME HOME BUYERS PROGRAM.
SO YES, WE HAVE A GREAT FIRST TIME HOME BUYER PROGRAM, 30 YEAR DISCOUNTED RATE, UM, WHICH INCLUDES ADDITIONAL DISCOUNTS FOR PROPERTIES LOCATED IN LOW AND MODERATE INCOME, UM, AREAS IN, IN THEIR AREAS OR, UM, TOTAL HOUSEHOLD INCOME MUST BE AT OR BELOW 80% OF THE AREA MEDIUM INCOME.
IN FACT, WE JUST BOOSTED UP TO 100% OF THE AREA MEDIUM INCOME.
SO IF IT'S WITHIN THOSE TWO, WE GIVE, UM, DISCOUNTS, RATE DISCOUNTS.
SO IF IT'S IN A LOWER AND MODERATE AREA, THERE'S ONE DISCOUNT.
AND IF IT'S IN A LOWER AND MODERATE AREA AND THEY MEET THE INCOME REQUIREMENTS, YOU GET ANOTHER DISCOUNTED RATE.
SO YOUR RATE ACTUALLY DROPS TWICE.
DO YOU OFFER ANY, UM, FINANCIAL ASSISTANCE TOWARDS DOWN PAYMENT OR CLOSING COSTS? SO WE DO HAVE, UM, WELL DOWN PAYMENT OPTIONS AS LOW AS 5% WITH ONLY 3% HAS TO BE THE BORROWER'S OWN FUNDS.
UM, WE DO IN CONCERT WITH THE FEDERAL HOME LOAN GRANT, UH, BANK OF NEW YORK.
AND, UM, IT'S NINE $9,500 GRANT AND $500 TOWARDS, UM, COUNSELING, HOME OWNERSHIP COUNSELING.
SO THAT'S A REQUIREMENT OF OUR PRODUCT THAT THEY COMPLETE HOME OWNERSHIP COUNSELING.
ANY QUESTIONS? I DO, MADAM CHAIR, COMMISSIONER EZ.
WELCOME EVENING TO OUR HUMBLE ABODE HERE AT SAY, UM,
[00:35:01]
I FEEL LIKE YOU'RE A LITTLE NERVOUS IN THE BEGINNING THERE, SO WE'RE, YOU KNOW, IT'S OKAY.WE DON'T, WE DON'T USUALLY ATTACK PEOPLE AT THE PODIUM, SO
UM, I, SO I'M A NON-PROFIT GUY BY DAY.
SO MY, UH, MY AREAS OF INTEREST IN ADDITION TO EVERYTHING YOU DID WITH THE APPLICATION IS OF THE GRANT AND SPONSORSHIPS.
ARE THEY, IN YOUR WORLD, ONE IN THE SAME? IS A GRANT A SPONSORSHIP OR DO YOU HAVE A SEPARATE SPONSORSHIP IN ADDITION TO THE GRANT PORTAL? LAST YEAR? THE GRANT AND THE SPONSORSHIP IS THE SAME, I BELIEVE.
SO YOU GAVE ABOUT $200,000 TO 16 ORGANIZATIONS.
SO YOU'RE GIVING SOMEWHERE BETWEEN 10 AND $15,000 PER ORGANIZATION, WHICH I THINK IS GREAT.
I HAVE PARTICULAR INTEREST IN THE ARTS, AND SO THIS IS, YOU KNOW, I'M THE ADVOCATE FOR THE ARTS HERE.
SO, AND I DON'T THINK TOO MANY OF MY COLLEAGUES WILL, WILL OBJECT.
THEY, WE ALL LIKE THE, YOU KNOW, TO SEE BEAUTIFUL THINGS AND THE ARTISTIC, UH, SPIRIT.
SO WHAT ARE THE THINGS THAT WE ARE, UH, YOU KNOW, THAT I AM PARTICULAR ASKING FOR AS A FOCUS ON THE ARTS? BECAUSE THEY SEEM TO BE OVERLOOKED AND THEY'RE NOT OFTEN REGARDED AS AN ECONOMIC DRIVER, ALTHOUGH THEY CAN BE.
AND IN PARTICULAR WITH THAT, SMALLER ORGANIZATIONS, BECAUSE USUALLY THE SMALLER ORGANIZATIONS THAT EMPLOY MAYBE THREE OR FIVE EMPLOYEES, MAX OR OR LESS, UH, HAVE A MUCH HARDER TIME SECURING GRANTS THAN SOME OF THEIR, UH, MUCH LARGER COUNTERPARTS, WHICH WE ENCOURAGE GRANTS TO ALL ABOUT.
WE WANT TO MAKE SURE, AND I WANT IN PARTICULAR, UH, ENSURE THAT I SEND THAT MESSAGE TO YOU FOLKS SINCE YOU DO A GOOD JOB WITH THE GRANT MAKING THAT IT IS AN IMPORTANT FACTOR FOR ME AND WHEN WE REVIEW THE BANKS.
AND I WOULD APPRECIATE YOUR CONSIDERATION OF THAT.
MADAM CHAIR, JUST FOR THE RECORD, UM, WHEN I GO TO CARNEY BANK AND YOU GO TO THE, ABOUT, THEN THERE IS A FAIRLY EASY MECHANISM TO FIND, UH, WHO THEY ARE IN THEIR PHILANTHROPY AND THEIR GRANTS, UM, THEIR PILLARS.
UH, HERE, THEY'RE NOT DESCRIBED AS PILLARS, BUT THEIR AREAS OF FOCUS INCLUDE EDUCATION, HOUSING, COMMUNITY BETTERMENT, WHERE ARTS CULTURE AND STEWARDSHIP FALLS UNDER.
UH, SO I'M HAPPY, VERY HAPPY TO SEE THAT AND QUALITY OF LIFE WITH HELPING SENIORS AND, AND VETERANS.
AND OF COURSE ALL THE THINGS ARE VERY IMPORTANT TO OUR MISSION AS WELL.
SO WE'RE VERY HAPPY TO SEE THIS.
SO FOR THE, FOR THE RECORD, APPLYING FOR A GRANT SEEMS TO BE A VERY EASY PROCESS.
I WOULD LIKE TO ASK YOU, HOW MANY TIMES DO YOU CONSIDER GRANTS A YEAR? DO YOU HAVE A, IT'S AN ONGOING BASIS OR DO YOU HAVE LIKE A, A, A MECHANISM FOR REVIEW? IT'S ON A QUARTERLY BASIS AND COURT I'LL THAT'S GREAT.
SO YOUR MONEY NOW GIVEN UP AT ONE TIME, SO THAT IS GREAT.
SO WE WOULD JUST LIKE, EXCUSE ME SPEAKING, UM, COME TO THE MIC, PLEASE PUT YOUR NAME IN AFFILIATION ON RECORD, PLEASE.
I'M A DIRECTOR OF GOVERNMENT BANKING AT KEARNEY BANK.
JUST JUST TO CLARIFY, THE FOUNDATION, UM, THE GRANTS GO THROUGH THE KEARNEY BANK SHADOW FOUNDATION? CORRECT? THE SPONSORSHIPS ARE THROUGH THE BANK, SO THEY ARE SEPARATE.
AND YOUR SPONSORSHIPS, CAN YOU, UH, WHAT ARE THEY, LIKE WHAT'S THE PROCESS TO GET A SPONSORSHIP AS OPPOSED TO THE GRANT? THE GRANTS ARE PRETTY CLEAR CUT YOU LOCAL BANK? YEAH, JUST WITH PROPER DOCUMENTATION.
UM, MOST OF THE, THE, THE REQUESTS THAT COME THROUGH LOCAL GOVERNMENTS GO THROUGH ME.
SO WE PREPARE A, A PRESENTATION THAT, THAT I, I GIVE TO OUR EXECUTIVE, UM, BOARD AND THEY MAKE A DECISION ABOUT ON SPONSORSHIPS, BUT IT'S A VERY EASY PROCESS.
I JUST ASK FOR ANY KIND OF DOCUMENTATION.
WE HAVE A FORM THAT WE FILL OUT, WE SEND IT UP.
IT'S USUALLY DONE PRETTY ON A VERY QUICK BASIS.
SO I WOULD IMAGINE THOSE GRANTS ARE SIGNIFICANTLY LOWER, UNDERSTANDABLY.
SO THEY'RE SPONSORSHIPS IN GENERALLY LOWER? YEAH, THEY'RE TYPICALLY, YOU KNOW, A HUNDRED UP TO A THOUSAND DOLLARS.
SOMETIMES, YOU KNOW, WE DO A, A TOWN DAY OR A SPONSORSHIP FOR A TOWN DAY OR SOMETHING LIKE THAT MIGHT BE TWO, 2000, 2,500.
THE EVERYTHING LARGER THAN THAT USUALLY GOES THROUGH THE GRANT PROCESS.
AND ABOUT HOW MUCH MONEY OVERALL DO YOU GIVE IN THAT CAPACITY? I DON'T HAVE THAT INFORMATION.
SO FOR THE FUTURE, YOU KNOW, I'M NOT, I DON'T EXPECT TO HAVE THIS ALL TOP OF YOUR HEAD.
SO MAYBE IN THE FUTURE, MAYBE A METRIC THAT WOULD BE IMPORTANT THAT I CERTAINLY WOULD APPRECIATE WOULD BE WHEN YOU GIVE IN THE GRANT AND SPONSORSHIPS IN ESSEX COUNTY, YOU KNOW, WHO ARE THEY AND WHAT ARE THE, WHAT AMOUNTS ARE THEY GIVING IF YOU'RE, UH, YOU KNOW, ABLE TO GIVE THAT INFORMATION.
IT JUST GIVES US A SENSE OF THE PULSE OF WHAT'S GOING ON IN TERMS OF PHILANTHROPY FOR THE BANKS THAT WE DO BUSINESS WITH AND HOW MUCH THEY, OKAY.
I THINK MR. MCINERNEY MAY HAVE A QUESTION.
JUST A MR. MCINERNEY, JUST A QUESTION, UH, WITH REGARD TO YOUR GRANT PROGRAM.
DON'T, DID YOU HAVE A, A PORTAL, YOU ACTUALLY YES.
IT'S AN ONLINE PORTAL RIGHT THROUGH THE QUESTION.
UM, PLEASE, PLEASE STATE YOUR NAME AND AFFILIATION BEFORE YOU RESPOND.
EVA, LAURA, IT'S COMPLIANCE AND C OFFICER.
UM, YES, THERE'S AN ONLINE PORTAL.
YOU JUST FILL OUT EVERYTHING RIGHT ONLINE AND IT GOES, COMES OVER ELECTRONICALLY.
ALRIGHT, MR. MCINERNEY, I'M SEEING THAT HERE.
IT'S A FAIRLY, YOU KNOW, FOR SOMEONE LIKE ME TO A NONPROFIT WORK.
THIS IS A FAIRLY TYPICAL AND EASY, THANKFULLY WAY TO, UH, IT'S NICE TO DO THAT.
UM, I DO HAVE, UH, ANOTHER QUESTION IN YOUR RESPONSE ON PAGE TWO, IT SAYS COMMUNITY DEVELOPMENT LENDING IN 2022, THERE WERE NO CRA QUALIFIED COMMUNITY.
I GUESS CD IS COMMUNITY DEVELOPMENT, RIGHT? CORRECT.
COMMUNITY DEVELOPMENT, ONE OF THE FOUR CATEGORIES OF COMMUNITY DEVELOPMENT.
[00:40:01]
WE DID NOT HAVE ONE IN ESSEX COUNTY.SO HOW DO PE HOW DO ORGANIZATIONS FIND OUT ABOUT YOUR PRODUCTS? WHO IS YOUR COM COMMUNITY DEVELOPMENT REPRESENTATIVE THAT GOES OUT INTO THE COMMUNITY? BECAUSE, UM, I KNOW YOU ARE A NEWER BANK WITH US, RIGHT? MR. JACKSON WAS LAST YEAR, THIS PAST YEAR, OR FIRST YEAR? LAST YEAR.
SO IT'S IMPORTANT FOR US, WE LIKE TO KNOW ABOUT YOUR COMMUNITY DEVELOPMENT ACTIVITIES THROUGHOUT THE COUNTY.
AND SO IT'S IMPORTANT FOR US TO PLAY THE CONNECTION GAME, THE MATCHING GAME BETWEEN THE ORGANIZATIONS TO FIND OUT ABOUT YOUR PRODUCTS AND SERVICES.
