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COOPER HERE.I HAVE BEFORE ME A CERTIFICATION FROM THE CLERK THAT THIS MEETING IS IN CONFORMITY WITH THE OPEN PUBLIC MEETINGS RECORD.
AND, UM, THE PURPOSE OF THIS MEETING IS TO ANNUALLY REVIEW ALL OF THE BANKS AND FINANCIAL INSTITUTIONS THAT THE COUNTY OF ESSEX HAVE DEPOSITS WITH.
SO, ON AN ANNUAL BASIS BASIS, THE BOARD OF COUNTY COMMISSIONERS CALL ALL OF OUR BANKS TOGETHER TO TALK ABOUT THE CRA ACTIVITIES THAT THE BANKS AND FINANCIAL INSTITUTIONS HAVE ENGAGED IN DURING THE PAST YEAR, AS WELL AS, UM, THE LENDING AND OTHER INVESTMENTS THAT YOU'VE MADE THROUGHOUT THE COUNTY OF ESSEX DURING THIS CALENDAR YEAR.
SO, FOR TODAY'S PURPOSE OF PRESENTATION, WE REALLY WANNA FOCUS MORE ON, UM, THE INVESTMENTS THAT THE BANK HAS MADE, YOUR, YOUR LENDING ACTIVITIES FOR SMALL BUSINESSES AND COMMUNITY-BASED ORGANIZATIONS, ANY FORECLOSURE ACTIVITIES THAT YOU MAY HAVE.
AND THIS YEAR WE ALSO WANT TO HIGHLIGHT IF YOUR BANK AND FINANCIAL INSTITUTION ENGAGES IN ANY, UM, INVESTMENTS IN THE PENAL PRISON SYSTEMS THROUGHOUT THE COUNTRY.
PRIVATE, PRIVATE, UM, THROUGHOUT THE COUNTRY, AS WELL AS HOW OUR, UM, ESSEX COUNTY BASED SMALL BUSINESSES CAN BECOME A PART OF YOUR BANK'S ACTIVITIES RELATED TO MAINTAINING ANY REO OR FORECLOSE PROPERTIES THAT YOU MAY HAVE HAD, UM, AND THINGS LIKE THAT.
SO, WE'RE GONNA CALL UP FIRST TD BANK, AND WILL YOU PLEASE COME TO THE MIC? PLEASE INTRODUCE YOURSELF.
PUT YOUR NAME AND AFFILIATION ON THE RECORD, PLEASE.
I'M CHERYL GRIFFITH AND I'M FROM TD BANK.
I'M THE GOVERNMENT BANKING GENERAL MANAGER FOR NEW YORK, NEW JERSEY, NPA.
AND I HAVE A WHOLE HOST OF WITH ME TODAY AND HOW WE WILL WORK.
THIS IS OUR EXPERTS WILL COME MICROPHONE, DEPENDING ON WHICH QUESTIONS YOU WANT.
FIRST AND FOREMOST, WE'RE GONNA LET YOU KNOW ON THE FORECLOSURES, WE HAVE ZERO FORECLOSURES IN ESSEX COUNTY.
AND WE DO ALWAYS WANNA SAY THANK YOU SO MUCH FOR GIVING US THE OPPORTUNITY TODAY AND SPEAK THINGS THAT ARE ABOVE AND BEYOND BANKING.
SO, MY WHOLE TEAM, IF I WOULD, IF IT'S OKAY, I'D LIKE TO INTRODUCE, SHE IS THE REGIONAL COMMUNITY DEVELOPMENT MANAGER AND ONE OF OUR GREAT EXPERTS.
WE HAVE TANYA LAEL, AND SHE'S ALSO GOVERNMENT BANKING RELATIONSHIP MANAGER, AND SHE'S PART OF OUR REGIONAL DIVERSITY.
WE HAVE STEVE BEL IN THE BACK AND HE IST Q PLUS COMMUNITY DEVELOPMENT.
WE HAVE MARCUS GONZALEZ, WHO'S ALSO COMMUNITY GOOD BUSINESS DEVELOPMENT.
WE HAVE PATRICK NICHOLSON, WHO IS OUR COMMUNITY DEVELOPMENT AND EXPERT ON MORTGAGE LENDING.
AND WE ALSO, SO IF YOU'RE LOOKING FOR LIZETTE, OUR LOCAL STORE MANAGER, SHE IS STILL HAPPILY WITH TD.
SHE'S JUST NOT AVAILABLE FOR TONIGHT.
AND THEN WE HAVE MANNY RYAN, WHO IS OUR STORE MANAGER OVER IN MORGAN.
SO WHAT I WILL DO TODAY IS, RIGHT NOW I'M GONNA TURN IT OVER TO MARIA.
PLEASE STATE YOUR NAME AND AFFILIATION BEFORE YOU BEGIN.
UH, MY NAME IS MARIA BURNELL AND I'M A REGIONAL COMMUNITY DEVELOPMENT MANAGER WITH TD BANK FOR OUR METRO, PENNSYLVANIA AND NEW JERSEY MARKET.
I HAVE BEEN WITH THE BANK FOR, UM, I JUST TURNED SIX YEARS, NOVEMBER 30TH, UH, IN THE COMMUNITY DEVELOPMENT ROLE.
UM, AND ESSEX COUNTY IS A PART OF THE MARKET I COVER IN MY ROLE.
UM, MY NUMBER ONE JOB IS TO IDENTIFY WHAT THE COMMUNITY NEEDS ARE, AND YOU TOUCH BASE ON SOME OF THEM.
UH, LENDING INVESTMENT, ALSO SERVICES THAT WE DO.
AND ALSO, UH, PARTNER WITH NON-PROFITS ORGANIZATIONS AS WELL AS MY INTERNAL COLLEAGUES TO ADDRESS THOSE NEEDS.
SO YOU HAVE THE, UM, ANSWERS TO THE SURVEY.
UM, I AND MY COLLEAGUES CAN TAKE ANY SPECIFIC QUESTIONS, UM, IF YOU HAVE, SO MARIA, IF I'M A COMMUNITY-BASED NONPROFIT ORGANIZATION AND WE'RE LOOKING TO DO AN AFFORDABLE HOUSING PROJECT, HOW DO WE FIND OUT ABOUT YOUR PRODUCTS? WE DO, UM, HAVE OUR, YOU KNOW, TD BANK WEBSITE THEY DOES THAT DOES HAVE OUR PERSONAL BANKING AND SMALL BUSINESS PRODUCTS.
UM, THE WAY THAT, UM, I I OPERATE IS I DO OUTREACH IN THE COMMUNITY.
SO I HAVE A PERSONAL GOAL EACH YEAR TO CONNECT WITH DIFFERENT NONPROFITS IN THE COMMUNITY, WHICH COULD ALSO BE MEMBERS OF, OF OTHER NONPROFITS.
FOR EXAMPLE, THE HOUSING AND COMMUNITY LOVE NETWORK OF NEW JERSEY.
I LOOK FOR, UM, YOU KNOW, REFERRALS AS WELL.
UM, I WAS JUST RECENTLY, ACTUALLY TODAY
UM, I WAS CONTACTED BY THE, BY THE NETWORK, UH,
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PARTICULARLY FOR SOMEONE LOOKING FOR, UM, YOU KNOW, FINANCING FOR AFFORDABLE HOUSING PROJECTS.SO THEY'RE KIND OF HELPING THEIR MEMBERS, TRYING TO CONNECT THEM WITH BANKS.
UM, AND WE ALSO WORK WITH ANY ORGANIZATION THAT COMES TO US AND WE HELP THEM IN DIFFERENT WAYS.
SOME MAY NEED GRANT FUNDING FOR DIFFERENT PROGRAMS. OTHERS MAY NEED, UM, YES, HELP WITH MAYBE CONSTRUCTION PROJECTS.
I CONNECT THEM WITH THE COMMERCIAL LENDERS WITHIN THE BANK.
OTHERS COULD BE SMALL BUSINESSES WHO NEED CAPITAL.
IF THEY ARE, UM, YOU KNOW, THEY MEET THE, UM, LENDING, UH, THE CREDIT POLICY CRITERIA WITHIN THE BANK.
WE CAN CERTAINLY OFFER THEM, UH, DIFFERENT PRODUCTS.
IF THEY DO NOT, WE HAVE A REFERRAL PARTNERSHIP WITH THE CDFI, UM, WHERE THEY CAN GO, UM, GET A LOAN FROM THAT ORGANIZATION.
THEY'RE REPUTABLE, THEY'RE TRUSTWORTHY.
WE GIVE THEM LIKE A WARM HANDOFF, IF YOU WILL.
AND THEN WE, THEN WHEN THEY BECOME BANKABLE, THEY COME BACK TO, TO US AND WE'LL BE MORE THAN HAPPY ENOUGH TO ASSIST THEM.
WE ALSO DO A LOT OF, UM, OUTREACH BY WAY OF FINANCIAL EDUCATION.
SO NOT ONLY FOR THE HOME OWNERSHIP, BUT ALSO FOR THE SMALL BUSINESS AND ALL GENERAL DOUBT FROM BANKING, CREDIT BUDGETING, WHICH IS SO, SO NEEDED IN THE COMMUNITY.
AND WE OFFER THIS EDUCATION, UH, IN PERSON VIRTUALLY.
AND WE HAVE BILINGUAL SPANISH SPEAKING INSTRUCTORS AS WELL.
COMMISSIONERS, ANY QUESTIONS? YEAH, THROUGH YOU, MADAM CHAIR.
SO NAME SOME OF THE, UM, NON-PROFITS WHO YOU WORK WITH, THESE COMMUNITY, UH, NON-PROFITS.
SO, UM, SOME OF THE LARGER PARTNERS ARE, UM, URBAN LEAGUE OF ESSEX COUNTY.
UH, I'M ALSO THE, UM, VICE CHAIR OF, UH, LISC NEWARK.
UM, THE, YOU SAY INVESTMENT ORG? LISC.
YES, WE DO, WE WE HAVE SOME OF THE, MY COLLEAGUES HERE HAVE ALSO PARTNERSHIP WITH OTHER NON-PROFITS.
THEY CAN SPEAK TO THAT AS WELL.
UM, BUT, UM, THE, UM, ALSO WE WORK WITH THE, UM, WITH THE NETWORK, THE HOUSING COMMUNITY NETWORK, NEW JERSEY, WHICH BASICALLY COVERS THE WHOLE STATE.
UM, SOME OTHERS, UM, THAT COME TO MY MIND.
I MEAN, HANDS, THEY'RE IN ORANGE, SO WE ALSO WORK WITH 'EM.
UM, ONE OF THE ORGANIZATION, THEY ALSO, ONE OF THE ORGANIZATIONS WHICH RECEIVED OUR HOUSING FOR EVERYONE AWARD IN 2023, WHICH WAS $250,000 FOR AFFORDABLE HOUSING PROJECTS.
UM, AND I CAN LET MY COLLEAGUES ALSO MENTION SOME OF THE OTHER, UH, ORGANIZATIONS WE'VE WORKED WITH.
HI, I AM TANYA LAMEL, UH, GOVERNMENT BANKER AND ALSO THE, UH, CO-CHAIR OF THE REGIONAL DIVERSITY COUNCIL FOR METRO NEW YORK.
AND I JUST WANTED TO ADD TO THE LIST OF, UH, NONPROFITS THAT HAVE RECEIVED SUPPORT FROM TD COMMUNITY FOOD BANK OF NEW JERSEY COMMUNITY FOUNDATION OF NEW JERSEY COMMUNITY LOAN FUND OF NEW JERSEY COURT APPOINTED SPECIAL ADVOCATES FOR CHILDREN OF ESSEX COUNTY, HABITAT FOR HUMANITY OF GREATER NEWARK HOUSING AND NEIGHBORHOOD DEVELOPMENT SERVICES, JAZZ HOUSE KIDS INC.
NEW JERSEY CITIZEN ACTION EDUCATION FUND, INC.
NEW JERSEY PERFORMING ARTS CENTER CORPORATION, NEW JERSEY SYMPHONY ORCHESTRA, NEWARK BOYS, CHORUS SCHOOL, RISING TIDE CAPITAL, INC.
RUTGERS UNIVERSITY SUCCEED TOGETHER AN URBAN LEAGUE OF ESSEX COUNTY.
AND I WANTED TO ADD TO THE PREVIOUS QUESTION, WHEN YOU ASKED ABOUT THE AFFORDABLE HOUSING, UH, OUR COMMUNITY DEVELOPMENT LOANS, 38% OF OUR LOANS WENT TOWARDS, UH, AFFORDABLE HOUSING PROJECTS IN THE ESSEX COUNTY AREA, TOTALING $6.5 MILLION IN SUPPORT THROUGH YOU, MADAM CHAIR.
SO NAME SOME OF THESE SMALLER NONPROFITS.
THOSE ARE ALL THE USUAL SUSPECTS.
EVERY BANK THAT'S GONNA COME IN HERE ARE GONNA PRETTY MUCH MIRROR EXACTLY THE SAME PEOPLE YOU JUST SAID.
SO I KNOW IT SOUNDS LIKE WE GIVE TO THE USUAL SUSPECTS, BUT OUR SUPPORT IS PROGRAMMATIC.
AND WE LOOK FOR PROGRAMS WITH THESE LARGER ORGANIZATIONS THAT HELP THE SMALLER ORGANIZATIONS.
SO IF YOU'RE FAMILIAR WITH NJPAC, WE'RE NOT SPONSORING JUST THE JAZZ FESTIVAL, BUT ALSO THE PROGRAMS THAT THEY HAVE THAT HELP THE COMMUNITY AND THE NOT-FOR-PROFITS IN THE AREA THROUGH DIFFERENT TRAINING PROGRAMS AND ACCESS TO THEIR FACILITIES.
SO CAN YOU NAME SOME SMALLER NON-PROFITS THAT YOU, UH, PARTNER WITH? WE CAN WE GET BACK TO YOU ON THE LIST AND I I'LL TAKE A, YOU KNOW, ABSOLUTELY.
BECAUSE IT SEEMS LIKE, AND, AND, AND I SAY THIS AND IT'S NOT DISPARAGING TO TD BANK, I LOVE TD BANK.
I ACTUALLY BANK AT TD BANK, RIGHT.
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SO THAT HAS NOTHING TO DO WITH IT.BUT ALL OF THE BANKS COME IN HERE AND THEY SAY THE EXACT SAME THING WITH THE EXACT SAME, UH, PEOPLE.
THAT'S WHO THEY GIVE THE MONEY TO.
I, I NEVER HEAR ANYBODY COME IN AND TALK ABOUT THE, THE SMALLER NONPROFITS THAT ARE IN THIS CITY AND AROUND THE COUNTY WHO ARE STRUGGLING GETTING ANY HELP.
AND SO THAT'S WHAT I'M INTERESTED IN.
SO THERE ARE SMALLER GRANTS THAT ARE AVAILABLE FOR THOSE, NOT-FOR-PROFITS THAT ARE STRUGGLING.
THE, UH, WHAT, I THINK YOU GOT SOME HELP.
THE, THE NOT-FOR-PROFIT TRAINING FUND, WHICH PROVIDES HELP BOARD TRAINING.
UH, AND, AND WHAT ARE THE OTHER PROGRAMS FOR THE THOUSAND DOLLARS THAT THEY GET? WE TRAINING MORE THE EMPLOYEE VOLUNTEER.
OH, LET ME PASS THIS ON TO, TO MY, UH, CULPER HERE.
UH, SO WE DO SUPPORT SMALLER ORGANIZATIONS.
WE WERE ONE OF THE, SUCH AS THE NEWARK LGBT FILM FESTIVAL WAS THEIR FIRST YEAR THIS YEAR WE WERE, WE CAME IN TO SUPPORT THEM, UM, WITH SMALLER ORGANIZATIONS.
A LOT OF OUR SUPPORT COMES THROUGH EXPERTISE.
MONEY IS IMPORTANT FOR ORGANIZATIONS, BUT THE HANDS-ON AND EXPERIENCE POWER IS WHAT A SMALLER ORGANIZATION ON THE BOARD PRESIDENT FOR THE NEW JERSEY PRIDE CHAMBER OF COMMERCE.
THAT EXPERTISE THAT A BANK CAN BRING IN OR A CORPORATION CAN BRING IN WHEN IT COMES TO MANPOWER AND ADVICE IS WHAT ORGANIZATION IN THAT SMALLER REALM NEEDS? SO ONE OF THE CDFIS THAT WE SUPPORT IS GAC, THE GREATER NORTH ENTER ENTREPRENEURIAL COUNCIL.
WE SUPPORT THEM THROUGH EQ $2.
WHAT THAT MONEY DOES IS THEY CAN GO THEN LEND TO SMALL BUSINESSES AND GIVE THEM TECHNICAL ASSISTANCE TO HELP THEM GROW.
SO WHEN THEY'RE AN ORGANIZATION IS SMALLER, ONE OF THE BEST PIECES THAT AN ORGANIZATION CAN GET IS THE EXPERTISE, MANPOWER.
AND THEN WE GIVE OUR VOLUNTEER GRANTS TO ORGANIZATION, TO SMALLER ORGANIZATIONS.
AND THAT'S SOMETHING THAT AN EMPLOYEE GETS TO PICK.
SO AN EMPLOYEE, WHEN THEY VOLUNTEER 40 HOURS, GETS A $500 GRANT TO GIVE TO AN ORGANIZATION OF THEIR CHOICE.
SO THAT, THAT'S DATA THAT WE DON'T HAVE BECAUSE OF ALL OF OUR EMPLOYEES THROUGHOUT THE COMPANY.
THEY GET TO PICK THE ORGANIZATION.
MINE GOES TO A LOCAL ORGANIZATION, IT GOES TO THE NEW JERSEY PRIDE CHAMBER OF COMMERCE.
IT'S A SMALL AMOUNT OF MONEY THAT CAN REALLY HELP BUILD CAPACITY FOR THEM.
SO THOSE ARE AREAS THAT WE HELP THE SMALLER, UM, WE HELP 'EM ALSO THROUGH OUR FINANCIAL LITERACY CLASSES THAT WE DO FOR SMALL BUSINESS OWNERS AND BRINGING ADVICE IN THERE.
UM, AND A LOT OF THE LARGER ORGANIZATIONS THAT WE SUPPORT, LIKE, LIKE GEC AND LIKE, UM, THE NEW JERSEY PAC, BRING PROGRAMMING OUT TO THOSE ORGANIZATIONS, OR REGIFTED, UH, TO THOSE ORGANIZATIONS, WHICH, WHEN THEY'RE, WHEN YOU ARE GIFTING, THERE'S SOME OTHER THINGS THAT COME IN.
INSURANCE AND ALL THOSE OTHER PIECES THAT GETTING A REGIFT FROM A NONPROFIT IS EASIER THAN GETTING A REGIFT FROM.
SO IF YOU, WHEN YOU GIFT TO, LET'S SAY, NJ PAC, THEN THEY JUST PICK WHOEVER IT IS THEY WANT TO WORK WITH.
DEPENDS ON THE ORGANIZATION AND WHAT OUR SPONSORSHIP, I'M TALKING ABOUT NJPAC LOOKS LIKE.
WE, I, I SPECIFICALLY SAID NJPAC.
WE'D HAVE TO GET BACK TO YOU ON THAT.
I DON'T WORK ON THAT SPECIFIC PARTNERSHIP, BUT THAT IS WHEN WE DO PARTNERSHIPS WITH ORGANIZATIONS THAT ARE GONNA RE-GIFT MONEY, WE DO BRING SOME GUIDELINES FOR THEM ON WHAT WE'RE LOOKING FOR, UM, AND WHAT FOR THEM TO DO.
SO, SO, UM, TO, TO JUMP IN, MR. PRESIDENT, IF YOU DON'T MIND.
THE QUESTION, UM, THAT'S PROBABLY GONNA BE RECURRING FOR ALL THE BANKS, IS HOW DO THE SMALL COMMUNITY BASED ORGANIZATIONS FIND OUT ABOUT SOME OF THE PROGRAMS AND SERVICES THAT YOU'VE ALL DISCUSSED TODAY IS WHEN YOU GO TO YOUR WEBSITE, YOU GET THE BASIC RETAIL, COMMERCIAL, PERSONAL LENDING, UM, SERVICES THAT'S DESCRIBED THROUGHOUT YOUR ENTIRE WEBSITE.
YOU MIGHT FIND A SMALL LITTLE TIDBIT ABOUT COMMUNITY BANKING AND COMMUNITY SERVICES.
BUT HOW, HOW DO YOU FIND OUT LIKE, UH, VICE PRESIDENT, UM, PRIMES IS BIG IN THE ARTS COMMUNITY FROM THE COMMUNITIES THAT HE REPRESENT, AND SOME OF THOSE TEND TO BE SMALLER NONPROFITS DON'T HAVE THAT, DON'T HAVE THESE ROBUST STAFF.
LIKE SOME OF THE ORGANIZATIONS THAT YOU JUST DESCRIBED.
HOW DO THEY FIND OUT ABOUT YOUR SERVICES? HOW DO THEY FIND OUT HOW THEY GET TO RECRUIT A TD BANK STAFFER TO BE ON THEIR BOARD TO MAKE THAT INVESTMENT IN PARTNERSHIP WITH THEM, TO BUILD UP TOWARDS THOSE 40 HOURS THAT YOU JUST DESCRIBED FOR THAT $500 CONTRIBUTION? SO, ONE OF THE BEST WE, WE DO, WHEN YOU GO TO OUR WEBSITE, WE HAVE A WHOLE, UH, COMMUNITY SPONSORSHIP AREA.