AND SO WHEN I LOOK AND SEE THAT THERE WERE NO COMMUNITY DEVELOPMENT ACTIVITIES, WE DROP AROUND THE COUNTY AND SEE THAT THERE'S A LOT OF ACTIV HAPPENING.
THERE WAS NOT A COMMUNITY DEVELOPMENT QUALIFIED LOAN.
THERE WAS NO L OH, THERE WAS NO LOAN THAT, THAT'S FOR A LOAN.
THE ACTIVITIES AND THE DONATIONS ARE IN THE PACKET FOR, OKAY.
SO THOSE, I READ THIS PACKET, CORRECT.
THAT'S, THAT'S OUR WORK OUTREACH IN ESSEX COUNTY FOR GRANTS AND ACTIVITY COMMUNITY OUTREACH.
WERE THERE OTHER QUALIFYING ACTIVITIES THAT YOU DID MAKE UNDER THE CRA CRITERIA? CORRECT.
THAT'S THE GRANTS AND THE ACTIVITIES THAT ARE IN HERE.
I JUST DIDN'T, WE DIDN'T HAVE A LOAN THAT QUALIFIED UNDER THE TERMS OF COMMUNITY DEVELOPMENT LENDING.
SO WHAT'S YOUR OUTREACH ACTIVITIES? HOW DO, HOW DO, HOW DO PEOP HOW DO COMMUNITY BASED AND FACE BASED ORGANIZATIONS FIND OUT ABOUT YOUR PRODUCTS AND SERVICES? OKAY, SO I GUESS I WOULD BE MORE OF THE ON THE GROUND OUTREACH PERSON.
SO I WORK WITH, UM, GREATER LIFE IN NEWARK ON, UM, LET ME GET MY LIST.
SO I DON'T, I I I DON'T WANNA MISS ANY OF THEM.
SO, UM, NEW JERSEY CITIZENS ACTION.
SO WE'RE, WE'VE DONE, UM, VIRTUAL EVENTS WITH THEM.
THEY HAVEN'T ACTUALLY OPENED YET, UM, FOR CONTACT, BUT I USED TO GO IN AND CONTACT WITH THEM AND BRING MY LOAN OFFICERS AND WE WOULD DO HOME BUYER, UM, FUNCTIONS THERE.
UM, PARTNERED WITH THE METROPOLITAN CHURCH, UM, ON SPRINGFIELD AVENUE.
THEY DID A HUGE, UM, HOME BUYING, UM, FAIR.
LAST YEAR WAS THE, THE INITIAL ONE.
AND THEN AGAIN THIS YEAR, WHICH IS, WAS REALLY, UM, HEARTFELT BECAUSE THAT WAS THE SECOND ANNUAL, THE FIRST TIME WE HAD DONE IT.
I, I BORN, RAISED, EDUCATED IN NEWARK AND LIVED DOWN THE STREET FROM THAT CHURCH.
AND WE HAD NEVER HAD HOME BUYING SESSIONS.
SO, AND TO SEE IT AGAIN AND HAVE A BIG OPENING, LOTS OF PEOPLE THERE.
THAT'S WHAT I DO FOR CARNEY BANK.
I WANT TO SEE ANYONE THAT WANTS TO OWN A HOME, OWN A HOME, AND TO GIVE THAT INFORMATION.
SO WE WERE ABLE TO HELP THEM DO IT THE FIRST YEAR AND THEN TO GO BACK AND DO IT THE SECOND YEAR WAS GREAT.
ALSO, GREATER LIFE COMMUNITY, UM, CENTER AND OUTREACH IN ON CHANCELLOR AVENUE IS ANOTHER OUTREACH AREA THAT, UM, I GO TO.
AND WHAT'S GREAT ABOUT, UH, GREATER LIFE IS THAT THEY'RE RIGHT THERE ON THE CORNER, UM, OF CHANCELLOR AVENUE ACROSS THE STREET FROM WEEK WAKE AVENUE SCHOOL CORNER OF ALDEAN AND CHANCELLOR.
AND IT ALLOWS US NOT ONLY TO CONNECT WITH THE COMMUNITY ADULTS, BUT ALSO CONNECT TO THE, THE HIGH SCHOOLERS.
SO ONE THING THAT WE DID THAT WAS UNIQUE THIS YEAR WAS TO DO AN EFFORT FOR THE HIGH SCHOOLERS AND FOCUSED IN ON CREDIT BECAUSE THAT'S, THAT'S FOR, UM, SOME PEOPLE.
THE, THE ACHILLES HEEL IS THE CREDIT.
SO NOW WE'RE TRYING TO TEACH OUR YOUNG PEOPLE TO VALUE CREDIT, WHAT IT IS, WHY IT'S VALUABLE, AND WHY YOU DON'T SHARE IT.
AND SO THAT, THAT'S ONE OF THE OTHER INITIATIVES THAT WE'VE DONE.
TRI-CITY PEOPLE'S CORP ON 19TH STREET, UM, LA CASA D PEDRO, UH, THEY, THEY STARTED OPENING SLOW, BUT A LOT OF VIRTUAL, NOW WE ARE ABLE TO COME IN, BUT THEY'RE, THEY'RE DOING IT SLOWLY.
BUT WE HAVE CONDUCTED, UM, HOME BUYER SEMINARS WITH LA CASA D PEDRO, UM, THE NATIONAL ASSOCIATION OF REAL ESTATE BROKERS.
THEY'RE ACTUALLY HAVING THEIR MEETINGS HERE IN THE CITY OF NORTH NOW.
AND WE ARE PART OF THE ASSOCIATION AND IT'S AN A, UM, AN ASSOCIATION OF REAL ESTATE BROKERS TRYING TO BUILD MORE IN NEWARK AND SELL MORE TO THOSE THAT LIVE IN NEWARK AND THE NATIONAL ASSOCIATION OF HISPANIC REALTOR PROFESSIONALS AS WELL.
SO THOSE ARE SOME OF THE, THE GROUPS
[00:45:01]
THAT I CALL ON, UM, IN ESSEX COUNTY.UM, I WANNA NOTE FOR THE RECORD THAT COMMISSIONER PRESIDENT WAYNE RICHARDSON HAS JOINED US.
MR. PRESIDENT, DO YOU HAVE A QUESTION? SURE.
SO, OUT OF THESE HOME BUYER SEMINARS, HOW MANY MORTGAGES DID CARNEY BANK LET AT THESE SEMINARS? SO HOW MANY PEOPLE WHO ATTENDED ACTUALLY GOT A MORTGAGE? OKAY, SO, UM, I WILL PROUDLY STATE THE FIRST TIME WE DID THE EVENT AT THE METROPOLITAN CHURCH.
WE WERE THE ONLY, UM, BANK THAT ACTUALLY RECEIVED AND CLOSED ON A LOAN.
FROM THAT OR FROM THAT, UM, TEAM.
SO I WAS REALLY EXCITED THAT WE WERE ABLE TO AT LEAST GET SOME, SOME TRACTION, SOME SOMETHING OUT OF GIVING ALL OF THE INFORMATION.
IT WASN'T JUST INFORMATION, IT WAS ACTION.
UM, AND THEN THE OTHERS, I, I DON'T KNOW.
I DON'T HAVE A NUMERIC, BUT I WILL HAVE IT NEXT TIME.
BUT I KNOW THE FIRST ONE, BECAUSE WE MADE A BIG DEAL ABOUT IT AND IT WAS ANNOUNCED, THE GROUP THAT ACTUALLY GAVE IT TOLD US, YOU KNOW, WE DID GET THIS MORTGAGE AND YOU ARE THE ONLY ONE.
SO I, YOU, YOU TALKED ABOUT, SO THE GREATER LIFE MM-HMM.
I GET METROPOLITAN, ANOTHER MULTIMILLION DOLLAR CHURCH.
AND SOME OF THE OTHERS, THOSE ARE THE BIGGER ONES.
SO WHAT OTHER SMALLER NON-PROFITS DO YOU WORK WITH? WELL, THE, THE, THE ONLY BECAUSE IT SEEMS LIKE, AND, AND I I HATE TO SAY THIS.
IT'S JUST THAT IT SEEMS LIKE ALL OF THE BANKS COME IN HERE AND TOUT HELPING THE EXACT SAME ORGANIZATION, BUT NONE OF 'EM ARE TALKING ABOUT REALLY HELPING THE SMALLER ORGANIZATIONS.
YOU HELP ALL OF THE BIG ORGAN.
I DIDN'T HEAR YOU TALK ABOUT WORKING WITH THE NAACP.
I DIDN'T HEAR YOU TALK ABOUT WORKING WITH URBAN LEAGUE.
SO I, I'LL I'LL SAY PERSONALLY, WHEN I STARTED TO MAKE MY LIST, MY THOUGHT WAS I WANTED TO MAKE SURE THAT I GET TO THE PEOPLE ON THE GROUND.
SO THE, AND SO NAACP IS ONE THAT WOULD HELP ME GET TO THE PEOPLE ON THE GROUND.
BUT USUALLY LIKE I'M GOING TO, UM, SOMETHING TONIGHT WITH THE AFRICAN AMERICAN CHAMBER OF COMMERCE, IT'S LARGER FUNCTIONS AND NOT FUNCTIONS THAT HAVE THE CHILDREN THERE OR HAVE THE PARENTS THERE.
IT'S FOR MORE CONNECTION WITH, YOU KNOW, THOSE THAT CAN GET THINGS DONE FIRST FINANCIALLY AND THEN TOUCH THEIR BASE.
SO I STARTED WITH THOSE THAT I KNEW I COULD ACTUALLY TOUCH, LIKE, UM, GREATER LIFE.
I COULD GO TO THE DOOR, KNOCK ON THE DOOR, TALK TO THEM, AND THEY SAY, HEY, YEAH, WE WANT YOU TO COME IN AND DO THIS.
UM, SO THAT'S WHY I STARTED WITH THEM.
THE BIGGER ONES, LIKE THE NAACP, IT'S GREAT TO BE CONNECTED TO THEM.
UM, BUT I'M NOT GONNA GET THE KIDS, I'M NOT GOING TO GET THEIR PARENTS.
AND THAT'S HOW WE START FIRST TIME.
I DON'T KNOW IF THAT'S ACCURATE OR NOT.
UM, BECAUSE THE NAACP, THE HEADQUARTERS IS ON 12TH STREET RIGHT NEXT TO IYO, WHICH IS INTERNATIONAL, INTERNATIONAL YOUTH ORGANIZATION.
THEY'RE ACTUALLY IN THAT BUILDING.
SO THAT'S NOT NECESSARILY ACCURATE THAT YOU WON'T GET TO THE KIDS.
THEY'RE RIGHT IN THE SAME BUILDING WITH THE NAACP.
YOU CAN GET THEIR, THE KIDS AND THEIR PARENTS.
I I'M THINKING, UM, PARENTS ARE THE MEMBERS OF THE ORGANIZATION AND WE ARE, WE'RE TRYING TO GET TO THE PARENTS BECAUSE THEY OWN HOMES, BUT WE ARE ALSO GIVING SO THAT THE CHILDREN WILL GET SOME, I I JUST GAVE YOU A PIECE OF INFORMATION.
IT'S A INTERNATIONAL YOUTH ORGANIZATION.
AND THEY'VE BEEN TRAINING KIDS AND DOING THING WITH THE, WITH THE YOUTH.
SO YOU COULD DO IT ALL IN ONE SHOT.
I WILL TAKE THAT AND I'LL GO AND SEE THEM.
[00:50:01]
THANK YOU, MR. PRESIDENT.UM, I'M GOING TO, UM, ALSO OFFER ANOTHER SUGGESTION.
UM, AND IT'S ONLY BECAUSE THIS CITY IS THE FIRST ONE THAT COMES TO MIND.
I KNOW HERE AT THE COUNTY, WE DO IT AS WELL.
WE OFTEN HAVE ORGANIZATIONS THAT SEEK FUNDING FROM US GRANT FUNDING, UM, TO BUILD AFFORDABLE HOUSING.
UM, JUST RECENTLY WE GAVE OUT MONEY TO AN ORGANIZATION HERE A COUPLE MONTHS BACK, THE BOARD.
BUT THE CITY OF NEWARK IS DOING A VERY EXTENSIVE JOB WITH CULTIVATING SMALL CONTRACTORS AND NONPROFITS WHERE THE MAYOR'S OFFICE SEEM TO BE, UM, DESIGNATING DEVELOPERS.
AND A LOT OF THEM NEED COMMUNITY DEVELOPMENT LOANS IN ORDER TO BUILD THEIR PROJECTS.