AND THAT COMMUNITY SPONSORSHIP AREA IS BROKEN UP THROUGH THE DIFFERENT TYPES OF GIVING.
WE DO ONE THROUGH THE FOUNDATION, ONE THROUGH OUR COMMUNITY SPONSORSHIP, AND ONE THROUGH ALL THE FINANCIAL LITERACY CLASSES WE CAN TEACH.
TWO OUR BEST RESOURCES ARE OUR BRICK AND MORTAR STORES.
UM, YOU KNOW, OUR CUSTOMERS THAT GO IN, OUR EMPLOYEES THERE CAN TELL THEM ABOUT OUR PROGRAMS. UM, WE ACTUALLY JUST RESTRUCTURED
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OUR COMMUNITY SPONSORSHIP TEAMS, WHERE WE NOW HAVE A COMMUNITY MANAGER THAT IS GOING TO BE RUNNING EACH MARKET, WHICH WILL HELP US WITH ALL OF OUR GIFTS UNDER $25,000, WHICH HELP THE SMALLER ORGANIZATIONS.AND THAT PERSON WILL BE THERE TO REALLY HELP THEM IDENTIFY HOW TO MAXIMIZE A PARTNERSHIP WITH THE BANK.
AND THEN WE ALSO HAVE OUR COMMUNITY DEVELOPMENT MANAGERS THAT ARE OUT IN THE FIELD TALKING TO PEOPLE AND CONNECTING THEM TO THE DIFFERENT PROGRAMS THAT WE HAVE.
ANY QUESTIONS? I DO, UH, COMMISSIONER EZ AND CHAIR.
THAT'S WHAT I DO FOR MY DAY JOB.
AND I'M, UH, I'VE BEEN ONE OF ONE EMPLOYEE AT ARTS ORGANIZATIONS.
I'VE BEEN ONE OF 10 AND SO FORTH.
AND SO, UH, I APPRECIATE THE EXPERTISE AND ALL THAT.
BUT ONE OF THE THINGS THAT I KNOW FROM MY 35 YEARS OF EXPERIENCE IN WORKING IN NON-PROFITS IN HISTORICAL AND NOT IN ARTS, IS THAT I DOESN'T BARELY PAY THE BILLS DIRECTLY.
AND SO WHEN YOU ARE A TINY STAFF OF 1, 2, 2 AND A HALF, HALF TIMERS, IT'S VERY DIFFICULT TO MANAGE EVEN THE MOST SEASONED VETERANS WHO ARE COMMITTED TO WORKING FULL-TIME IN THE BANKING INDUSTRY.
SO, AS I'M LOOKING FOR YOUR GRANTS, NOW, I'M LOOKING AT THE TYPES OF GRANTS THAT YOU DO THROUGH YOUR CHARITABLE FOUNDATION, AND IT SAYS, BETTER HEALTH CONNECTED COMMUNITIES, FINANCIAL SECURITY, AND VIBRANT PLAN.
WHERE WOULD I GO FOR NEXT GRANT? SO THOSE ARE OUR FOUR PILLARS FOR OUR FOUNDATION.
UM, THE FOUND, THERE'S TWO DIFFERENT WAYS WE GIVE.
WE HAVE OUR FOUNDATION, WHICH IS ONE OF THOSE FOUR PILLARS.
UM, ARTS AND CULTURE SOMETIMES FALLS UNDER OUR, UH, CONNECTED COMMUNITIES.
'CAUSE ART BRINGS COMMUNITIES TOGETHER.
UM, WE'VE SPONSORED IT THROUGHOUT OUR FOOTPRINT, UH, FILM MAKER INCUBATORS AND THINGS OF THAT NATURE, UH, THROUGH OUR FOUNDATION.
AND THEN THERE'S COMMUNITY SPONSORSHIP.
SO NORMALLY WITH A SMALLER NONPROFIT, THEY FIT INTO MORE OF THE COMMUNITY SPONSORSHIP FIRST.
UM, THE, THE FOUNDATION IS PROGRAMMATIC.
UM, JUST LIKE MOST OTHER FOUNDATIONS OUT THERE, THERE'S PILLARS THAT YOU HAVE TO FIT INTO.
UM, AND THEN IN ADDITION TO THOSE TWO THINGS, WE HAVE OUR HOUSING FOR EVERYONE, WHICH WE ANNOUNCED.
AND WE ALSO DO OUR READY CHALLENGE EVERY YEAR.
WE GIVE AWAY $10 MILLION GRANTS THROUGHOUT OUR FOOTPRINT, WHICH ARE TO HELP ORGANIZATIONS IN A CERTAIN THEME FOR EACH, UH, YEAR.
WHAT IS YOUR APPLICATION PROCESS LIKE FOR THE SMALLER GRANTEE SPONSORSHIP AND THINGS LIKE THAT? SPONSORSHIP.
UH, YOU WOULD FILL AN APPLICATION, UPLOAD A W NINE, UH, UP.
AND THEN, UM, AFTER THAT IT GOES INTO, WE GIVE OUT OUR FUNDS FOUR TIMES A YEAR.
UH, SO THE DATES WILL BE ON THE WEBSITE.
UH, AND THEN, UM, WE GET LOOKED AT BY A COMMUNITY MANAGER FOR THE AREA.
I ALWAYS SAY IF YOU HAVE, UH, AN EMPLOYEE YOU WORK WITH AT THE BANK, IT'S GREAT TO TELL THEM THAT YOU APPLIED SO THAT YOU HAVE SOMEONE THAT CAN, 'CAUSE I, I'M SURE, AS YOU KNOW, WHENEVER THERE'S A PORTAL ON A WEBSITE FOR, UH, NONPROFITS TO APPLY, I KNOW AS, AS A NONPROFIT BOARD PRESIDENT, WE APPLY FOR LOTS OF GRANTS.
UM, YOU KNOW, HAVING THAT INSIDE, UM, PERSON, WE WILL HELP KIND OF GIVE SOME INFORMATION ON YOU.
AND I WOULD HOPE THAT THAT APPLICATION PROCESS IS FAIRLY SIMPLE AND NOT, IT'S, IT, IT'S SIMPLE, NOT SO TEDIOUS.
IT'S, IT'S NOT EXTREMELY TEDIOUS.
UM, YOU KNOW, IT'S JUST REALLY THE W NINE IS AN EASY THING.
AND THEN IF WE DO A SPONSORSHIP, WE DO TAKE A CERTIFICATE OF INSURANCE, UM, BASED ON WHAT THE SPONSORSHIP PACKAGE IS.
UM, BUT THAT IS, YOU KNOW, THE APPLICATION PROCESS.
UM, FOUR TIMES A YEAR WE LOOK OUT, WE LOOK FOR A 90 DAY LEEWAY, OR 60 TO 90 DAY LEEWAY IF IT'S AN EVENT TO MAKE SURE THERE'S ENOUGH TIME TO GET EVERYTHING PUT TOGETHER FOR YOU.
SO I SEE THAT WE, WE HAVE A CONSIDERABLE AMOUNT OF MONEY WITH YOU FOLKS HERE, THAT'S ALL.
I MEAN, I KNOW I HAVE IT HERE, SO, SO IT WOULD BE GREAT TO SEE, YOU KNOW, THOSE FOCUSES BECAUSE I, I CAN TELL YOU THAT THERE'S, I DON'T, I DON'T SEE AS ANY ONE CHART ABOVE BETTER THAN THE OTHER.
BUT I CAN TELL YOU THAT THE ARTS AND HISTORIC PRESERVATION AND HISTORY GET THE LEAST OF THE LEAST.
SO THAT IS A STRONG POINT OF EMPHASIS, AT LEAST FOR ME.
UH, I WON'T SPEAK FOR ANYBODY ELSE, BUT THAT IS CERTAINLY A VERY STRONG POINT OF EMPHASIS FOR ME.
AND SO FOR A BANK THAT HAS, AT THE MOMENT, A GOOD AMOUNT OF OUR MONEY, WE WANT TO APPRECIATE THE FACT THAT YOU CAN DO THAT.
BUT SPECIFICALLY WITH SMALLER ORGANIZATIONS, BECAUSE IT'S GREAT TO GIVE THE VERY LARGE ORGANIZATIONS BIG GRANTS, BUT THEY'RE PROBABLY GONNA GET THEM ANYWAY IN SOME FORM OR ANOTHER.
AND THAT'S NOT TO THIS DISPARAGE, I GUESS, YOU KNOW, ANY OF THE LARGER, BUT MY THING IS ALWAYS THE SPOTLIGHT IN THE SMALL ORGANIZATIONS THAT YOU MISS, NOT, NOT YOU SPECIFICALLY, BUT THAT THEY'RE ALWAYS OVERLOOKED.
SO IN THIS COUNTRY, LESS THAN 10%, UH, LESS THAN 2% OF OUR FEDERAL BUDGET, FOR EXAMPLE, GOES TO THE ARTS.
YOUR FILM AND, YOU KNOW, DANCE AND, YOU KNOW,
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VISUAL ARTS AND FILM, YOU KNOW, ALL THAT.SO WE'VE SEEN MORE, UM, MORE ARTS ORGANIZATIONS TALKING TO US DURING THE PANDEMIC AND AFTER THE PANDEMIC.
IT WAS A VERY BIG FOCUS ON SOCIAL SERVICES AND FINANCIAL EDUCATION TO REALLY GET EVERYTHING BACK.
UM, BUT YOU, YOU DO HAVE A LOCAL, REGIONAL, REGIONAL GIVING MANAGER.
UH, JOHN BARBER IS THE LOCAL REGIONAL GIVING MANAGER FOR THIS AREA.
UM, AND HE DOES ON A BIMONTHLY BASIS, REVIEW ANY OF THE GRANT APPLICATIONS THAT COME IN.
AND THEN THE SPONSORSHIP SIDE, THERE'S SOMEONE THAT WOULD REVIEW THOSE ALSO.
SO MAY I MAKE A SUGGESTION TO YOU FOLKS? SO MAYBE WE SHOULD HAVE MR. BARBARA NEXT WEEK? 'CAUSE THIS IS ALWAYS GONNA BE A POINT OF INTEREST FOR ME IN PARTICULAR, AS LUCK WOULD HAVE IN NOVEMBER, WILL BRING ME HERE FOR ANOTHER THREE YEARS.
AND I'LL PROBABLY ASK YOU THE VERY SAME QUESTION NEXT YEAR ABOUT, IT'S, UH, TONYA LAMEL AGAIN, MR. BARBER WAS INVITED, BUT UNFORTUNATELY HE'S ILL AND COULDN'T MAKE IT ANY SENSE, HIS APOLOGIES.