SO SOMEHOW, UM, YOU GUYS HAVE GOTTA FIND OUT A WAY TO GET YOUR PRODUCTS TO TRICKLE DOWN TO SOME OF THESE PEOPLE BECAUSE YOU HAVE THESE DOLLARS AND THEY NEED THOSE DOLLARS IN ORDER TO BUILD THEIR PROJECTS.
SO, UM, I GUESS LOOK MAYBE ON THE MAYOR'S WEBSITE, CITY HALL TO FIGURE OUT WHAT ARE SOME OF THOSE POTENTIAL PROJECTS THAT YOU GUYS COULD LOOK AT FUNDING AND PROVIDING SOME COMMUNITY DEVELOPMENT LOANS FOR, UM, TO NEXT YEAR.
'CAUSE I KNOW IT'S IMPORTANT FOR ME AS A COMMISSIONER THAT EVERY, UM, BANK THAT WE HAVE DEPOSITORIES WITH IS DOING A, A, UM, EXTENSIVE JOB, MAKING SURE THAT THEY'RE MAKING THOSE INVESTMENTS IN THE COMMUNITY SO THAT OUR REDEVELOPMENT AND OTHER REVITALIZATION EFFORTS KEEP TWIRLING AROUND AND AROUND AND AROUND.
I DO WANNA COMMEND THAT YOU GUYS DID A GREAT JOB WITH YOUR GRANT MAKING ACTIVITIES.
YOU HAVE DONE ONE OF THE HIGHEST NUMBER OF GRANT MAKING, UM, ACTIVITIES THAT WE'VE SEEN SO FAR, UM, IN THE TWO DAYS THAT WE'VE BEEN DOING THESE HEARINGS TO REVIEW YOUR CRA ACTIVITIES.
SO I WANT TO ENCOURAGE YOU TO PLEASE KEEP UP THAT GOOD WORK.
BUT, UM, NEXT YEAR HOPEFULLY WE'LL SEE MORE COMMUNITY DEVELOPMENT LOANS FROM, UM, YOUR BANK.
ARE THERE ANY OTHER QUESTIONS? COMMISSIONERS, COMMISSIONER, PRESIDENT? YES.
UH, MADAM CHAIR, I, I JUST HAVE ONE QUESTION.
IT MAY HAVE BEEN ASKED AND I MAY HAVE MISSED BECAUSE I JUST GOT HERE AND I APOLOGIZE BY MY TARDINESS, BUT DO YOU GUYS INVEST IN PRIVATE PRISONS? YOU HAVE ANY INVESTMENTS IN PRIVATE PRISONS? AND NOT THAT I KNOW.
UH, PLEASE STATE YOUR NAME FOR THE RECORD AND WHATEVER YOUR RESPONSE IS, PLEASE.
YVONNE LARO AND NOT THAT I'M AWARE OF.
WE LOOK FORWARD TO SEEING YOU NEXT YEAR.
SO, UM, THANK YOU FOR COMING THIS EVENING.
WE WOULD LIKE TO HEAR ABOUT YOUR CRA ACTIVITIES, SPECIFICALLY ABOUT YOUR COMMUNITY DEVELOPMENT LENDING, YOUR GRANT MAKING, IF YOU HAVE ANY REO OR FORECLOSED PROPERTY.
[00:55:01]
WENT OUT MY HEAD.SO YOUR NAME AND AFFILIATION FOR THE RECORD, PLEASE.
CAN YOU HEAR ME? I CAN'T HEAR MYSELF.
IT'S COMING OUTTA YOUR BANK ACCOUNT.
UH, FOR THE RECORD, MY NAME IS NADA LEDSON, UH, REGIONAL COMMUNITY DEVELOPMENT MARKET MANAGER WITH CITIZENS BANK.
AND THIS IS MY COLLEAGUE, UH, BRIAN ANO, RELATIONSHIP MANAGER, CITIZENS BANK.
SO I AM ACTUALLY STANDING IN FOR MY COLLEAGUE GEORGE CRUZ, WHO IS THE, UH, COMMUNITY DEVELOPMENT MARKET MANAGER FOR NEW JERSEY.
UH, I BELIEVE HE'S VIEWING, UH, THE BROADCAST ONLINE.
SO TO THE DEGREE, IF THERE ARE ANY QUESTIONS THAT, UH, NEITHER BRIAN OR I CAN ANSWER, UH, HE AND BRIAN WILL FOLLOW UP WITH, WITH THOSE ANSWERS.
SO, UM, IF, IF YOU DON'T MIND, I WILL JUST TICK OFF A COUPLE THINGS.
SO FIRST OF ALL, UM, I LIKE TO SHARE THAT CITIZENS, UH, RECENTLY RECEIVED AN OUTSTANDING RATING FOR ITS MOST RECENT, UH, CRA, UH, EVALUATION.
UH, WE ARE EVALUATED BY THE OFFICE OF COMPTROLLER, UH, FOR THE PERIOD OF 2019 THROUGH 2021.
AND IT'S VERY SOMETHING THAT WE'RE VERY PROUD OF.
WE RECEIVED AN OVERALL OUTSTANDING RATING AS WELL AS OVERALL ON ALL THREE OF THE INDIVIDUAL RATING COMPONENTS.
UM, AS FAR AS MENTIONED, SMALL BUSINESS LENDING, THAT WAS SOMETHING ELSE YOU WANTED TO LEARN ABOUT.
SO FOR THE YEAR OF 20, THE YEAR 2022, CITIZENS HAD A NUMBER OF, UH, 52 LOANS IN BUSINESS LOANS IN EXCESS COUNTY.
UH, THE PERCENTAGE OF THOSE LOANS IN LOWER MODERATE INCOME TRACKS WAS 60, ABOUT APPROXIMATELY 67%.
THE PERCENTAGE OF LOANS TO SMALL BUSINESSES WITH REVENUES OF LESS THAN A MILLION WAS APPROXIMATELY 87%.
AND THE PERCENTAGE OF LOANS IN THE AMOUNTS OF A HUNDRED THOUSAND DOLLARS OR LESS WAS APPROXIMATELY 85%.
UM, WHILE CITIZEN COMMUNITY DEVELOPMENT LENDING, WHILE CITIZENS DID NOT HAVE ANY COMMUNITY DEVELOPMENT LOANS IN ESSEX COUNTY, UH, LAST YEAR, 2022, UM, IT'S, IT'S SOMETHING THAT, UH, WE, WE REALLY PRIDE OURSELVES IN FOCUSING ON FOR THIS ENTIRE STATE OF, UH, NEW JERSEY CITIZENS HAD, UH, APPROXIMATELY 51.6 MILLION IN LOANS AND PRIMARILY FOCUSED ON AFFORDABLE HOUSING, UM, UNDER THE UMBRELLA OF, UH, PHILANTHROPY.
I WOULD WOULD LIKE TO, UH, ADDRESS YOUR, YOUR QUESTION REGARDING, OR INTEREST IN REGARDING GRANTS.
SO, UH, GIVING BACK TO COMMUNITY IS REALLY AT THE CORE OF, OF WHO WE ARE AS CITIZENS.
UM, THROUGH OUR CORPORATE GIVING AS WELL AS OUR, UH, VOLUNTEERISM, IT'S, YOU KNOW, WE ARE REALLY WORKING HARD TO STRENGTHEN, UH, COMMUNITIES ALONGSIDE OUR NEIGHBORS.
UM, PRIMARILY THROUGH, UH, FINANCIAL EMPOWERMENT, WORKFORCE DEVELOPMENT.
SO FOR 2022, UH, IN TERMS OF GRANTS, UH, CITIZENS PHILANTHROPIC FOUNDATION PROVIDED ESSEX COUNTY ORGANIZATIONS A TOTAL OF 25 GRANTS TOTALING 200, 200,000, 200, EXCUSE ME, I TRY TO PRACTICE THIS NUMBER, 201 200 1,500.
UH, OF WHICH 17 GRANTS TOTALING 140, UH, THOUSAND PLUS WERE CRA QUALIFIED, UH, I MENTIONED FINANCIAL EMPOWERMENT.
SO FROM A FINANCIAL EMPOWERMENT, UM, STANDPOINT, UH, WE ACCOMPLISH, UH, FINANCIAL EMPOWERMENT THROUGH A NUMBER OF STRATEGIC INITIATIVES, UM, PRIMARILY WITH OUR LOCAL, UH, AND, UH, NATIONAL PARTNERSHIP.
AND WHEREVER POSSIBLE WE TRY TO AMPLIFY, UM, OUR CORPORATE GIVING WITH VOLUNTEERISM.
UH, FOR INSTANCE, THERE ARE TWO PROGRAMS THAT I'D LIKE TO HIGHLIGHT, UH, THAT ARE VERY, UH, SOMETHING THAT WE PRIDE OURSELVES IN TRULY, UH, CITIZENS HELPING CITIZENS MANAGE MONEY, UH, IS A FINANCIAL EMPOWERMENT PROGRAM THROUGH WHICH WE PROVIDE FINANCIAL RESOURCES AND TOOLS TO COMMUNITY MEMBERS, UH, TO HELP, UM, HELP THEM MAKE INFORMED FINANCIAL DECISIONS.
UM, IN ESS COUNTY LAST YEAR, UH, CITIZENS PROVIDED GRANT FUNDING TO FOUR, UH, ESSAS COUNTY SERVING ORGANIZATIONS.
UH, OUR COMMUNITY AMBASSADOR PROGRAM,
[01:00:02]
UH, AIMS TO CONNECT CITIZENS, VOLUNTEERS WITH COMMUNITY ORGANIZATIONS, UH, THAT PROVIDE NEEDED SERVICES.AND THIS IS A, UH, NATIONAL PROGRAM THAT WE HAVE.
AND WE IMPLEMENT THIS PROGRAM IN NEW JERSEY AS WELL AS AS THIS COUNTY.
UM, OUR COLLEAGUES PROVIDE, UH, VOLUNTEERISM AROUND FINANCIAL EDUCATION, MENTORSHIP, UH, UH, AND, UH, ALSO SUPPORTING THE IRS VOLUNTEER INCOME TAX PREPARATION SERVICES.
AND WE ENGAGE ROBUSTLY IN BOARD SERVICE.
WE ALSO TRAIN OUR VOLUNTEERS TO PROVIDE FINANCIAL EDUCATION, UH, TO PROGRAMMING, PRIMARILY LEVERAGING THE FDIC MONEY SMART CURRICULUM, UH, FOR ADULTS, FOR YOUTH AND SMALL BUSINESSES.
WE OFFERED THESE PROGRAMS BOTH VIRTUALLY AS WELL AS IN PERSON.
AND LAST YEAR, SPECIFICALLY THROUGH THIS PROGRAM, UH, WE PROVIDED, UH, OUR COLLEAGUES VOLUNTEERED A HUNDRED, NEARLY 160 HOURS, UH, TO SIX DIFFERENT COMMUNITY ORGANIZATIONS.
I DO BELIEVE YOU MENTIONED YOU WANTED TO HEAR ABOUT FORECLOSURE ACTIVITY.
SO, UM, FORECLOSURE FOR CITIZENS, UH, CITIZENS HAD SIX FORECLOSURE STARTS IN ESSEX COUNTY.
UM, OUR BANK HAS A TOTAL OF 70, UH, REO LOANS OR PROPERTIES ACROSS THIS ENTIRE PORTFOLIO.
UM, NONE OF WHICH ARE IN ESSY COUNTY.
UM, WE DO HAVE, WE DO OPERATE THROUGH LOSS MITIGATION, TWO PROGRAMS UNDER THE UMBRELLA, UH, OF FORBEARANCE AND LOAN MODIFICATION TO ASSIST BORROWERS WITH STAYING IN THEIR HOMES.
UM, WE HAVE, UH, AN ASSET MANAGEMENT COMPANY, UH, THAT MANAGES, UM, ALL OF OUR REO PROPERTIES.
UM, AND THROUGH THOSE TWO ASSET MANAGEMENT, UM, EXCUSE ME, THAT ASSET MANAGEMENT PROPERTY ORGANIZATION IS NAMED PHOENIX ASSET MANAGEMENT.
UM, WE USE TWO, UH, PRESERVATION, PROPERTY PRESERVATION, UH, VENDORS TO, UH, MAINTAIN THOSE PROPERTIES.
AND THROUGH THEM, UH, THOSE ORGANIZATIONS, UH, ENGAGE OR PARTNER WITH, UH, WOMEN OWNED BUSINESSES, VETERAN-OWNED BUSINESSES AS, UH, MINORITY OWNED BUSINESSES.
UM, COMMISSIONERS, ANY QUESTIONS? MADAM CHAIR, COMMISSIONER PARRIS.
UH, GOOD EVENING AND THANK YOU FOR COMING HERE TODAY.
UH, DID I HEAR CORRECTLY THAT YOU HAVE FOUR COMMUNITY GRANTS IN ESSEX COUNTY? UH, AS OF LAST YEAR, WE DID, YES.
CAN YOU, CAN YOU DESCRIBE WHO THEY WERE TO AND WHAT ARE THE AMOUNTS OVERALL OR, WELL, THE, ABSOLUTELY.
SO THE, UH, AMOUNTS OVERALL, ACTUALLY I'M GONNA HAVE TO GET THAT BACK TO YOU, BUT THAT AMOUNT IS INCLUDED IN THE CARVE OUT FOR CRA QUALIFIED.
SO IT'S WITHIN THE 142, UH, A THOUSAND DOLLARS THAT WAS MENTIONED, UH, EARLIER.
UM, IN TERMS OF THE ORGANIZATIONS, UH, I DO KNOW THAT, UH, NEW JERSEY CITIZEN ACTION IS ONE, UH, AS WELL AS THE URBAN LEAGUE OF ESTES COUNTY.
UH, THE URBAN LEAGUE OF ES ESSENCE, PARDON ME.
UM, I'M NOT FROM NEW JERSEY, I'M FROM CLEVELAND.
SO I'M LEARNING YOUR BEAUTIFUL COMMUNITY.
UM, AND FOR THE OTHERS, UH, I CAN FOLLOW UP THROUGH GEORGE AND OR BRIAN TO PROVIDE THAT INFORMATION TO YOU.
UH, THAT'S WHAT I DO WHEN I'M NOT HERE.
AND SO I WAS GOING THROUGH YOUR WEBSITE AND I GO THROUGH YOUR COMMUNITY PAGE AND YOU OFFER A FOUNDATION GRANT AND SPONSORSHIPS.
SO, UM, IT LOOKS LIKE YOU HAVE TWO FOUNDATIONS.
UH, ONE FORMALLY FROM ROMA BANK THAT I GUESS YOU ASSUME AS PART OF A MERGER OF SOME SORTS OR SOME KIND OF ACQUISITION.
UM, AND WHEN I GO TO TAKE THE ELIG ELIGIBILITY QUIZ, I DON'T PASS AS A NON-PROFIT ORGANIZATION BECAUSE THEY DON'T DO SOME OF THE STUFF IN NEW JERSEY.
AND BY DEFAULT, OF COURSE, ESSEX COUNTY OUT OF IT.
UH, THE OTHER THING, UH, THAT I DON'T SEE IS ANY SUPPORT FOR THE ARTS.
SO I'M ASSUMING IF I'M AN ARTS ORGANIZATION, AND I'M A VERY FIRM BELIEVER THAT IT IS AN ECONOMIC DRIVER, AND IT IS, IF YOUR INTENT IS TO HELP UNDERSERVED COMMUNITIES AND THE ARTS CERTAINLY ARE GONNA BE ONE OF THOSE THINGS LACKING IN UNDERSERVED COMMUNITIES, I'VE DEDICATED MY LIFE TO THAT.
SO I, I CAN SPEAK FROM PERSONAL EXPERIENCE AND PROFESSIONAL EXPERIENCE.
SO WHAT I DON'T SEE, SO IF I WAS AN ARTS ORGANIZATION, I'D HAVE TO GO, I GUESS
[01:05:01]
ASSUMING FOR SPONSORSHIP.SO CAN YOU TELL ME, UH, EVEN THOUGH GRANTS ARE NOT AVAILABLE IN NEW JERSEY AT SOME LEVEL, UH, THOSE GRANTS THAT YOU GAVE IN ESSEX COUNTY, I GUESS TO ANOTHER MECHANISM, WHAT IS THE AVERAGE, UH, GRANT AWARD? AND SECONDLY, CAN YOU ELABORATE MORE ON YOUR SPONSORSHIP? HOW DO YOU GIVE THEM, OR WHAT KIND OF AWARDS DO YOU GIVE? AND HOW MANY HAVE YOU GIVEN IN ESSEX COUNTY? A BALLPARK IS FINE, YOU KNOW, IF, YOU KNOW, IF NOT.
UH, BUT THIS IS IMPORTANT TO ME BECAUSE I THINK, UM, YOU KNOW, WE, WE DO A LOT TO TRY TO ASSIST ALL OF OUR COMMUNITIES AND THEY'RE VERY DIVERSE IN OUR COMMUNITIES.
WE ARE VERY AFFLUENT ONES AND WE HAVE VERY, UH, UNDERSERVED COMMUNITIES.
AND THE ARTS IS WHERE IT'S FOR ME, IS WHERE IT'S AT.
ESPECIALLY ORGANIZATIONS THAT EMPLOY FIVE OR LESS EMPLOYEES.
AND SO IF YOU COULD ADDRESS SOME OF THOSE QUESTIONS, I'D APPRECIATE IT.
IF YOU NEED ME TO REPEAT ANY PART OF IT, I WILL.
I KNOW YOU'RE TAKING NOTES THERE.
WELL, UH, THANK YOU COMMISSIONER AND I, I BELIEVE WE'RE ALSO RECORDING ONLINE AS WELL.
AND, AND SO SOME OF THESE WILL BE AVAILABLE.
SO, UM, WHAT WE PURPORTED OUT ON ARE, ARE, UM, THE NUMBERS THAT WE CAN REPORT OUT ON.
SO, UM, INVESTORS FOUNDATION HAS ITS OWN FOUNDATION, AND SO WE DID NOT REPORT OUT ON THOSE NUMBERS IN, IN THIS HEARING.
UM, BUT PERHAPS THAT INFORMATION CAN BE, UM, EXTRACTED AND, AND FOLLOWED UP IF YOU, IF YOU WILL, UM, IN TERMS OF, UH, A QUESTION OR A COMMENT THAT YOU MADE EARLIER, UM, ABOUT CITIZENS, UM, NOT PROVIDING GRANTS IN NEW JERSEY, I'M NOT QUITE SURE WHAT, I'LL BE MORE SPECIFIC.
SO THAT YOU MEANT ABOUT THAT YOU COULD LOOK AT IT AT ANOTHER TIME.
I DON'T SURE APPRECIATE, DON'T HAVE THAT ANSWER IT.
I'M IN THE APPLICATION PROCESS.
AND SO WHEN I WENT HERE AND I TOOK THE ELIGIBILITY QUIZ FOR SOME OF THE THINGS THAT AREN'T OFFERED IN NEW JERSEY.
SO I GUESS THAT'S PART OF THE MECHANISM OF HAVING TWO FOUNDATIONS.
SO NOW I'M A SEASONED NON-PROFIT GUY WORKING THE MUSEUM.
AND, UM, IT, IT, IT'S A LITTLE CONFUSING.
SO IF YOU DROP DOWN MENU TO CONTRIBUTION ELIGIBILITY MM-HMM.
AND IF I GO TO SPONSORSHIP ELIGIBILITY, I DO WORK OUT.
SO THAT'S SOMETHING THAT YOU CAN GET BACK TO ME ON.
BUT IT IS A CONCERN BECAUSE I REALIZE THAT YOU DON'T RUN THE FOUNDATION, BUT NO, I DON'T.
JUST SO THAT, YOU KNOW, YOUR COLLEAGUES AND OTHER BANKS TODAY AND OTHER DID, CAN COME AND TELL ME LIKE WHEN I ASK THE SAME QUESTION 'CAUSE I'M PRETTY CONSISTENT.
UM, ONE BANK GAVE 18 GRANTS TO THE TUNE OF HALF A MILLION DOLLARS AND ANOTHER BANK GAVE 16 GRANTS TO THE TUNE OF ABOUT $200,000.
SO THEY WERE ABLE TO TELL ME THAT AND WITHIN ESSEX COUNTY.
AND SO THAT'S A, A METRIC THAT'S VERY IMPORTANT TO ME.
AND I DON'T WANNA SPEAK FOR ANYBODY ELSE, BUT I, YOU KNOW, WE'RE ALL ESSEX COUNTY PEOPLE HERE, SO I'M SURE THAT THAT METRIC IS, YOU KNOW, WILL BE RELATIVE TO OTHERS.
AND IT, IT'S IMPORTANT I THINK, TO GIVE TO THOSE AREAS.
AND I, AS AN ARTS GUY, I HAVE TO BE THE CHAMPION FOR THE ARTS ALONG WITH MY COLLEAGUES BECAUSE THEY ARE SO SEVERELY UNDERFUNDED.
AND, UH, I, AND THAT'S NOT A KNOCK ON ANY OF THE OTHER WORK THAT YOU DO.
I APPLAUD THAT, THAT THAT'S NOT A, TO ME, THERE'S ROOM FOR EVERYBODY AT THE TABLE.
NOT, I'M NOT DISCOURAGING, UH, SUPPORTING ANY OTHER, UH, NON-PROFIT ORGANIZATION.
BUT THAT'S, TO ME A, A FLAG OF CONCERN THAT THAT'S NOT A SCENARIO THAT I DON'T SEE NECESSARILY HERE.
PERHAPS IN YOUR SPONSORSHIP, IF YOU CAN ELABORATE ON WHAT YOU DO FOR SPONSORSHIP, WHICH I ASSUMING, UH, WILL BE DONE AT A MORE LOCAL LEVEL, PERHAPS THAT'S YOUR AREA SINCE YOU, I'M ASSUMING YOU'RE IN NEW JERSEY, SIR? YES.
CAN, MAYBE, CAN YOU ADDRESS THAT? IF YOU'RE, I ACTUALLY JUST WANTED TO KIND OF FOLLOW UP ON SOME, UH, PLEASE PUT YOUR NAME AND AFFILIATION FOR THE RECORD.
UH, BRIAN RENO CITIZENS, I'M NOT, AND I'M NOT HOLDING CLEVELAND AGAINST YOU? NO, NO, NO.
SO, UM, INVESTORS BANK WAS ACQUIRED BY CITIZENS BANK.
OUR CUSTOMER, DAY ONE WAS IN MARCH OF THIS YEAR.
SO A LOT OF STUFF FROM 2022, UM, CITIZENS WASN'T HERE AND, YOU KNOW, FEET ON THE STREET.
UH, AGAIN, WE CAN'T REPORT ON THE INVESTORS' BANK 'CAUSE IT DOESN'T EXIST ANYMORE.
UM, BUT I CAN TELL YOU THAT THE INVESTORS BANK FOUNDATION IS STILL ALIVE.
FOLKS CAN STILL COME TO APPLY FOR IT.
HUGE SUPPORTERS OF, UH, YOU KNOW, PAPER MILL PLAYHOUSE.
AND WE ALWAYS SUPPORT THE RISING STAR, UH, PROGRAM.
UM, SO THAT FOUNDATION IS STILL ALIVE FOR TWO MORE YEARS, I BELIEVE.
SO IF I MAY RECOMMEND, SO I'M VERY FAMILIAR WITH INVESTORS BANK.
I KNOW YOUR PRESIDENT'S, UH, UH, MR. CUMMINGS.
UH, I CONSIDER THAT TO BE, IT WAS A VERY PHILANTHROPIC, UH, BANK.
AND I, I THINK IF YOU'RE DOING BUSINESS IN ESSEX COUNTY, YOU MAY WANT TO MODEL WHAT THAT FOUNDATION DOES.
'CAUSE I THINK THEY DID AN EXCELLENT JOB OF GIVING BACK TO THE COMMUNITY AND NOT JUST TO LARGE ORGANIZATIONS, BUT TO SMALLER ONES AS WELL.
I'M GLAD PAPER MILL PLAYHOUSES AMONG THE FUNDING, UH, RECIPIENTS.
'CAUSE THEY ARE AN EXCELLENT ORGANIZATION AND REAL PRIDE FOR OUR COUNTY.
BUT THERE ARE OTHER, MANY OTHER ONES ABSOLUTELY.
[01:10:01]
AND SO I WOULD ENCOURAGE, UH, OUR FILM FESTIVAL, YOU CAN SAY THAT NJPAC ALL BIG WONDERFUL.BUT AGAIN, NO KNOCK ON ENGINE PACK.