BUT WE WILL SHARE HIS CONTACT INFORMATION WITH YOU AFTER TODAY SO THAT WE COULD SET SOMETHING UP.
SO, UM, WE WOULD LIKE CONTACT INFORMATION TO SHARE IT WITH OUR COMMUNITY-BASED PARTNERS FOR ALL THE FOLKS THAT DO THE COMMUNITY LINKEDIN COMMUNITY OUTREACH, BECAUSE A PART OF THE CHALLENGE IS THE COMMUNITY FOLKS DON'T ALWAYS KNOW ABOUT YOU AND YOUR PRODUCTS AND SERVICES.
EVERYBODY'S NOT A PART OF THAT HOUSING COMMUNITY NETWORK.
EVERYBODY CAN'T AFFORD TO PAY THAT MEMBERSHIP FEE TO PARTICIPATE.
SO IT'S, OUR JOB IS TO MAKE SURE WE TRICKLE THAT INFORMATION DOWN.
I DO HAVE A QUESTION ABOUT, UM, ONE OF YOUR RESPONSES.
HOW DO SMALL VENDORS BECOME A PART OF THE MASTER SERVICE VENDOR PROCESS THAT YOU TALKED ABOUT HERE? ONE OF OUR QUESTIONS WERE FOR ANY, UM, REO PROPERTIES OR OPPORTUNITIES IN GENERAL, YOUR RESPONSE WAS THAT A BANK APPROVED MASTER SERVICE VENDOR IS REQUIRED.
HOW DO THEY REGISTER? HOW DO THEY PARTICIPATE IN THAT, IN THAT PROCESS? I HAVE TO GET BACK TO YOU ON THAT.
IT CAME FROM OUR, UH, FORECLOSURES DEPARTMENT, WHICH IS, YOU KNOW, WE DON'T HAVE REPRESENTATIVE REPRESENTATIVE REPRESENTATIVES HERE.
AND BECAUSE WE DON'T HAVE ANY, YOU KNOW, FORECLOSED PROPERTIES IN ESSEX COUNTY, UH, YOU KNOW, WE WERE NOT REALLY PREPARED TO GO OVER THE DETAILS, BUT I CAN, I CAN GET BACK TO YOU.
SO BASICALLY, JUST TO CLARIFY, THE QUESTION WAS, IF IF SOMEBODY WANTS TO PURCHASE ONE OF THESE FORECLOSED PROPERTIES, HOW CAN THEY DO THAT? IF YOU HAD ANY, THAT'S ONE PART OF THE QUESTION.
THE OTHER PART OF THE QUESTION IS, YOU GUYS HAVE, UH, YOU AT LEAST 10, 14 STORES HERE IN ESS COUNTY, OFTENTIMES WHEN I DRIVE PAST CD BANK, I SEE FOLKS OUT MAINTAINING, CUTTING THE GRASS, PUTTING DOWN MULCH, SHOVELING THE SNOW.
HOW DO YOU GUYS SELECT THOSE VENDORS? HOW DO ESSEX COUNTY BASE ORGANIZATIONS THAT COULD PROVIDE THAT KIND OF SERVICE, HOW DO THEY BID ON THOSE PARTICULAR JOBS? WE WOULD LIKE TO KNOW THAT AS VICE PRESIDENT PRIMARIES JUST POINTED OUT, YOU GUYS HAVE $89 MILLION, OH, LET ME CORRECT THAT.
$95 MILLION OF ESS COUNTY DOLLARS DEPOSITED WITHIN YOUR BANK.
WE WOULD LIKE TO KNOW HOW OUR RESIDENTS, HOW THE BUSINESSES THAT ARE LOCATED HERE IN THE COUNTY COULD BECOME A PART AND POTENTIAL TO BE ONE OF YOUR VENDORS TO EARN SOME, SOME FINANCIAL, UM, RESOURCES FROM YOU FOR PROVIDING A SERVICE.
SO PLEASE PROVIDE YOUR BUSINESS CARDS TO ADAM MM-HMM.
SO THAT WE WOULD HAVE THAT YES, SIR.
CAN, UH, JUST FOR POINT OF CLARIFICATION, UH, THE REFERENCE TO FORECLOSURE IS THAT, THAT, UM, THERE'S NO FILING OR ACTUAL FORECLOSURES? BOTH.
YES, I DID CHECK WITH THE LAW FIRM.
THERE WERE NO FILINGS IN LAST YEAR.
YEAH, THERE WERE NO, I CHECKED WITH OUR LAW FIRM.
THERE WERE NO FILINGS IN THE LAST YEAR SINCE WE WERE HERE.
AND ALSO, WE DON'T OWN ANY OREOS IN ESSEX COUNTY.
AND, UM, AND JUST TO PUT YOUR NAME FOR THE RECORD, PLEASE.
JUST WHEN IT, WHEN IT COMES TO VENDORS, UM, TO BECOME A VENDOR WITH AN ORGANIZATION, UH, THE BEST WAY TO DO IT IS TO APPLY THROUGH THEIR SUPPLIER DIVERSITY PROGRAMMING.
AND THAT IS ALSO OUT ON OUR WEBSITE.
AND WE DO HAVE ANY OF THE ORGANIZATIONS THAT WE WORK WITH, DIVERSE CHAMBERS, CERTIFYING BODIES, UM, OUT THERE.
I WORK WITH, UM, REGGIE BLEDSO AT THE, AT THE COUNTY, CLOSELY ON SUPPLIER DIVERSITY.
UM, WE'VE DONE A LOT OF PROGRAMMING TOGETHER, BUT IF YOU HAVE A VENDOR THAT IS LOOKING TO DO SOMETHING LIKE THAT, THEY SHOULD GO AND APPLY FOR A SUPPLIER DIVERSITY PROGRAM.
THEY'LL GET INTO THE VENDOR POOL.
UM, IT'S NOT AN OVERNIGHT THING, AS YOU CAN IMAGINE, MAIN TO FLORIDA.
WE HAVE THOUSANDS OF BUSINESSES THAT COME IN AND APPLY.
BUT IT'S GOOD TO GET INTO A VENDOR POOL, UM, BECAUSE THEN THAT HELPS YOU BE PART OF, UH, THE PROCESS IF SOMEONE'S LOOKING FOR THINGS.
AND WE ALSO USE OUR VENDOR POOL,
[00:25:01]
UH, IN OUR CONTRACTING PROGRAMS WHERE WE HAVE OUR LARGER TIER ONE CONTRACTS.UH, WE ASK OUR TIER ONE CONTRACTORS TO USE SMALLER TIER TWO VENDORS IN THE WORK THAT THEY'RE DOING.
THANK YOU FOR THAT RESPONSE, STEVE.
THAT'S EXACTLY WHAT WE WERE LOOKING FOR.
WE WOULD LIKE TO HAVE THAT INFORMATION SHARED.
SO AGAIN, WE CAN SHARE IT OUT THROUGHOUT, UM, ESSEX COUNTY.
UM, COMMISSIONERS, ANY OTHER QUESTIONS? THANK YOU ALL FOR COMING.
UM, I WOULD LOVE TO SEE YOUR INVESTMENTS ON THE TD CHARITABLE FOUNDATION SIDE BE A LITTLE BIT MORE THAN WHAT THEY ARE.
AS YOU STATED ON PAGE TWO, THE NUMBERS THAT WE SEE ON PAGE 3D INVESTMENTS IS THAT WHAT PERCENTAGE OF THE $8 MILLION IN COMMUNITY DEVELOPMENT LOANS, WHAT PERCENTAGE DO THAT REPRESENT ACROSS THE NATION FOR ALL OF YOUR INVESTMENTS? YOU CAN GET BACK TO US WITH THAT RESPONSE.
CAN WE CHAIR, CAN WE DRILL DOWN A LITTLE EVEN DEEPER, UH, HOW, WHAT'S THE PERCENTAGE OF INVESTMENTS THAT YOU DO IN ESSEX COUNTY? NEVERMIND NATIONWIDE.
WHAT ARE, WHATCHA YOU DOING RIGHT HERE? IF YOU LOOK AT THIS, IT SAYS THAT THEY GAVE OUT $8 MILLION, $8.7 MILLION IN COMMUNITY DEVELOPMENT LOANS.
I'M ASSUMING THAT'S FOR ESSEX COUNTY.
AND THEN ON PAGE, THE NEXT PAGE, IT TALKS ABOUT $966,000 IN GRANTS THAT WAS GIVEN TO 19 ORGANIZATIONS FOR 2023.
WHAT'S THE DIFFERENCE? I GET ONE IS, I GUESS, AFFORDABLE HOUSING.
WHAT'S THE COMMUNITY SERVICE ONE? SO, YEAH, SO MARIA BURNELL FOR THE RECORD AGAIN.
UM, SO YEAH, SO WITH THE COMMUNITY DEVELOPMENT LOANS, THEY'RE LENDING DOLLARS AND THE GRANTS THAT YOU SEE, THE 19 GRANTS, THEY'RE JUST DONATIONS.
SO THAT IS KIND OF THE, THE MAIN DIFFERENCE BETWEEN THE TWO AND THE NUMBER THAT WE GAVE YOU FOR COMMUNITY DEVELOPMENT LENDING, THAT IS FOR ESSEX COUNTY.
SO I THINK THEY MAY ANSWER SOME OF THE QUESTIONS THAT IS LIKE A HUNDRED PERCENT OF WHAT WE DID IN ESSEX COUNTY ON THE COMMUNITY DEVELOPMENT.
THE CDL SIDE, UM, SO ROUGHLY IS, WAS, UM, $1 MILLION IN LOANS THAT THEY ISSUED TO ORGANIZATIONS IN ESSEX COUNTY FOR 2023 AND $8.7 MILLION IN COMMUNITY DEVELOPMENT LOANS TO THREE ORGANIZATIONS FOR $95 MILLION IN INVESTMENTS FROM US.
I WOULD LIKE TO SEE MORE GRANT MAKING HERE IN EXA COUNTY.
AND WE WOULD LIKE TO DO MORE LENDING IF POSSIBLE.
UM, AS YOU KNOW, WE ARE A BIG BANK AND WE DO WELL, JUST LIKE ANY INSTITUTION, WE DO HAVE SOME CREDIT POLICIES THAT RESTRICT CERTAIN LENDING.
HOWEVER, WE ARE WORKING ON IMPROVING THEM, UH, PARTICULARLY TO CDFIS AND ALSO NON-PROFITS.
TO CUT THE RED TAPE A LITTLE BIT AND MAKE IT EASIER, YOU KNOW, TO DO THE LENDING.
IS THERE A PARTICULAR CDFI THAT YOU GUYS SEE THROUGH? UM, WELL, FOR, FOR OUR SMALL BUSINESS WORK, WE WORK WITH ASCEND.
I THINK THEY'RE BASED OUT IN NEW YORK, BUT THEY COVER ALSO PENNSYLVANIA, NEW JERSEY MARKETS.
WE DO A LOT OF REFERRALS WITH THEM.
UM, HAVE YOU HEARD OF THEM? NO.
UM, HAVE ANY OF YOU HEARD OF THEM, MR. PRESIDENT? FORMALLY AXION
YEAH, SO MAYBE STEVE CAN TELL YOU.
AND ALSO, NEW JERSEY COMMUNITY CAPITAL IS ANOTHER ONE.
WE'VE, WE'VE WORKED WITH THE U-C-E-D-C.
WE FUND A LOT OF THE CDFIS THROUGH DEBT EQUITY AND FOUNDATION WORK.
UM, ASCEND, FORMERLY AXION, UH, THEY ARE A MICRO LOAN, UH, LENDER.
SO THEY DO ANYTHING UNDER 50,000.
UM, WE HAVE A SECOND LOOK PROGRAM WITH THEM WHERE IF WE'RE NOT ABLE TO HELP A CLIENT, WE AUTOMATICALLY SEND IT OVER TO THEM.
AND THAT'S BEEN AN EXTREMELY SUCCESSFUL WAY FOR US TO HELP GET CAPITAL INTO SMALL BUSINESS OWNERS' HANDS.
UH, WE WORK WITH PURSUIT THAT HAS A LARGE PRESENCE IN NEW YORK, NEW JERSEY, AND CONNECTICUT, UH, WHICH IS A-C-D-F-I.
THEY GO UP TO ABOUT $250,000, UH, IN LOANS.
AND THEY ARE REALLY FOCUSED ON THAT SPOT RIGHT AFTER ASCEND THIS OVER 50 IS, IS THE GROUP, THE GROUP THAT YOU JUST CALLED, THAT WAS ACE ON WHO, WHAT'S, WHAT'S THE NAME? ARE, ARE THEY THE GROUP THAT WAS GIVING, UM, THEY HAD THIS ONE WONDERFUL PROGRAM, MICROLOAN PROGRAM.
THEY'RE, THEY ARE A MICROLOAN LENDER.
UM, THEY HAVE A COUPLE OF DIFFERENT PROGRAMS. THEY HAVE ONE PROGRAM OUT FOR CHILDCARE PROVIDERS THAT ARE, UM, OPENING UP CHILDCARE CENTERS.
THEY HAVE A RESTAURANT LOAN FUND THAT WE'VE HELPED THEM PUT
[00:30:01]
TOGETHER.SO THEY HAVE SOME DIFFERENT PROGRAMS. THEIR FIRST LOAN, IT'S AN AMAZING ORGANIZATION, WAS TO A FOOD CART.
UM, AND THAT'S HOW THEY STARTED.
SO I READ AN ARTICLE ABOUT, ABOUT SOME OF THIS, HOW DO WE GET THIS INFORMATION TO DISSEMINATE IT OUT? WE HAVE A LOT OF, UM, CONSTITUENTS THAT DO HOME-BASED, UM, CHILDCARE THAT ARE STARTING THEIR SMALL BUSINESSES WORKING FROM FOOD TRUCKS AND FOOD CARTS.
IF YOU WOULD LIKE, UM, WE COULD DO A JOINT WEBINAR WITH YOU WHERE WE BRING SOME DIFFERENT CDFI PARTNERS LIKE THAT ON, FOR THEM TO LEARN ABOUT THEIR PROGRAM.
THAT'S BEEN ONE OF THE BEST WAYS FOR US TO DO IT.
UM, WHENEVER WE GO OUT AND DO FINANCIAL LITERACY CLASSES, ESPECIALLY FOR OUR SMALL BUSINESS OWNERS, WE DON'T GO ALONE.
UM, YOU KNOW, THEIR BUSINESSES OF ALL SIZES NEED A-C-D-F-I AT A DIFFERENT POINT.
DOESN'T MEAN THAT YOU'RE NOT CREDIT WORTHY.
IT MEANS THAT YOU'RE NOT BANKABLE AT THE TIME BECAUSE CDFIS ARE JUST NOT AS REGULATED AS HEAVILY AS BANKS ARE.
AND THEY CAN MAKE SOME DIFFERENT DECISIONS ON THEIR LENDING PROCESS.
BUT WE HAVE A WHOLE PORTFOLIO OF CDFIS THAT WE WORK WITH.
WE'VE WORKED WITH THE U-C-E-D-C, WHICH IS BASED IN UNION COUNTY, BUT COVERS THE STATE OF NEW JERSEY, UH, NEW JERSEY COMMUNITY CAPITAL, UM, LENDING INDUSTRY, WHICH IS A VERY LARGE, A LARGER, UH, MINORITY OWNED CDFI.
UM, THAT PUTS MONEY OUT ON THE STREETS PRETTY QUICKLY, SO, OKAY.
YOU KNOW, IF THAT'S SOMETHING YOU'D LIKE, WE DEFINITELY CAN HELP COORDINATE.
PLEASE LETS, UM, PROVIDE THAT INFORMATION.
YOU HAVE ANOTHER QUESTION, MR. PRESIDENT? WE ALMOST DONE HERE.
YOU, YOU ASKED THE QUESTION, UH, THROUGH YOU, MADAM CHAIR.
IN TERMS OF, DOES, UH, TD BANK INVEST IN PRIVATE PRISONS AT THE CURRENT TIME? WE DON'T HAVE ANY IN OUR PORTFOLIO, THOUGH.
WE HAVE NO PROHIBITIONS THAT WE CANNOT DO THEM, BUT THERE ARE ZERO IN THE TD PORTFOLIO.
NAME AND AFFILIATION FOR THE RECORD, PLEASE.
CHERYL GRIFFITH, GOVERNMENT BANKING.
THANK YOU VERY MUCH FOR COMING OUT.
PLEASE PROVIDE YOUR CONTACT INFORMATION TO ADAM AND EMAIL, UM, THE FOLLOW UP INFORMATION THAT WE'VE REQUESTED TODAY.
WHEN YOU'RE DOING THIS, THIS IS TOUCH.
BUT REMEMBER, EVEN WITH THIS, LET'S SAY YOU'RE GOING INTO PROVIDENT.
YOU MIGHT WANNA GO IN THIS CORNER AND THEN YOU'LL SEE THE DIFFERENT SECTIONS THERE.
AND THEN THERE, EVEN THE ADDITIONAL QUERIES, THERE'S STUFF UNDER THERE.
SO WHEN YOU WANT TO DO IT, MAKE SURE THAT YOU COLLAPSE.
ARE YOU COMMISSIONERS? THEY'RE TAKING A TWO MINUTE BREAK.
I'LL BE ABLE TO, UH, GET THAT RESOLUTION YES.
THAT'S NOT, IF YOU CAN PUT IT IN A BLUE ONE, THAT'S FINE.
[00:43:29]
ENFORCEMENT[00:43:29]
BANKS, UH, SO ACCOUNTS ON SOME, UH, COMMITTEE DEVELOPMENT.I'M ACTUALLY REVIEWING ALL THE ACCOUNTS WITH BANK OF AMERICA, AND I'M ACTUALLY CLOSING FIVE OF THEM FROM THE 14TH.
YOU'RE CLOSING FIVE? OH, YEAH.
YEAH, I KNOW THE PROCESS OF DOING THAT.
AND SO THEN HOW MUCH WILL THAT TAKE THEM DOWN TO, DO YOU KNOW YET? UH, PROBABLY LESS.
[01:12:32]
[01:12:32]
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ENOUGH,IT'S JUST THE, DO SOMETHING, SOMETHING ABOUT THE TRAFFIC ONCE FROM SPRINGFIELD AND WHATEVER ELSE IT IS.
UM, NOW WE WILL BEGIN WITH INDUSTRIAL BANK.
PLEASE STATE YOUR NAME AND AFFILIATION FOR THE RECORD, PLEASE, BEFORE YOU BEGIN.
I'M THE SENIOR VICE PRESIDENT AND MARKET MANAGER FOR INDUSTRIAL BANK FOR NEW JERSEY, NEW YORK AND PENNSYLVANIA.
SO LAST YEAR WHEN WE SAW YOU, YOU GUYS WERE IN THE MIDST OF DOING A CHANGE.
SO, SO TALK US THROUGH JUST A LITTLE BIT OF THAT.
HOW'S THAT GOING? HOW'S THAT BEEN FOR YOU? SO ACTUALLY THE CHANGE WENT EXTREMELY WELL.
UH, WE'VE, SINCE THE LAST TIME WE SPOKE, WE OPENED A NEW LOCATION RIGHT HERE IN NEWARK, RIGHT ON FREELAND, HEISEN AVENUE IN NEWARK.
SO, UH, THAT WAS A BIG STEP FOR US.
UH, BRAND NEW BRANCH, FULL SERVICE, UH, TWO ATM.
MACHINES DRIVE UP, WALK UP, DRIVE THROUGH WINDOW FREE PARKING FOR THE CUSTOMERS AND EVERYTHING.
SO THAT INVESTMENT WAS, THE ACQUISITION AND INVESTMENT WAS ABOUT $3 MILLION.
BRANCHES GROWING A LITTLE SLOWER THAN WE'D LIKE IT TO, BUT IT IS GROWING AND IT'S NEEDED IN, UH, THE SOUTH WARD, THE COMMUNITY.
SO OUR COMMITMENT WAS TO STAY THE SOUTH WARD, AND WE DID NEGOTIATE WITH THE PROPERTY.
P AND C SOLD US THE PROPERTY THAT THERE WAS, THAT WAS THEIR OLD LOCATION.
SO WE'RE THERE UP AND RUNNING NOW.
RIGHT ACROSS THE STREET FROM THE PARK.
IN ADDITION TO THAT, UH, THE CONVERSATION WE HAD LAST YEAR, WE DID NOT HAVE, WE WEREN'T DOING MORTGAGES, RESIDENTIAL MORTGAGES.
UH, EFFECTIVE SEP SEPTEMBER, WE HIRED A RESIDENTIAL MORTGAGE MANAGER.
WE GOT THE APPROVAL FROM THE STATE.
SO WE'RE NOW BACK IN THE RESIDENTIAL MORTGAGE BUSINESS.
SO, UH, THAT'S A, A FEAT FOR US THAT'S, UH, REALLY GOOD AS WELL.
UM, SEE WHAT ELSE HAS BEEN ACTUALLY HAPPENING.
UH, WE APPRECIATE THE DEPOSIT.
WE DID RECEIVE, UH, AS A RESULT OF THE LAST MEETING, UH, WE RECEIVED AN ADDITIONAL, UH, DEPOSIT OF $5 MILLION, WHICH ASSISTED US IN DOING SOME ADDITIONAL LOANS.