I GO THERE AND, AND I TAKE MY FAMILY TO PAPER MILL PLAYHOUSE TOO, BUT I'M LITERALLY LIKE ONE OF THREE EMPLOYEES IN MY NON-PROFIT ORGANIZATION AND MANY COLLEAGUES OF MINE AREN'T HERE.
I'M SURE THAT THERE IS STUFF I JUST DON'T KNOW.
SO, SO YOU KNOW, IF I CAN ASSIGN YOU SOME HOMEWORK, YOU KNOW, FOR NEXT YEAR TO COME BACK SURE.
TAKE A REAL CLOSE LOOK AT WHAT INVESTORS FOUNDATION DID, TAKE IT AND LEARN FROM THEM.
UH, YOU KNOW, AND, AND NOT, NOT AS INDIVIDUALS OF COURSE, BUT I MEAN, INSTITUTIONAL, WHAT THEY DID.
IN TERMS OF SUPPORTING THE COMMUNITY, BECAUSE THAT'S A VERY IMPORTANT COMPONENT TO ALL OF US, UH, IN GIVING THE GIVING BACK COMPONENT IN ADDITION TO WHAT THEY CHOSE.
I WAS A 17 YEAR EMPLOYEE OF INVESTOR, SO I, I KNOW, LIKE YOU SAID.
THEN, THEN WHEN YOU COME NEXT TO YOURSELF, YOU AND I GONNA HAVE THIS CONVERSATION AND WE'RE GONNA BE BETTER PREPARED IN TERMS OF THOSE ANSWERING THOSE SPECIFIC QUESTIONS.
I'LL, I CAN GUARANTEE I'LL BE HERE AND I'LL BE ASKING THOSE QUESTIONS.
THANK YOU COMMISSIONER, VICE PRESIDENT, UM, WHO IS THE COMMUNITY BANKER PERSON THAT'S BOOTS ON THE GROUND THAT, UH, CULTIVATE THE NONPROFIT FAITH-BASED GROUPS WHO MAY BE DOING PROJECTS THAT YOU GUYS CAN DO SOME LENDING WITH THAT YOU GET TO KNOW THE ORGANIZATIONS TO DO THE GRANT MAKING TO THEM.
WHO'S THAT PERSON? SO, UM, OUR COMMUNITY DEVELOPMENT MARKET MANAGER FOR NEW JERSEY.
OH, THAT'S THE PERSON THAT'S NOT HERE TODAY? CORRECT.
HE HAD A RADIO ENGAGEMENT OR SOMETHING? WELL, NO, ACTUALLY HE'S, HE'S ON, HE'S VIEWING ONLINE BECAUSE HE RECENTLY, UH, RETURNED TO WORK FROM A MEDICAL CONDITION.
SO, UH, HE, HE WILL BE HERE REPRESENTING CITIZENS NEXT TIME.
SO, UM, COMMISSIONERS, ANY MORE QUESTIONS? MADAM CHAIR? MAYBE IT'LL BE APPROPRIATE TO WISH A SPEEDY RECOVERY SINCE HE'S WATCHING ONLINE.
GEORGE, COMMISSIONER, PRESIDENT RICHARD.
UM, OUT OF THE SEVEN FORECLOSURES, HOW MANY OF THEM WERE ABLE TO STAY IN THEIR HOMES BECAUSE OF YOUR INTERVENTION OR PRODUCTS YOU HAVE TO HELP FOLKS STAY IN, IN THEIR HOMES? WELL, UM, THE NUMBER THAT WE REPORTED OUT ON, UH, THE SIX FORECLOSURE STARTS, UM, WHERE THEY ARE IN THE FORECLOSURE PROCESS, I DON'T KNOW, BUT I CAN TELL YOU, WE CAN FOLLOW UP WITH YOU ON THAT.
ONE OTHER QUESTION, DO YOU MADAM CHAIR? YES.
MR. PRESIDENT, IF YOU KNOW, DOES CITIZEN BANK OR INVESTORS BANK, 'CAUSE YOU'VE TAKEN OVER INVESTORS, DO YOU, UM, YOU HAVE ANY INVESTMENTS IN FOR-PROFIT PRISONS? CAN YOU REPEAT THAT? I'M SORRY.
DO YOU HAVE ANY, DO YOU INVEST IN FOR-PROFIT PRISONS? WE AREN'T AWARE OF, OF THAT, BUT IF, UM, WE CAN FIND OUT, WE CAN, WE CAN CHECK IT INTO IT AND FOLLOW UP WITH YOU.
THANK YOU SO MUCH FOR PROFIT PRISONS.
ANY OTHER QUESTIONS? THANK YOU BOTH SO MUCH FOR COMING OUT THIS EVENING AND PROVIDING THE INFORMATION.
WE LOOK FORWARD TO SEEING YOU NEXT YEAR.
WE WANT TO ENCOURAGE YOU TO PLEASE KEEP UP THE GOOD WORK AND, UM, TAKE SOME OF THE RECOMMENDATIONS THAT WE'VE MADE HERE TODAY, UM, TO LOOK FORWARD TO SEEING DIFFERENT ACTIVITY OR INCREASED ACTIVITY NEXT YEAR.
WE ARE LOOKING FORWARD TO HEARING FROM YOU REGARDING YOUR CRA ACTIVITIES, COMMUNITY DEV LENDING, YOUR COMMUNITY INVESTMENTS GRANT MAKING ACTIVITY, ANY REO ACTIVITY THAT YOU HAVE, AND LIKE FIRST TIME HOME BUYERS PROJECT, UM, PRODUCTS, SPONSORSHIPS.
[01:15:01]
WELL THANKS FOR HAVING US.PLEASE COME OVER TO THE MIC AS WE'RE RECORDING AND PUT YOUR NAME AND AFFILIATION ON THE RECORD, PLEASE.
HOW YOU DOING? MY NAME'S MICHAEL GENTILLY.
I'M A-A-P-N-C BANK AND WITHIN OUR PUBLIC FINANCE ORGANIZATION.
UM, THANKS IN ADVANCE FOR, FOR HAVING US THIS EVENING.
LIKE YOU MENTIONED, WE'RE GONNA TALK ABOUT OUR, OUR CRE ACTIVITIES.
UM, WE HAVE A, A LONGSTANDING, UH, BANKING RELATIONSHIP WITH, WITH ISIC COUNTY.
UH, A BROAD RETAIL NETWORK WITH 16 BRANCHES IN THE COUNTY AS WELL.
ALONG WITH, UM, A ROBUST LENDING, UH, PLATFORM AS WELL THAT WE'VE INITIATED, UH, ALMOST 400 MORTGAGES OVER THE PAST YEAR, ALONG WITH NEARLY 600 SMALL BUSINESS LOANS WITHIN THE LAST YEAR AS WELL.
AND WE'RE EXCITED TO CON CONTINUE THE PARTNERSHIP ON ON ALL THOSE ASPECTS FOR, FOR YEARS TO COME.
TONIGHT WE'RE GONNA TALK ABOUT OUR SUPPORT WITHIN THE COUNTY, UM, FROM AN ECONOMIC DEVELOPMENT STANDPOINT, AFFORDABLE HOUSING INITIATIVES.
WE GRANT MAKING SPONSORSHIPS, UH, COMMUNITY SERVICE WITHIN THE, WITHIN THE COUNTY AS WELL AS AS LONG AS THE, THE RESOURCES YOU MENTIONED TO, TO YOUR RESIDENTS AS WELL.
UM, WITH THAT BEING SAID, I'LL KICK IT OVER TO OUR, OUR CORPORATE DEVELOPMENT BANKING TEAM TO TALK THROUGH THEIR LENDING PARTNERSHIPS, UM, INITIATIVE INITIATIVES AND INVOLVEMENT WITHIN THE COUNTY AS WELL.
UM, GOOD AFTERNOON OR EVENING EVERYONE.
UH, MY NAME IS GREGORY K I'M A RELATIONSHIP MANAGER WITHIN OUR COMMUNITY DEVELOPMENT BANKING SPACE FOR PNC.
UM, IN THE YEAR 2023, WHICH WE'RE JUST GETTING READY TO WRAP UP, WE'VE, UH, BOOKED THREE TOTAL LOANS, UH, FOR A LITTLE OVER $2.5 MILLION.
UM, TWO OF THOSE TRANSACTIONS WERE FOR LA CASA DE AND PEDRO, UH, HERE IN NEWARK.
AND ONE OF THOSE TRANSACTIONS WAS FOR PLANNED PARENTHOOD, UH, METROPOLITAN NEW JERSEY.
UM, I WILL KICK IT OVER TO MY COLLEAGUE, UH, JASMINE PENA.
UH, SHE WORKS IN OUR, UH, GRANT SPONSORSHIP AND, UM, ALSO WITHIN COMMUNITY DEVELOPMENT.
SO, AS GREG MENTIONED, MY NAME IS JASMINE PENA, COMMUNITY DEVELOPMENT OFFICER FOR PNC.
UM, I'M ALSO A HUD COUNSELOR AS WELL.
UM, PNC AND ESSEX COUNTY, UM, HAVE HAD SEVERAL ONGOING INITIATIVES FOCUSING ON FOCUSING ON COMMUNITY DEVELOPMENT, EDUCATION, AND ECONOMIC GROWTH.
SOME OF THESE INCLUDE PROGRAMS SUPPORTING SMALL BUSINESSES, AFFORDABLE HOUSING PROJECTS, EDUCATION ENHANCEMENT INITIATIVES, CULTURAL EVENTS AND COMMUNITY OUTREACH PROGRAMS AIMED AT FOSTERING INCLUSIONS AND ENGAGEMENTS.
IN THE YEAR OF 2023, WE HAVE HAD, UM, WE'VE SPONSORED 41, UM, ORGANIZATIONS, UM, WITH A TOTAL OF $64,000.
WE'VE ALSO PROVIDED 40 GRANTS IN SSX WITH A TOTAL OF 161,500.
WE'VE INVESTED, UM, 225,500, UM, BESIDES SPONSORSHIPS AND GRANTS AND USING OUR, UM, PHILANTHROPY FUNDS, WE'VE, UM, ALSO PARTNERED WITH SEVERAL NON-PROFIT ORGANIZATIONS.
UM, ONE OF THEM BEING A RUTGERS UNIVERSITY BUSINESS SCHOOL.
UM, WITHIN COMMUNITY SERVICES, WE'VE, UM, PROVIDED, UM, GRANTS AND SERVICES TO YMCA OF NEWARK AND VICINITY YMCA OF THE ORANGES UNITED WAY, A GREATER ESSEX AND HUDSON, AS WELL AS APOSTLES HOUSE.
SO WE DON'T JUST FOCUS ON COMMUNITY SERVICES, WE ALSO DO FOCUS ON TRANSITIONAL HOUSING AND PROVIDE GRANTS AND SPONSORSHIPS FOR FOOD.
UM, IN ECONOMIC DEVELOPMENT, WE'VE, UM, PARTNERED VERY CLOSELY WITH IRONBOUND COMMUNITY CORPORATION, GREATER NEWARK, UM, ENTERPRISES, GNEC, NEWARK ALLIANCE AND LISC.
UM, AND WE'VE ALSO HAD A, HAVE HAD A VERY STRONG RELATIONSHIP WITHIN OUR AFFORDABLE HOUSING PILLAR, INCLUDING LA CA, PEDRO HOME CORP, NEW JERSEY CITIZENS ACTION, URBAN LEAGUE OF ESSEX.
UM, WITHIN THESE ORGANIZATIONS JUST MENTIONED, WE'VE PROVIDED, UM, 39 FINANCIAL EDUCATION WORKSHOPS IN THE YEAR OF 2023.
UH, JONATHAN CASTANO, I'M A REGIONAL MANAGER FOR OUR PUBLIC FINANCE BUSINESS.
UH, SO I HAVE RESPONSIBILITY FOR OUR PUBLIC FINANCE BUSINESS FOR THE NORTHEAST.
UM, DID JUST WANNA OPEN UP FOR QUITE ANY QUESTIONS FROM THE BOARD OF COMMISSIONERS AND ALSO ONE AMENDMENT AS IT RELATES TO GRANT MAKING ACTIVITY TO OUR SUBMISSION.
AS JASMINE JUST REFERENCED, THERE WERE A NUMBER OF GRANTS MADE THROUGH OUR COMMUNITY DEVELOPMENT BANKING DIVISION, WHICH IS WHAT SHE JUST TALKED THROUGH.
WE ALSO HAVE A SEPARATE GRANT MAKING APPARATUS WITHIN OUR REGIONAL PRESIDENT'S OFFICE THAT WE DID REPORT OUT IN THE, IN OUR SUBMISSION.