AS YOU SEE, THE NUMBERS FROM THE YEAR PRIOR TO THIS YEAR WENT UP TREMENDOUSLY, PRIMARILY BECAUSE WE DID A LOT OF, WE WERE ABLE TO DO A LOT MORE BIG DEALS IN ADDITION TO NOT ONLY THAT DEPOSIT, BUT WE RECEIVED $81 MILLION IN, UH, AWARD MONEY FROM EIP FUNDING FROM, UM, SO THAT, UH, THAT WORKED OUT WELL.
SO THAT $81 MILLION ALLOWED US TO, ONE, DO LARGER LOANS, TWO, DO MORE LOANS, AND ALSO EXPAND OUR FOOTPRINT IN ADDITION TO BUILDING A NEW LOCATION IN
[01:15:01]
THE NEW BRANCH AS WELL.HAVE YOU DONE ANY COMMUNITY DEVELOPMENT LENDING? UH, ALL OF OUR LENDING IS COMMUNITY DEVELOPMENT.
UH, OUR, OUR ENTIRE CONCENTRATION IS SMALL BUSINESS OWNERS, WOMEN AND MINORITY-OWNED BUSINESSES, UH, FAITH-BASED ORGANIZATIONS, NOT-FOR-PROFIT ORGANIZATIONS.
OF COURSE, WE HAVE SOME LARGER COMPANIES THAT ARE IN NEW JERSEY THAT SUPPORT US, PARTICULARLY HERE IN NEWARK, IN THE DOWNTOWN AREA THAT SUPPORT US AS WELL.
BUT THE VAST MAJORITY, 90% OF THE LOAN ACTIVITY THAT WE DO IS ACTUALLY TWO SMALL BUSINESS OWNERS AND MINORITY BUSINESSES.
DO YOU HAVE ANY VETERAN OR L-G-B-T-Q PRODUCTS THAT SEEM, THAT SEEM TO BE THE VIBE? ANYTHING THAT BANKS ARE, UM, DOING SPECIALIZED PROGRAMMING FOR THEM? UH, NO SPECIALIZED PROGRAMS OR ANYTHING.
HOWEVER, UM, WE ARE MORE THAN WILLING TO LOOK AT, UH, WE ARE LOOKING AT A FEW VETERAN PROJECTS.
IT SEEMS LIKE, UH, ALL OF A SUDDEN THERE'S, UH, HOUSING, THERE'S A HOUSING NEED FOR VETERANS.
SO WE'RE FINANCING THAT, THAT'S ACTUALLY IN UNION COUNTY.
BUT, UM, WE ARE LOOKING AT ACTIVITIES LIKE THAT.
UH, SOMETHING THAT'S CREATIVE THAT WE ARE DOING THAT'S HERE IN ESSEX COUNTY.
WE JUST FORMED A PARTNERSHIP WITH THE URBAN LEAGUE OF ESSEX COUNTY.
WE LOANED URBAN LEAGUE MONEY TO BUILD EIGHT HOMES RIGHT HERE IN NEWARK ON THE, IN THE SOUTH WARD.
ACTUALLY, FAIRMONT, FAIRMONT IN FAIRMONT, THOSE HOMES THAT ARE THERE.
SO WE DID THE FINANCING FOR THEM, THOSE HOMES.
THAT PROGRAM IS EXTREMELY UNIQUE.
AND I CAN CREDIT THE URBAN LEAGUE AND VIVIAN FRAZIER.
SOME OF YOU MAY OR MAY NOT KNOW HER.
AND WHAT URBAN LEAGUE CAME TO US FOR FINANCING FOR IS THEY'RE GOING TO BUILD EIGHT TWO FAMILY HOMES.
UH, THESE HOMES ARE GOING TO BE SUBSIDIZED.
THEY RECEIVE FUNDING FROM THE STATE, FUNDING FROM, UH, THE CITY.
UH, THESE HOMES ARE GOING TO BE RENTED TO INDIVIDUALS WHO HAVE, WHO ARE UNDERGOING EXTENSIVE FINANCIAL LITERACY, BEING HOME OWNERSHIP, BUDGETING, ALL OF THAT TYPE OF STUFF.
ACTUALLY, INDUSTRIAL BANK IS COLLECTING THE RENTS FOR URBAN LEAGUE.
AND URBAN LEAGUE WORKED OUT A DEAL WITH THAT RENT.
IT'S ACTUALLY GOING TO BE CREDITED TO THE RENTER AT THE END OF A TERM.
SO THAT, THAT'S GOING TOWARDS A DOWN PAYMENT AND ALSO INSTANT EQUITY IN THE HOUSE IN ADDITION TO FILTERING THE SECOND FLOOR TENANT OR WHATEVER IT IS.
SO IF YOU HAVE, IF YOU HAVE AN OPPORTUNITY, PLEASE REACH OUT TO VIVIAN FRAZIER.
SO, BUT IT WAS HER BRAINSTORMING HER IDEA.
IT'S EXTREMELY UNIQUE, UH, WHEN THE HOMEOWNERS GET INTO THESE HOMES, WHEN WE TRANSFER THE DEEDED AND INDUSTRIAL BANK.
ALSO COMMITTED TO DOING THE EIGHT MORTGAGE.
NOT ONLY THE FINANCING FOR THE BUILD, BUT ALSO WE'RE GOING TO FINANCE THE EIGHT HOMEOWNERS WHO ARE GOING THROUGH THE PROGRAM ITSELF.
UH, WHEN THEY GET IN THE HOME, THEY'RE GOING TO HAVE ALMOST $200,000 IN EQUITY BETWEEN THE SUBSIDY, BETWEEN THE SUBSIDY AND THE SALE OF THE HOME PRICES.
THESE ARE TWO FAMILY HOMES THAT ARE IN NEWARK.
AND DON'T QUOTE ME ON THE DOLLAR AMOUNT, BUT THE SALE WILL BE SOMEWHERE IN THE 350, 60, $70,000 RANGE FOR TWO FAMILY HOMES.
VIVIAN, THAT IS VIVIAN CAME UP WITH IT.
ALMOST A, A GOOD SPIN ON THAT SECTION EIGHT HOME OWNERSHIP PROGRAM WITH THE SPIN.
WE, WE'LL HAVE TO TALK TO HER.
THAT'S A GREAT PROGRAM THAT IT IS.
WE NEED TO TALK TO MORE BANKS, GET TO DO.
THAT COULD DO SOME, SOME OF THIS CREATIVE FINANCING, UM, AND COMMUNITY INVESTMENT THAT THOSE ARE THE KINDS OF THINGS THAT WE'RE LOOKING FOR.
4.4 MILLION, $250,000 FOR THE LOANS TO BUILD THE HOMES.
SO THEY'RE BUILDING EIGHT HOMES.
UH, THE COST IS BEING SUBSIDIZED, SO THE COST TO BUILD IS IN EXCESS OF THAT, BUT THE STATE AND MONEY FROM THE CITY.
UH, SUBSIDIZES IT, WHICH ALLOWS, UH, THE URBAN LEAGUE TO GO IN AND RENT THESE APARTMENTS, FIND THE BUYERS FOR THEM, DO THE COUNSELING, AND ALSO SELL THEM FOR BELOW MARKET RATES.
OF COURSE, THERE'LL BE A STIPULATION IN THERE.
THEY CAN'T JUST PURCHASE THE HOMES AND TURN AROUND AND FLIP 'EM.
THEY IN THERE FOR A CERTAIN PERIOD OF TIME.
BUT ALL OF THAT IS DOCUMENTED AND EVERYTHING.
AND I THINK THE PROGRAM, IT'S SOMETHING UNIQUE THAT WE ARE DOING THAT WE DECIDED TO DO BECAUSE IT'S SOMETHING THAT'S NEEDED, BUT IT'S SOMETHING WHEN IT, WHEN IT GOES OFF AND IT WILL GO OFF WELL.
UM, IT'LL BE SOMETHING THAT CAN BE REPLICATED THROUGHOUT THE COMMUNITY.
COMMISSIONERS, ANY QUESTIONS? COMMISSIONER EZ? GREAT.
AND GOOD TO SEE YOU AGAIN, MR. WELOCK.
LAST, UM, I HAVE A COUPLE OF QUESTIONS.
I KNOW THAT YOU DON'T, I'M A NON-PROFIT GUY, SO THIS IS WHERE I'M GONNA COME IN.
AND I READ YOUR, YOUR INFORMATION, AND WE DISCUSSED LAST YEAR THAT YOU DON'T HAVE A FOUNDATION, YOU DON'T HAVE A GRANT PROGRAM, BUT YOU DO SPONSORSHIP.
SO I'M GONNA ASK YOU A TWOFOLD QUESTION.
[01:20:01]
YOU HAVE DONE.AND THEN SECONDLY OF A PARTICULAR INTEREST OF MINE IS THE, THE KIND OF LOANS YOU'VE DONE TO NON-PROFITS AND FAITH-BASED ORGANIZATIONS.
CAN YOU TALK ABOUT THE TWO? SURE.
SO WE'LL START OFF FIRST, FIRST QUESTION WAS, WHAT TYPE OF, UM, SUPPORT DO WE GIVE TO NOT-FOR-PROFIT ORGANIZATIONS AND THINGS? UH, WE DO HAVE, IT HAS TO RELATE TO EITHER IT HEALTH AND WELLBEING OR SOME TYPE OF EDUCATION FORM OF THAT TYPE OF STUFF.
THAT'S NOT TO SAY THAT WE WON'T DO SOMETHING IF SOMEONE WAS RAISING SOMETHING FOR A DISEASE OR SOMETHING LIKE THAT.
AND THEN WE WOULD DO A SPONSORSHIP AND ADS AND THAT TYPE OF STUFF.
THE OTHER STUFF THAT WE ACTUALLY DO WOULD BE, SAY FOR EXAMPLE, A, UM, FOR A NOT-PROFIT, NOT-FOR-PROFIT ORGANIZATION WHO'S ACTUALLY DOING, UH, FINANCIAL LITERACY FOR GEDS AND THAT TYPE OF STUFF.
WE WOULD ACTUALLY COME IN AND SUPPORT IN TERMS OF, OKAY, WHAT IS THE EXPENSES ASSOCIATED WITH IT? IS IT GOING TO BE A COST ASSOCIATED WITH IT? IN SOME CASES IT'S MONETARY.
IN OTHER CASES IT'S A DISCOUNT.
IN TERMS OF THE RATE RIGHT NOW, UH, THE CHALLENGE THAT WE'RE FINDING, ESPECIALLY NOT ONLY WITH NOT-FOR-PROFIT ORGANIZATIONS, BUT WITH ORGANIZATIONS AS A WHOLE.
UH, INTEREST RATES HAVE GONE UP TREMENDOUSLY DOUBLED IN THE LAST YEAR ITSELF.
UH, RIGHT NOW, UH, COMMERCIAL RATES ARE SOMEWHERE AROUND THE SEVEN, SEVEN AND A HALF AND 8% IN SOME CASES.
AND WE JUST DID A LOAN FOR A LARGE CHARTER SCHOOL HERE IN NEWARK.
UH, THEY WERE RUNNING INTO SOME TROUBLE WITH SOME FINANCING.
WE CAME IN AT THAT RATE, WE DISCOUNTED OUR RATE, UH, FOR A LOAN THAT'S $15.3 MILLION.
UH, SO WE ARE DISCOUNTING IT IN, IN THAT FORM.
IT'S ENOUGH FOR US TO MAKE OUR SPREAD THAT WE HAVE TO SHOW OUR SHAREHOLDERS, BUT IT DOESN'T HURT THE SCHOOL.
AND IT ALLOWS THEM TO AFFORD TO REFINANCE ALL OF THE DEBT THAT THEY ACTUALLY HAD, WHICH WILL FREE UP, I THINK IT'S SOMETHING ALMOST NORTH OF $800,000 PER YEAR IN TERMS OF THE PAYMENTS THAT THEY ACTUALLY HAD.
'CAUSE THEY'RE REFINANCING SOME BONDS AND SOME OTHER THINGS.
SO THAT'S, UH, ONE OF THE EXAMPLES.
UH, ANOTHER SMALL EXAMPLE WOULD BE, UH, NOT ONLY ARE WE DOING THINGS LIKE THIS, BUT WE'RE ALSO ALLOWING EMPLOYEES IN THE EVENT THAT THERE'S AN EMPLOYEE WHO, UH, IS PASSIONATE ABOUT A CAUSE, WE WILL ALLOW THAT EMPLOYEE NOT ONLY TO SUPPORT THE ORGANIZATION, BUT ALSO GIVE THEM TIME OFF WITH PAY TO SUPPORT THE ORGANIZATION.
UH, WE HAVE ONE OF THE EMPLOYEES WHO'S ON, WE ENCOURAGE OUR EMPLOYEES TO BE ON DIFFERENT TYPE OF LOCAL AND CIVIC BOARDS, ALL OF OUR EMPLOYEES.
I KNOW ONE OF THE QUESTIONS IS ABOUT, UM, PERTAINING TO, UH, EQUAL OPPORTUNITY EMPLOYMENT AND THINGS OF THAT NATURE.
ALL OF OUR EMPLOYEES ARE FROM THE COMMUNITIES THAT THEY SERVE.
SO IF YOU WORK, IF YOU LIVE IN NEWARK, WE ARE LOOKING FOR YOU A JOB IN NEWARK.
IF WE HAVE THE BRANCH IN NEWARK, THOSE EMPLOYEES ARE EITHER FROM NEWARK OR FROM SOMEWHERE IN ESSEX COUNTY.
WE HAVE A COUPLE THAT ARE SCATTERED OUT, BUT THEY'RE ALL THROUGH ESSEX COUNTY.
SO THAT'S NOT ONLY IN ESSEX COUNTY, BUT THAT'S THROUGHOUT OUR FOOTPRINT OF THE BANK.
UH, HARLEM OFFICE, IT'S THE SAME THING.
YOU NEED TO BE A NEW YORKER IN ORDER TO BE THERE FROM HARLEM OR THE BRONX OR SOMEWHERE LIKE THAT.
WE'RE NOT LOOKING FOR INDIVIDUALS.
AND IN MOST CASES, WE'RE TRAINING THEM AS WELL.
WE'RE BRINGING INDIVIDUALS IN, UH, AND WE'RE PUTTING THEM THROUGH PROGRAMS. UH, I HAVE A, SOMEONE WHO I'M MENTORING, WHO'S BRINGING IN, WHO WE THINK HAS A LOT OF POTENTIAL, WHO LIVES HERE IN NEWARK, UH, HAS THE OPPORTUNITY TO, UH, DO SOME GREAT THINGS.
WE ARE, I'M, I'M BETTING ON HIM, UH, TO DO THAT TYPE OF STUFF.
SO WE'RE BRINGING THAT INDIVIDUAL IN, ALLOWING THEM TO SIT IN ON SOME MEETINGS, UH, PRESENT SOME TYPE OF FORMS AND THINGS.
UH, I DID INVITE HIM, UH, LAST MINUTE, BUT UNFORTUNATELY WAS TOO FAR.
HE LIVES, UH, IN JERSEY CITY, SO HE WASN'T GOING TO BE ABLE TO MAKE IT.
UH, BUT HE WAS GOING TO BE HERE WITH US, WITH ME THIS EVENING.
SO, UH, SECONDLY YOU HAVE TO QUESTION THE, YOUR SECOND QUESTION, THE FAITH-BASED ORGANIZATIONS AND THE NON-PROFITS THAT YOU LOAN TO.
SO, UH, THE PROGRAMS THAT WE ACTUALLY HAVE OUR DEBT SERVICES LOWER THAN SOME OF THE OTHERS.
UH, WE WILL DO AS LOW AS ONE TO ONE IN SOME CASES.
SO EVERY, WHAT THAT ACTUALLY MEANS IS EVERY DOLLAR OF REVENUE THAT THE NOT-FOR-PROFIT ORGANIZATION GENERATES.
WE WOULD BE WILLING TO LEND A LOAN, ONE-TO-ONE FOR, UH, IN TERMS OF A PROFIT.
SO THAT ALLOWS THEM ONE TO BORROW.
AND SECONDLY, WE DON'T REQUIRE ANY GUARANTEES OR ANYTHING BECAUSE THESE ARE NOT-FOR-PROFIT ORGANIZATIONS.
SO WE'RE NOT ASKING FOR ANY PERSONAL GUARANTEES FROM THE EXECUTIVE DIRECTOR OR ANYONE LIKE THAT.
UH, THESE LOANS ARE JUST PRIMARILY BASED ON THE IMPACT THAT THE ORGANIZATION HAS IN THE COMMUNITY.
UH, WHAT IT ACTUALLY DOES AND WHAT IT ACTUALLY IS TELLING US, IT'S GOING TO BRING AN OFFER TO THE COMMUNITY ITSELF.
SO WE DO HAVE CHECK-INS WITH THEM AS WELL.
WE HAVE ANNUAL REVIEWS THAT WE GO OUT AND WE SAY, OKAY, LAST YEAR, SIMILAR TO WHAT I'M DOING HERE, WE ACTUALLY DO THAT WITH THESE, UH, NOT-FOR-PROFIT AND FAITH-BASED ORGANIZATIONS TO SAY, HEY, WE LOANED YOU THIS MONEY AT A DISCOUNT OR WHATEVER IT IS.
YOU STATED THAT YOU WERE GOING TO DO THIS TYPE OF TRAINING, YOU WERE GOING TO PROVIDE THIS TYPE OF SERVICES.
UH, ONE CASE, IT'S AN AFTERSCHOOL SERVICE THAT TUTORS, UH,
[01:25:01]
STUDENTS IN LOWER GRADES UNTIL THE PARENTS COME HOME AFTERSCHOOL TYPE PROGRAM.UH, ONE ACTUALLY, UH, NEEDED A BUS AND WE PROVIDED THE FINANCING FOR THE BUS SO THAT THESE KIDS COULD ACTUALLY GET PICKED UP AT A LOCATION AND THEN THE PARENT OR GUARDIAN WOULD ACTUALLY PICK THEM UP, WILL ALLOW THE PARENT TO GET TO THEM FROM WHATEVER TRANSPORTATION THAT THEY ACTUALLY HAVE.
SO MY QUESTION IS, HOW MUCH MORE MONEY CAN YOU, UM, HANDLE FROM THE COUNTY? THE BEAUTY OF IT IS BECAUSE OF THE YEAR THAT WE ACTUALLY HAD IN OUR GROWTH AND THE EIP FUNDS THAT WE ACTUALLY RECEIVED IN TERMS OF AN INVESTMENT, UH, WE DEPOSITS THAT WE, WE CAN NOW ACCEPT AS MUCH AS WE CAN ACTUALLY GET.
UH, THE MORE WE GET, THE MORE WE ACTUALLY LEND.
UH, I HAVE A COMMITMENT TO OUR HEADQUARTERS THAT'S IN WASHINGTON DC.
I SEND THEM A MONTHLY REPORT AS TO WHAT WE HAVE IN OUR PIPELINE IN TERMS OF WHAT WE'VE ACTUALLY LOANED, WHAT WE'RE ACTUALLY COMMITTING TO, HOW MANY SEMINARS WE'VE ACTUALLY CONDUCTED BY EMPLOYEES, HOW MANY EMPLOYEES ARE INVOLVED, HOW MANY VOLUNTEER HOURS.
I MEAN, IT GOES DOWN A GAMUT OF QUESTIONS AND ANSWERS THAT I ACTUALLY SUBMIT TO OUR BOARD IN TERMS OF WHAT WE'RE ACTUALLY DOING TO IMPACT THESE COMMUNITIES THAT WE'RE ACTUALLY IN THROUGH YOU, MADAM CHAIR, UH, HOSAN, HASSAN, UH, WHAT DO YOU THINK IS A FAIR NUMBER THAT WE COULD MOVE FROM THAT ONE PARTICULAR BANK TO THIS BANK? OH, I HAVE TO GO BACK TO YOU, MR. PRESIDENT.
UH, WE WILL DO OUR BEST TO, TO MAKE SURE WE, WE MOVE SUFFICIENT FUNDS.
ANOTHER THING I DO WANT TO MENTION IS THERE'S A LARGE PROJECT THAT'S GONNA, THAT I'M ACTUALLY LOOKING AT RIGHT NOW IN THE SOUTH WARD.
IT'S SOUTH WARD WELLNESS CENTER.
UH, SOME OF YOU MAY BE FAMILIAR WITH IT OR WHATEVER.
THEY CAME TO US, UH, IN REQUEST FOR SOME FUNDS SO THAT THEY CAN EXPAND IN THAT TYPE OF STUFF.
I'M ACTUALLY LOOKING THAT OVER.
UH, WE'VE DONE SOME OF THE LARGER PROJECTS THAT, YOU KNOW, ONE OF COURSE ON, UH, ROUTE 21.
UH, WE HAVE, UH, SOME CLIENTS THERE AND THEN ANOTHER ON SPRINGFIELD AVENUE AND ANOTHER VERY LARGE PROJECT THAT'S HERE IN THE CITY.
THOSE ARE THE LARGER THINGS THAT US FUNDING.