SO THAT'S AN ADDITIONAL 27 COMMUNITY GRANTS IN ESSEX COUNTY TOTALING 457,000.
SO A LARGER NUMBER THAN WAS REFERENCED HERE.
SO THE TWO NUMBERS COMBINED, 'CAUSE THEY COME FROM TWO DIFFERENT SIDES OF ORGAN, SEPARATE ASPECTS OF OUR ORGANIZATION IS A TOTAL GRANTMAKING ACTIVITY IN ESSEX COUNTY.
WE CAN AMEND OUR SUBMISSION TO REFLECT THAT.
UM, I JUST WANNA CALL THAT OUT.
THAT WOULD BE GREAT IF YOU CAN AMEND YOUR SUBMISSION TO REFLECT THAT.
UM, THANK YOU FOR COMING THIS EVENING.
[01:20:01]
COMMEND THE LIST OF ORGANIZATIONS THAT JASMINE READ OFF.THIS WAS THE FIRST LIST TO HEAR SOME OTHER NAMES THAT I HAD NOT HEARD FROM OTHER BANKS.
UM, SO I'M VERY PLEASED TO HEAR THAT WE MIGHT, UM, COMMISSION HER PRESIDENT, AMEND OUR LIST AND ASK FOR THE LIST SO THAT WE CAN SEE FOR OURSELVES THE VARIETY OF ORGANIZATIONS THAT YOU'RE MAKING GRANTS TO.
ANY QUESTIONS? COMMISSIONER PEREZ.
THANK YOU MADAM CHAIR AND THANK YOU FOR THE PRESENTATION.
UH, MS. PENA, I GUESS MY QUESTION IS MORE DIRECTED AT YOU SINCE I'M A NONPROFIT GUY, SPECIFICALLY IN THE ARTS, SO I'M VERY HAPPY TO SEE THAT YOU DO THE GRANTS IN THE ARTS.
UM, I DON'T HAVE THE IMMEDIATELY THE LIST, BUT, UH, I JUST WANT TO EMPHASIZE THAT ONE OF THE THINGS THAT IS OF PARTICULAR INTEREST TO ME ARE NON-PROFIT ORGANIZATIONS THAT ARE SMALLER IN NATURE BECAUSE IT'S GREAT AND I HAVE NO CRITICISM WHATSOEVER.
I'M GRANTED ANY NON-PROFIT, NUMBER ONE, TWO TO ANY NON-PROFIT ORGANIZATIONS THAT ARE ARTS ORIENTED, THAT ARE LARGER.
BUT ONE OF THE THINGS THAT THIS IS, ESPECIALLY IN THE UNDERSERVED COMMUNITIES OF THE VERY SMALL ORGANIZATIONS WHERE THERE'S MAYBE THREE OR FIVE EMPLOYEES.
I, I CAN TELL YOU I AM THE EMPLOYEE, ONE EMPLOYEE OF MY ENTIRE ORGANIZATION, WHICH HAS NOTHING TO DO WITH ESSEX COUNTY.
BUT, UM, IT IS, UH, SOMETHING THAT GETS OVER OVERLOOKED BECAUSE I KNOW BANK FOR THE BUCK, YOU KNOW, BIG ORGANIZATION AND BIGGER VISIBILITY.
BUT WHEN WE'RE TRYING TO SERVE UNDERSERVED COMMUNITIES, UM, ONE OF THE THINGS THAT OFTEN GETS LOOKED, LOOKED OVER IS THESE SMALLER, UH, AND I DO BELIEVE THAT ARTS ORGANIZATIONS CAN SERVE AS ECONOMIC DRIVERS AS WELL.
THEY ARE PART OF THE EQUATION.
THEY'RE NOT THE SOLE ANSWER AND THERE IS NO MAGIC ANSWER TO EVERYTHING.
SO I APPLAUD YOU FOR THE AMOUNT OF PHILANTHROPY THAT YOU DO AND THE WAY THAT YOU REPORTED.
AND I JUST WANT TO PUT ON YOUR RADAR THAT THIS IS VERY IMPORTANT TO ME, IN PARTICULAR, SMALLER NON-PROFIT ORGANIZATIONS AND EXACTLY HOW WOULD YOU GO ABOUT IT.
NOW, LOOKING HERE ON YOUR WEBSITE, AND I SEE THE FOUNDATION GRANTS, BUT A LOT OF OTHER THINGS THAT YOU DO ARE NOT FOUNDATION GRANTS.
SO FOR SPONSORSHIPS, IF I WAS GOING WITH MY SMALL MUSEUM, I'M NOT USING MUSIC EXAMPLE, BUT I'M NOT GOING TO
BUT AS A SMALL ORGANIZATION, GOING TO GET SPONSORSHIP FOR A SMALLER THING, UH, YOU KNOW, HELP WITH OUR EXHIBITION HERE, IT'S MAYBE $2,500, NOT MAYBE A FIVE OR 15,000 GRANT.
HOW DO I GET THERE? THAT'S GREAT.
AND I'M DOING THIS MORE FOR THE RECORD SO THAT PEOPLE WATCHING AND WE CAN SHARE THIS.
THANK YOU VERY MUCH FOR THAT QUESTION.
AND SO TO ANSWER IT, WE DO PARTNER WITH LOCAL, UM, LIKE UNITED WAY OF, OF NEWARK.
WE DO PARTNER WITH, UM, A VARIETY OF DIFFERENT SCHOOLS WHO THEY PARTNER WITH SMALL NONPROFIT ORGANIZATIONS AND I DO OUTREACHES WITH OUTREACH PROGRAMS WITH THEM.
AND WE DO SPONSOR, UM, THE SCHOOLS.
WE PARTNER WITH GREATER LIFE AS WELL, WHICH IS A SMALL NONPROFIT AS WELL.
UM, WE'VE CATERED TO THEIR NEEDS, UM, WITH REGARDS TO SPONSORSHIPS AND WORKSHOPS.
SO WE'RE NOT JUST THERE PROVIDING THEM WITH FINANCIALS, UM, FINANCIALLY, BUT ALSO WE'RE THERE, UM, ON FOOT WE'RE PROVIDING THE WORKSHOPS, WE'RE, YOU KNOW, ENHANCING THEIR NEEDS.
WE'RE OUT THERE IN THE TRENCHES.
AND IF THEY HAVE, LET'S SAY, UM, A PROJECT THAT HAS TO DO WITH, UM, PAINTING ON A MURAL, JUST LIKE, LIKE I PEDRO, UM, WE'RE THERE AS WELL SPONSORING THOSE TYPES OF, UM, PROJECTS.
SO HOW WOULD SOMEONE GO ABOUT THAT? DO THEY GO TO THEIR LOCAL BRANCH AND ASK ABOUT SPONSORSHIP? 'CAUSE IT'S ON A SMALLER SCALE.
THEY CAN GO TO A LOCAL BRANCH AND SPEAK TO THE BRANCH MANAGER, AND THEN THE BRANCH MANAGER WILL SEND ME AN EMAIL AND I WILL CONNECT WITH THE NONPROFIT ORGANIZATION.
AND JUST FOR THE RECORD, WHAT IS THE RANGE OF SPONSORSHIPS? 'CAUSE I KNOW GRANTS ARE USUALLY 5,000 AND I'LL, UH, MAYBE THAT'S NOT EXACTLY YOUR CASE, BUT CAN YOU GIVE US THAT RANGE OF SPONSORSHIP AND THEN GRANTS? SO SPONSORSHIPS CAN RANGE FROM 500 DEPENDING ON THE PROJECT.
UM, AS FAR AS GRANTS ARE CONCERNED, UM, 2,500 TO UM, 300,000.
SO THE SPONSORSHIP IS CONSIDERABLY HIGHER.
THAT'S, I THINK, A LITTLE BIT HIGHER THAN SIGNIFICANTLY HIGHER MANAGER THAN OTHER BANKS.
UH, 'CAUSE IF IT CAN GO, THE CEILING COULD BE 25,000.
UM, THAT'S PROBABLY NOT TYPICAL SPONSORSHIP.
CAN YOU GIMME JUST A BALLPARK OF WHAT IS A TYPICAL SPONSORSHIP? I KNOW THAT THEY RANGE, BUT THEY DO, IT'S 2,500 THAT THE AVERAGE, THE AVERAGE IS YES, BUT YOUR QUESTION WAS WHAT WAS THE RANGE? BIT FROM LOWEST TO END? YEAH, RIGHT TO HIGHEST.
IF I, IF I'M JUST, UH, INTERJECT.
I THINK THE REASON YOU'RE SEEING THAT, THAT WIDE RANGE IS BECAUSE WHILE GRANT MAKING ACTIVITY IS CONCENTRATED REALLY WITHIN THE COMMUNITY DEVELOPMENT ORGANIZATION AS WELL AS THE REGIONAL PRESIDENT'S OFFICE, WE DO MAKE SPONSORSHIPS THROUGH A NUMBER OF LINES OF BUSINESS, UM, YOU KNOW, TO DIFFERENT, YOU KNOW, TO DIFFERENT CLIENTS.
SO WE DO SOME DIRECT SPONSORSHIPS THROUGH PUBLIC FINANCE OR SOME DIRECT SPONSORSHIPS THAT ARE DONE THROUGH THE RETAIL NETWORK.
[01:25:01]
A WIDE RANGE AND THEN THERE'S, THERE'S KIND OF CENTRALIZED SPONSORSHIPS DONE THROUGH THE REGIONAL PRESIDENT'S OFFICE, WHICH TO JASMINE'S POINT, YOU KNOW, WE TALK ABOUT $25,000.YOU TALK ABOUT A TABLE AT A MAJOR GALA, YOU KNOW, STATEWIDE.
AND, AND SOME OF THOSE ARE EVEN LARGER THAN THAT.
SO THERE IS A WIDE RANGE, AND THAT'S A LITTLE BIT MORE DECENTRALIZED FROM THE SPONSORSHIP STANDPOINT, UM, BECAUSE WE HAVE INDUSTRY CONFERENCES THAT WE SPONSOR AND OTHER THINGS THAT WE SPONSOR.
SO NOT JUST IN THE NON-PROFIT SECTOR, OBVIOUSLY, BUT OKAY.
UM, THERE, THAT'S, THAT, THAT ACTIVITY'S A LITTLE BIT MORE DISPERSED.
SO I THINK IN ADDITION TO THE CHANNELS THAT YOU, THAT JASMINE DISCUSSED IN TERMS OF A, UM, A NON-PROFIT ORGANIZATION APPROACHING THEIR LOCAL BRANCH, IF THEY'RE DOING BUSINESS WITH PNC, THEY MAY ALSO, THEY WILL LIKELY HAVE A RELATIONSHIP MANAGER, A BANKER CONTACTED.
AND A LOT OF THE SPONSORSHIPS GET ELEVATED THAT WAY THROUGH WHATEVER CHANNEL THAT THEY'RE DOING THAT THEY'RE DOING THEIR BANKING THROUGH.
SO WE GET REQUESTS THROUGH MY BUSINESS FROM NONPROFITS THAT WE DO BUSINESS WITH ALL THE TIME, UM, FOR SPONSORSHIPS FOR THEIR ANNUAL FUNDRAISER, FOR INSTANCE, OR SOMETHING OF THAT NATURE.
SO THOSE REQUESTS COMING THROUGH VARIOUS CHANNELS, WHEREAS TO YOUR POINT, THE GRANT MAKING ACTIVITY IS LARGELY CENTRALIZED THROUGH THE FOUNDATION AND HOW APPLICATION PROCESS.
WHICH IS AN OPEN PROCESS TO ANY NONPROFIT OF ANY SIZE, UM, YOU KNOW, CAN, CAN SUBMIT.
JUST DON'T FORGET THE SMALL NONPROFIT.
I GUESS I'M NOT, I'M NOT ADVOCATE.
SO I REMEMBER THAT MESSAGE FROM LAST YEAR.
COMMISSIONERS, ANY QUESTIONS? I, I JUST HAVE ONE THROUGH YOU.
MR. PRESIDENT, DOES YOUR BANK INVEST IN FOR-PROFIT PRISON? WE DO NOT.
UM, QUESTION, WHO'S THE COMMUNITY, UM, BANKER, THAT'S THE BOOTS ON THE GROUND FOR COMMUNITY ORGANIZATIONS TO MEET AND INTERACT WITH.
IS IT THE LOVELY JASMINE? I AM.
PLEASE BE SURE, UM, TO LEAVE YOUR CONTACT INFORMATION WITH OUR PUBLIC INFORMATION OFFICER IN THE BACK.
WE WANT TO THANK YOU FOR COMING OUT THIS EVENING PROVIDING INFORMATION, AND I WANNA ENCOURAGE YOU TO PLEASE KEEP UP THE GOOD WORK.
THANK YOU FOR YOUR PARTNERSHIP.
I TOLD FRANK WE NEED TO FIND MONEY IN THE BUDGET TO FIX THE CLOCK.
WE WOULD LIKE TO HEAR ABOUT YOUR CRA ACTIVITIES, SPECIFICALLY YOUR COMMUNITY DEVELOPMENT LOANS, ANY GRANT MAKING ACTIVITIES, SMALL BUSINESS LENDING, UM, PRODUCTS AND ACTIVITIES AND SPONSORSHIPS, UM, O IN FORECLOSURES.
SO YOU MAY BEGIN, PLEASE PUT YOUR NAME AND AFFILIATION ON THE RECORD.
I AM, UH, VICE PRESIDENT, GOVERNMENT BANKING OFFICER FOR CONNECT ONE BANK.
UH, OUR ESSEX COUNTY BRANCH OFFICE IS A FULLY SERVICED COMMERCIAL BANKING OFFICE LOCATED AT TWO 17 CHESTNUT STREET, NEWARK, NEW JERSEY 0 7 0 5.
UH, CONNECT ONE BANK HAS A PARTNERSHIP WITH, UH, ALL POINT ATM NETWORK THAT ALLOWS OUR CLIENTS ACCESS TO ALL ATMS, UH, ALL OVER THE COUNTRY, FREE OF CHARGE.
UH, OUR MOST RECENT, UH, CRA PERFORMANCE EVALUATIONS IS CONNECT ONE RECEIVED, UH, AN OVERALL SATISFACTORY CCRA RATING IN THE LAST FDIC EXAMINATION.
UH, SPECIFICALLY BOTH THE LENDING AND INVESTMENT TESTS WERE RATED HIGH SATISFACTORY AND SERVICE TEST WAS RATED LOW SATISFACTORY.
OUR TOTAL DONATIONS, UH, FOR 2022 AND 2023, UH, THROUGH QUARTER THREE, UH, 605 DONATIONS WERE MADE TOTALING $1,109,987 ON BEHALF OF CONNECT ONE BANK FOR 2022, THE 2023, UH, YEAR WITH 279 TOTALING $480,033 AND 65 CENTS IN 2022 AND 324 TOTALING 628,000 $7,078 35 CENTS.
UH, IN 2023, UM, OUR CRA DONATIONS, 200 QUALIFYING DONATIONS WERE MADE TOTALING $295,538 AND 2 CENTS ON BEHALF OF CONNECT ONE BANK FOR 20 22, 20 23 78, TOTAL 78 TOTALING $122,746 AND 57 CENTS IN 2022 AND
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ONE HUNDRED TWENTY TWENTY TWO ONE HUNDRED AND TWENTY TWO TOTALING 172,709 $791 AND 45 CENTS IN 2023.UM, 36 DONATIONS WERE MADE IN ESSEX COUNTY, TOTALING $85,768 AND 52 CENTS WITH 11 CRA ELIGIBLE FOR $12,170 WITH FIVE TOTALING 3,900 IN 2022 AND SEVEN, TOTALING 8,217 $270 IN 2023, EXCUSE ME, A TOTAL OF 1,579 SERVICE HOURS TO CONNECT ONE BANK'S COMMUNITY WITH 325, UH, CRA QUALIFYING A TOTAL OF 20 ORGANIZATIONS WITH CONNECT ONE EMPLOYEE MEMBERSHIPS WITH NINE CRA CREDIT WORTHY MEMBERSHIPS.
A TOTAL OF SIX SERVICE HOURS IN ORGANIZATIONS IN ESSEX COUNTY.
UM, CONNECT ONE BANK HAS $47,732,640 AND $9,604 AND 92 CENTS.
CRA QUALIFYING INVESTMENT PORTFOLIO WITHIN ESSEX COUNTY.
UH, 1.9, I'M, I'M SORRY, $1,926,109 AND 21 CENTS.
QUALIFYING PORTFOLIO IN ESSEX COUNTY.
UH, AS OF SEPTEMBER 30TH, 2023, THE CD LOAN TOTAL IN ESSEX COUNTY WAS 5,260,000.
FULLY QUALIFYING FOR CRA PURPOSES.
UH, LENDING BY LOAN ACCOUNT BY, I'M SORRY, LENDING BY LOAN COUNT WAS 82.8% WITHIN AND 17.2% OUTSIDE ITS ASSESSMENT AREAS, LENDING BY DOLLAR AMOUNT WAS 80.7% WITHIN AND 19.3% OUTSIDE ITS ASSESSMENT AREAS.
UM, OWNER-OCCUPIED HOUSING UNITS LENDING TO LOW AND MODERATE INCOME TRACKS WITHIN CONNECT ONE BANK'S ASSESSMENT AREAS HAS BEEN AT 20.74 FOR THE 22 22 23 YEAR, 12.65% OF CONNECT ONE'S SMALL BUSINESSES ARE IN LOW AND MODERATE INCOME TRACKS WHILE CONNECT ONE'S LENDING TO SMALL BUSINESSES IN LOW AND MODERATE INCOME TRACKS AT 10.5%.
14 HOME MORTGAGE LOANS IN ESSEX COUNTY TOTALING $6,230,050 WITH 12 LOANS TOTALING $5,358,800 IN 2022 AND TWO LOANS TOTALING $871,250, UH, IN 2023, UH, SMALL BUSINESS LOANS TOTALING 4,673,000 IN ESSEX COUNTY.
AND, UH, YOU KNOW, THE BANK OVERALL OFFERS LOWER RATES TO BORROWERS FOR LOANS SOLD IN THE SECONDARY MARKET, INCLUDING LMI, APPLICANTS, NO CRA COMPLAINTS, LARGE MULTIFAMILY PORTFOLIO WITH RENTS BELOW THE FAIR MARKET RATES.
NO FORECLOSURE ACTIVITY HAS TAKEN PLACE WITHIN THE LAST THREE YEARS.
THE BANK, WE DO NOT OWN ANY REO PROPERTIES.
AND THE BANK IS AWARE OF IN CURRENTLY ANALYZING THE UPDATED 2023 CRA FINAL RULE TO DETERMINE APPLICABILITY AND NEXT STEPS.
ANY QUESTIONS? MADAM CHAIR, COMMISSIONER, VICE PRESIDENT.
GREAT, THANK YOU AND GOOD EVENING.
UH, THANKS FOR BEING HERE TODAY.
I'M, I THINK I MAY HAVE, I'M NOT SURE IF I CAUGHT ALL YOUR INFORMATION.
CAN YOU JUST GIVE ME THE OVERVIEW OF THE GRANTS GIVEN IN ESSEX COUNTY AGAIN? I SURE.
I, I, IT'S, I, THERE'S A LOT OF INFORMATION THERE AND I TRACK OF IT.
AND BEFORE YOU BEGIN, THANK YOU FOR THAT.
COMMISSIONER, I'M GONNA ASK YOU TO PLEASE AMEND YOUR RESPONSE BECAUSE SOME OF THE THINGS THAT YOU JUST READ TODAY DON'T SEEM TO BE REFLECTED IN, I GUESS NOT BREAKING OUT, BROKEN OUT THE WAY THAT YOU JUST PROVIDED IT IN, IN THE PRESENTATION.
WE HAVE TWO DIFFERENT DOCUMENTS FROM YOU, AND I WAS COMPARING THEM AS YOU WERE READING, AND THEY SEEM TO BE A LITTLE BIT DIFFERENT.
SO CAN YOU UPDATE AND PROVIDE THE, THE DATA THAT YOU JUST, UM, COMMUNICATED? YOU WANT ME TO I'M SORRY.
YOU WANT ME TO SEND IT TO US AS A FOLLOW UP AFTER THE MEETING? OH, SEND YOU A FOLLOW UP.
YOU, AND YOU'LL GET THAT WITHIN THE NEXT 24 HOURS.
START OVER WAS SAY, I NEED WATER, BUT THAT'S WHY I NARROWED IT DOWN TO JUST THE GRANT IN ESSEX COUNTY GRAND ACTIVITY.
I KNOW, I THOUGHT I HEARD 6 0 5, THE 1.9 MILLION, BUT THEN BROKE IT DOWN DIFFERENTLY.
JUST GIMME THE, THE BIG NUMBER THERE.
WELL, FOR A DONATION, WHAT DO YOU QUALIFY AS A DONATION VERSUS A GRANT? IS A DONATION, LIKE AN
[01:35:01]
AFFINITY PROGRAM THAT YOU HAVE WHERE YOU'RE MATCHING OR, I'M TRYING TO UNDERSTAND.UH, THAT'S IMPORTANT, BUT I'M TRYING TO, LIKE, IF YOU HAVE A FOUNDATION OR YOUR BRANCH GIVES EITHER SPONSORSHIP OR GRANTS TO NON-PROFIT ORGANIZATIONS, I'M MORE IN A TRADITIONAL SENSE.
I JUST THINK THAT IT COMPILE, THEY COMPILED IT ALL INTO ONE.
I, YOU KNOW, WITH THE, UH, UPDATED PRESENTATION, I CAN PROVIDE THAT AS WELL.
LET, LET ME GET TO WHAT MIGHT IS AN IMPORTANT POINT OF MIND.
SO, UH, I'M A NON-PROFIT GUY, SO THAT'S MY DISCLOSURE TO EVERYONE COMING.
THAT'S WHAT I DO DURING THE DAY.
AND IN PARTICULAR, I THINK, UM, YOU KNOW, I WANT TO EXPRESS THE FACT THAT, UH, THE ARTS ARE VERY IMPORTANT AND THE ARTS ARE USUALLY ONE OF THE FIRST THINGS THEY GET CHOPPED ON THE CHOPPING BLOCK IN EDUCATION AND IN, YOU KNOW, THE TIGHT BUDGETS THAT FAMILY HAVE, YOU KNOW, IT'S, THEY, IT'S A LUXURY THAT PEOPLE THINK, YOU KNOW, THEY CAN'T AFFORD.
AND IT'S VERY IMPORTANT THAT NONPROFITS BE SUPPORTED TO FILL IN THOSE GAPS, BECAUSE MANY TIMES THEY DO LOW COST OR NO COST PROGRAMMING FOR THE PUBLIC.
AND IT'S A GREAT, IT'S GREAT FOR ANY COMMUNITY.
IT'S SEVERELY NEEDED IN UNDERSERVED COMMUNITIES.
HE, WHY WE CALL 'EM UNDERSERVED, RIGHT? THEY NEED THIS KIND OF WORK.
AND IN PARTICULAR, I'D BE CURIOUS AND INTERESTED IN KNOWING THE KIND OF ORGANIZATIONS THAT YOU SPONSORED IN THE ARTS WORLD, ESPECIALLY THE SMALLER ONES.
I, I HAVE NO PROBLEM WITH YOU FUNDING ANY NON-PROFIT ORGANIZATIONS PERIOD.
BUT GENERALLY, BANKS WANT, YOU KNOW, I UNDERSTAND THE, THE BANK FOR THE BUCK SUPPORT, THE BIG ORGANIZATION, THE BIG ART MUSEUM, WHICH IS GREAT, I SUPPORT THAT.
BUT WHAT LACKS IS IN A SMALLER ORGANIZATION, LIKE WHERE I WORK, WHERE YOU'RE MAYBE ONE OF THREE OR FIVE EMPLOYEES, AND THOSE ARE THE ONES WHO ARE OFTEN EXTREMELY DEDICATED TO A VERY NICHE AUDIENCE AND THESE UNDERSERVED COMMUNITIES.
AND THAT'S OF A PARTICULAR INTEREST TO ME.
SO THAT'S WHAT I WOULD LIKE TO KNOW.
UH, THAT'S, YOU KNOW, YOU COULD DIRECT THAT TOWARDS THE, UH, CHAIR AND WITH THAT INFORMATION, THE GRANTS, BECAUSE, UM, THE AFFINITY PROGRAM IS SURE, NO, NO OFFENSE.
IT'S GREAT THAT YOU DO THE GRANTS.
THERE'S NOT A CRITICISM, BUT IT MUDDIES THE WATER FOR ME TO GET A PERSPECTIVE OF HOW YOU'RE SUPPORTING THE COMMUNITY THROUGH YOUR TRADITIONAL GRANTS.
AND THEN IF I MAY ASK ANOTHER STEP, AND MAYBE YOU CAN ANSWER THIS MAYBE SIMPLER.
WHEN ONE GOES FOR A GRANT, I'M ASSUMING THEY GO THROUGH A FOUNDATION THAT YOU MAY HAVE ALREADY SET UP, AND THEN SPONSORSHIP MAY BE DONE AT A LOCAL LEVEL.
IS THAT CORRECT? YEAH, WE CURRENTLY DON'T HAVE A, UM, YOU KNOW, UH, YOU KNOW, WHERE WE DO, WE DO THE DONATIONS THROUGH US.
THERE'S NO SEPARATE RIGHT NOW THERE'S NOTHING SEPARATE.
THERE'S NO FOUNDATION IN OTHER WORDS.
BUT YOU KNOW, ANYTHING THAT YOU HAD IN REGARDS TO NONPROFITS OR ANYTHING, YOU KNOW, UH, RELATABLE, WE, IT WOULD GO THROUGH, ACTUALLY EVEN GO THROUGH ME AND I WOULD FUNNEL IT TO THE RIGHT PERSON.
UM, AND WE WOULD WORK THROUGH THAT WITH OUR, UH, YOU KNOW, OUR TEAM, OUR EXEC TEAM.
AND WE, YOU KNOW, THAT'S HOW WE WERE DOING IT.
THAT'S HOW WE HAVE, WE HAVE BEEN DOING THAT.
SO HOW MANY BANKS DO YOU HAVE IN ESSEX COUNTY? ONE YOU ONE BANK.
SO IF I GO TO THAT BANK, YOU KNOW, SOMEONE LIKE ME IN THE DAYTIME JOB GOES TO YOUR BANK AND THEY SAY, YOU KNOW, I HAVE A NONPROFIT ARTS ORGANIZATION.
WE WILL BE INTERESTED IN GETTING A GRANT.
HOW CAN WE APPLY FOR A GRANT THAT GOES TO YOUR INFORMATION? AND THEN YOU GO, SO THERE'S NO FOUNDATION PROCESS? YEAH, CURRENTLY NO FOUNDATION.
SO WE WOULD CERTAINLY LOOK INTO IT, YOU KNOW, WE WOULD LOOK AT THE, YOU KNOW, WHAT WE CAN DO FOR YOU.
AND, UH, WE WOULD GO FROM THERE.
SO MAY I MAKE A SUGGESTION THEN, BECAUSE SURE.
WE'VE BEEN, UH, YOU KNOW, I SEE A LOT OF THIS BECAUSE OF WHAT I DO FOR A LIVING, BUT I ALSO NOW WE'RE QUALIFYING BANKS AS THEY'VE BEEN COMING HERE LAST WEEK AND TODAY.
AND SO ON YOUR WEBSITE, THE ONLY MENTION OF GRANTS OR PHILANTHROPY IS THE AFFINITY PROGRAM.
IT, IT WOULD BE HELPFUL FOR PEOPLE WHO DO WHAT I DO FOR A LIVING TO SAY, GRANTS ARE DONE AND THIS IS WHERE YOU GO TO GATHER MORE, TO INQUIRE MORE.
HERE'S WHERE IT IS BECAUSE IT, IT LACKS ON THE WEBSITE.
AND IF YOU DO THAT MUCH, UH, CHARITABLE WORK, IT'S NOT, YOU WOULDN'T KNOW IT FROM YOUR WEBSITE.
SO MIGHT I MAKE THAT SUGGESTION? ABSOLUTELY.
THAT IT GIVES A PATHWAY FOR SOMEONE IN THE NON-PROFIT WORLD AND HOPEFULLY MY ARTS COLLEAGUES, IT GIVES THEM A PATHWAY TO HOW TO CONNECT WITH YOU.
NO, AND YOU'RE A HUNDRED PERCENT CORRECT.
WHY NOT? UH, LET OTHERS KNOW THAT WHAT WE'RE DOING, WHAT WE'RE DOING FOR THIS, YOU KNOW, THIS PERSON, THIS ENTITY, WHATEVER IT MAY BE, CERTAINLY THE WORST YOU CAN SAY IS NO.
RIGHT? THAT'S THE WORST THAT WE CAN GET IN OUR BUSINESS.
BUT THE PROBLEM IS, IS THAT I CAN'T EVEN FIND THAT IN YOUR WEBSITE TO WHERE I WOULD GO.
I DID NOT KNOW THAT YOU DID NOT HAVE A FOUNDATION.
SO FOR FOLKS LIKE US WHO TYPE US UP, THE ESSENCE, 'CAUSE YOU'RE SEVERELY UNDERSTAFFED ALL THE TIME AND UNDER BUDGETED, UH, THAT WOULD BE A GREAT, GREAT HELP AND, AND NOTED FIND PERHAPS GOOD PARTNERS FOR YOU AND YOU KNOW, WHAT YOU'RE TRYING TO ACCOMPLISH WHEN YOU GIVE BACK TO THE COMMUNITY.
AND I WILL ABSOLUTELY MENTION THAT TO THEM.
ANY QUESTIONS? MR. PRESIDENT? I'LL, I'LL WAIT FOR YOU TO FINISH.
NO, NO, GO AHEAD MR. PRESIDENT.
DOES YOUR BANK INVEST IN FOR-PROFIT PRISONS? SAY THAT LAST PART.
DOES YOUR BANK INVEST IN FOR-PROFIT PRISONS? UH, CURRENTLY
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I DON'T BELIEVE SO.UM, I CAN GET YOU A DEFINITIVE ANSWER, BUT I'M, I'M ALMOST POSITIVE THEY DO NOT CURRENTLY.
I'LL GET YOU A DEFINITIVE ANSWER.
SO I, UM, WAS NOT REALLY SATISFIED WITH YOUR RESPONSES.
LET ME, YOUR RESPONSE THAT YOU SENT IN, LET ME TELL YOU WHY.
IT SEEMED LIKE, I GUESS YOU GUYS GROUP NEW YORK AND NEW JERSEY TOGETHER, TOGETHER AS YOUR SERVICE AREA.
SO IT'S KIND OF HARD TO PARSE OUT THE INFORMATION FOR NEW JERSEY SPECIFICALLY HERE FOR ESS COUNTY VERSUS THE LENDING ACTIVITIES THAT YOU DID IN NEW YORK.
SO IS IT A WAY FOR YOU TO PULL IT APART? BECAUSE IT SOUNDS LIKE THE INFORMATION YOU GAVE US TODAY WAS SPECIFIC FOR ESSENS COUNTY AND HONESTLY, I'M REALLY ONLY INTERESTED IN WHAT YOU'RE DOING HERE, RIGHT? IN ESSEX COUNTY, AND I THINK I'M SPEAKING FOR THE BOARD, WE'RE INTERESTED IN ESS COUNTY.
SO IF YOU CAN, UM, REDO THIS AND BREAK THAT OUT, IT WOULD BE MUCH APPRECIATED.
UM, THE OTHER QUESTION THAT I HAVE IS, UM, IN A COUPLE OF AREAS WITHIN THIS RESPONSE THAT YOU PROVIDED, YOU HAD A LOW SATISFACTORY RATING ON SOME OF YOUR CRA CATEGORIES, WHY IS IT RATED AS LOW? WELL, I KNOW THAT FOR A TIME THEY WERE, I I DON'T WANNA GIVE YOU THE WRONG ANSWER.
I, I'LL GET THAT ANSWER FOR YOU.
THAT'S, THAT'S FINE FOR YOU TO RESPOND BACK AND WRITE IT TO US ON WHY THE RATING IS RANKED AS LOW.
YEAH, I DON'T WANNA GIVE YOU THE WRONG ANSWER.
I WILL GET YOU THE RIGHT RESPONSE FOR THAT.
AND THEN ON ANOTHER DOCUMENT THAT YOU PROVIDED, IT TALKS ABOUT, UM, THAT YOU GUYS PROVIDED 13 HOME MORTGAGES IN ESSEX COUNTY IN 2021.
WAS THERE ANY MORTGAGE MAKING ACTIVITIES FOR 2022 OR 2023? YES, AND I HAVE THAT HERE.
SO A TOTAL HOME, UH, 14 HOME MORTGAGE LOANS IN ESSEX COUNTY TOTALING 6.2, UH, A LITTLE OVER 6.2 MILLION, WHICH 12 LOANS TOTALING 5.3 AND TWO LOANS TOTALING 8 71.
AND THAT WAS FOR THE 20 22, 20 23, UH, TIMEFRAME.
AND I APOLOGIZE IF I MISSED THE RESPONSE.
UM, THE GRANT MAKING ACTIVITY THAT YOU DISCUSSED WITH COMMISSIONER PAREZ, BASED UPON HIS QUESTIONS, IS IT A CLEAR PATH ON THEIR WEBSITE FOR ORGANIZATIONS TO GO TO APPLY? OR WHAT DID YOU SAY THAT, UM, ORGANIZATIONS COME DIRECTLY TO YOU AND THEN YOU FUNNEL IT TO THE NECESSARY PERSON? TYPICALLY, THEY USUALLY COME THROUGH US.
YOU KNOW, WE'RE OUT, BE IT NETWORKING, WHATEVER IT MAY BE INVOLVED IN.
WE, THEY USUALLY COME THROUGH US.
NOW, CERTAINLY THEY CAN GO TO THE SITE AND REACH OUT TO SOMEBODY IN THAT CASE.
BUT LIKE YOU MENTIONED, IT'S NOT REALLY LIKE, IT DOESN'T DISSECT IT ENOUGH FOR SOMEBODY TO KIND OF SAY, OKAY, LET ME, UH, YOU KNOW, THIS IS A PERFECT SPOT FOR ME.
SO NORMALLY AS WHAT WE'VE BEEN DOING UP UNTIL NOW IS, UH, YOU KNOW, IT WOULD BE FACE TO FACE OR IF THROUGH A REFERRAL OF SOME KIND, THAT'S, THAT'S HOW WE'VE BEEN DOING IT SO FAR.
AND, AND I'M GOING TO TAKE THAT, UH, IN, IN CONSIDERATION AND MENTION IT TO OUR MARKETING TEAM TO PLEASE ADD IT OR HAVE AT LEAST A LITTLE BIT MORE OF A DEFINITION ON HOW, IF SOMEBODY WAS INTERESTED IN DOING THIS, YOU KNOW, TO, TO GIVE 'EM A LITTLE BIT OF A BREAKDOWN OR EVEN A LITTLE ASSIST ON, YOU KNOW, HOW TO GET TO MAYBE TO REACH OUT TO SOMEBODY, WHETHER IT BE ME, WHETHER IT BE SOMEBODY YOU KNOW, IN THAT AREA TO SAY, UH, IN REGARDS TO GRANTS AND OR, YOU KNOW, DONATIONS.
PLEASE REACH OUT TO SAID PERSON, YOU KNOW, OR THIS IS THE BEST WAY TO DO SO.
SO I I'M ABSOLUTELY GONNA MENTION THAT.
THAT WOULD BE MUCH APPRECIATED.
UM, SO WE LOOK FORWARD TO YOUR RESPONSES, BACK TO THE QUESTIONS THAT WE ASKED YOU TODAY AND FOR THE AMENDED, UM, OR CORRECTED INFORMATION COMMISSIONERS, IF YOU DON'T HAVE ANY MORE QUESTIONS, I WANT TO THANK YOU FOR COMING OUT AND PROVIDING THE INFORMATION THAT YOU DID PROVIDE.
WE LOOK FORWARD TO YOUR, UM, RESPONSES.
IF WE DON, UM, ANY OTHER RESPONSES? UM, BEFORE I DO THAT, I JUST WANNA PUT ON THE RECORD THAT BANK OF AMERICA DID NOT APPEAR AGAIN, UM, BEFORE THE COMMITTEE.
AND, UM, I'LL WRITE A REPORT AND PROVIDE THAT TO THE BOARD, UM, AS A WHOLE.
UM, SINCE THERE'S NO OTHER BUSINESS, I WANT TO ADJOURN THE COMMITTEE MEETING.
THANK YOU ALL VERY MUCH FOR COMING OUT.
THANK YOU ADMINISTRATION, MR. MCINERNEY AND EVERYBODY FOR YOUR SUPPORT.
IF I DON'T SEE YOU ALL QUESTION, UH, MADAM.