WE HAVE SOME LARGE ORGANIZATIONS THAT ACTUALLY COME IN AND SAY, HEY, UM, FOR EXAMPLE, SHAQUILLE O'NEAL, THE BUILDING THAT HE ACTUALLY BUILT ACROSS THE STREET FROM PENN STATION, ONE OF HIS STIPULATIONS WAS THAT THE LEAD LENDER HAD TO HAVE A MINORITY FINANCIAL INSTITUTION AS PART OF THE DEAL.
SO, WHICH WAS BEAUTIFUL BECAUSE IS YES.
UH, THERE'S NO, YOU KNOW, THE BANK CAME TO US AND SAID, HEY, IN ORDER FOR US TO DO THIS LOAN, WE NEED YOU TO TAKE A PORTION OF IT.
SO IN THAT CASE, $5 MILLION OF THE LENDING THAT WAS ACTUALLY REPORTED WAS AS A RESULT OF THE PARTICIPATION FOR THAT LOAN THAT'S ACTUALLY THERE, WHICH ALLOWS US TO DO THINGS LIKE THAT.
ANY OTHER QUESTIONS? I I JUST HAVE A COUPLE QUICK ONES.
DO YOU DO FHH MORTGAGE PRODUCTS TOO? NOW THAT YOU'RE DOING MORTGAGES? WE, UH, WE WILL BE DOING FHH PRODUCTS.
OUR, UM, NEW MANAGER, HER NAME IS STEPHANIE LOT, WHO IS A, WELL, SHE'S GOING TO BE OUR MORTGAGE MANAGER AND SHE IS ACTUALLY FROM NEWARK.
UH, SHE'LL BE HOUSED RIGHT HERE IN NEWARK.
UH, SO STEPHANIE IS, UH, STEPHANIE AND I HAD A MEETING WITH THE STATE LAST WEEK.
THE STATE ALSO ASKED US TO PARTICIPATE, UH, IN ANOTHER PROGRAM THAT THEY'RE DOING.
WE ARE LOOKING AT INFORMATION OVER, I THINK IT'LL, IT WILL BE A POSITIVE IN OUTCOME.
UH, THE STATE HAS FUNDS, I THINK IT'S $26 MILLION OR SO THAT THEY'RE WILLING TO GIVE, UH, EACH FINANCIAL INSTITUTION, I THINK UP TO $200,000 IN THE FORM OF SUBSIDY TO ALLOW LOANS, UH, FOR RESIDENTS FOR REHAB AND REHABILITATION.
THE ISSUE IS WE SEE A LOT OF THESE HOMES THAT ARE ACTUALLY ABANDONED.
A LOT OF THE MORTGAGE PROGRAMS AND STUFF DON'T ALLOW FOR THAT, UH, OR ALLOW ONLY CERTAIN AMOUNTS FOR IT.
THE STATE HAS THIS MONEY, UH, THAT THEY WILL ALLOW TO SUBSIDIZE.
SO WE CAN ACTUALLY COME IN AND LEND A PORTION OF THAT SO THAT THOSE HOMES CAN ACTUALLY BE REHABILITATED AND BRING, BROUGHT UP TO CODE TO ALLOW THE BORROWER TO BUY.
UM, YOU'LL HAVE TO GET BACK TO WITH THE ANSWER FOR THIS QUESTION.
CAN YOU JUST TELL US WHAT WAS YOUR TOTAL SPONSORSHIPS THAT YOU DID THIS PAST YEAR? YOU COULD EMAIL US BACK THE ANSWER TO THAT QUESTION.
UM, AND THE OTHER QUESTION THAT I HAD, CLARITY, DID YOU SAY THAT YOUR TOTAL, YOUR ABILITY TO MAKE MORE INVESTMENTS IN LOANS WENT UP AFTER WE HELPED BRING YOUR DEPOSITS UP? THAT I, RIGHT.
WHAT ACTUALLY HAPPENS IS WHAT, WHAT HAPPENS WITH FINANCIAL INSTITUTIONS, NOT ONLY OURS BUT ALL FINANCIAL INSTITUTIONS.
WE CAN ONLY LEND A CERTAIN PORTION OF THE CAPITAL THAT WE ACTUALLY TAKE IN.
SO WE HAVE THESE CAPITAL RATIOS.
SO IF IN FACT WE BRING IN AN ADDITIONAL, INCREASE OUR ASSETS BY A CERTAIN DOLLAR AMOUNT, THEN OUR LENDING LIMIT, IT DOES TWO THINGS.
ONE, OUR LENDING LIMIT GOES UP, WHICH ALLOWS US TO LEND HIGHER LIMITS.
[01:30:01]
I THINK LAST YEAR OUR LENDING LIMIT WAS SOMETHING TO THE RANGE OF 11 OR $12 MILLION.WE CAN DO LOANS UP TO, I THINK IT'S $24 MILLION NOW IN THAT RANGE.
OF COURSE, WE HAVE A SWEET SPOT IN.
THAT SWEET SPOT IS SOMEWHERE AROUND EIGHT, $10 MILLION OF THAT TYPE OF STUFF.
YOU DON'T WANT A BORROWER TO BE AT THE TOP OF YOUR LIMIT BECAUSE THEN YOU CAN'T LEND THEM ANYTHING ELSE.
IF THEY, AND IN THOSE CASES WE PARTICIPATED OUT, SO WE DO CALL ON SOME OF THE BANKS THAT ARE GOING TO BE HERE.
WE'RE HERE LAST YEAR TO SAY, HEY, WE HAVE A LOAN FOR X AMOUNT OF DOLLARS, OUR CUSTOMERS HERE, WOULD YOU BE WILLING TO PARTICIPATE AND TAKE $5 MILLION OF THIS LOAN SO THAT WE CAN LOAN THEM MORE MONEY? SO IT'S REALLY A JUGGLING TYPE GAME, BUT THE DEPOSIT DEPOSITS IS THE NAME OF THE GAME.
THE MORE DEPOSITS YOU HAVE, THE MORE YOU CAN LEND, THE HIGHER YOUR LENDING LIMIT IS, THE MORE PROGRAMS YOU CAN ACTUALLY CREATE.
UH, THE GOOD THING ABOUT US, WE'RE LARGE ENOUGH TO COMPETE, BUT WE'RE SMALL ENOUGH TO CREATE PRODUCTS AND SERVICES FOR THE COMMUNITIES THAT WE ACTUALLY SERVE.
I THINK YOU JUST GAVE US A GOOD TAKEAWAY FOR THIS COMMITTEE.
THE MORE DEPOSITS WE SEE, THE MORE LENDING AND COMMUNITY INVESTMENTS THAT WE SHOULD SEE FROM THESE INDIVIDUAL BANKS.
IF YOU GUYS DON'T HAVE ANY MORE QUESTIONS.
THANK YOU VERY MUCH FOR COMING.
MAKE MAKE SURE YOU GIVE, UH, ADAM YOUR CONTACT INFORMATION.
I DEFINITELY WANT TO REACH OUT TO YOU.
AND WE'RE WILLING TO TAKE REFERRALS ALSO.
SO IF YOU HAVE PROJECTS OR SOMETHING THAT WE'RE WORKING ON, WE ARE NOT SAYING THAT IT'S GOING TO BE DONE OR NOT DONE, BUT WE'RE WILLING TO LOOK AT IT AND PROVIDE SOME ADVICE AND THAT TYPE OF STUFF, ESPECIALLY IN THE COUNTY ITSELF.
HAVE A GOOD HOLIDAY AND THANKS FOR COMING IN LAST MINUTE.
PLEASE STATE YOUR NAME AND AFFILIATION FOR THE RECORD.
I'M, UH, JERRY FLACK, UH, PLEASED TO REPRESENT VALLEY BANK THIS EVENING.
I AM THE, UH, CRA REGIONAL OFFICER FOR NEW JERSEY FOR THE BANK, AND I'M IN THE CORPORATE SOCIAL RESPONSIBILITY DEPARTMENT THERE.
AND I AM KELLY VELASQUEZ CARI.
I AM THE DIRECTOR OF GOVERNMENT BANKING FOR VALLEY BANK AS WELL.
SO TODAY, UM, I WANNA THANK YOU FOR COMING IN.
WE WANT TO HEAR REALLY MORE ABOUT YOUR COMMUNITY DEVELOPMENT ACTIVITIES, YOUR LENDING AND YOUR GRANT MAKING, ANY FORECLOSURES THAT YOU MAY HAVE HAD AND HOW, UM, PEOPLE CAN, UM, BECOME A POTENTIAL VENDOR WITH THE BANK FOR ANY OPPORTUNITIES THAT MAY EXIST.
SO YOU CAN, YOU CAN START IN WHICHEVER ONE OF THOSE AREAS PLEASE.
WELL, UM, SO I WILL START WITH SOME OF THE CORPORATE SOCIAL RESPONSIBILITY AND CRA RELATED, UH, CONTENT THAT YOU JUST ASKED ABOUT.
AND SO FIRST OF ALL, YOU KNOW, WE REALLY CHERISH OUR COMMUNITY PARTNERS THAT HELP US TO ADVANCE, UM, OUR CORPORATE STRATEGY, INCLUDING OUR CORPORATE SOCIAL RESPONSIBILITY STRATEGY.
UH, WHICH IS REALLY, UM, UH, UM, BOLSTERED BY AND, AND SEVERAL PILLARS INCLUDING PROMOTING AFFORDABLE HOUSING, UH, INSPIRING INNOVATION, ENTREPRENEURSHIP AND STIMULATING ECONOMIC AND COMMUNITY DEVELOPMENT.
UM, AND SO, UM, CONTINUING WITH THE CRA FOCUSED, UM, CONTENT, UH, WE DID SUBMIT OUR, UM, UH, UH, PERFORMANCE EVALUATION DATED JANUARY 6TH, 2023, UM, FROM THE OFFICE OF THE COMPTROLLER OF THE CURRENCY OR THE OCC, WE DID RECEIVE AN OUTSTANDING RATING, UM, CONTINUING WITH SOME OF THE LENDING ACTIVITY.
UM, UH, JUST SORT OF SUMMARIZING WHAT WE SUBMITTED, UM, OVER 50% OF OUR SMALL BUSINESS BUSINESS LOANS IN ESSEX COUNTY IN 2022.
[01:35:01]
TRACKS.UM, AND, UH, I'D LIKE TO ALSO COMMENT, UH, THAT WE HAVE A COMMUNITY LENDING TEAM THAT'S, UH, VERY DEDICATED TO THAT PURPOSE.
AND, UH, SPECIFICALLY, UM, WE ALSO, IN ORDER TO ADVANCE THAT GOAL, WE DO QUITE A BIT OF COMMUNITY DEVELOPMENT SERVICES.
AND AMONG THOSE YOU MIGHT HAVE SEEN, WE ACTUALLY ARE LAUNCHING ANOTHER, UH, INVEST NEWARK LANGUAGE OF CAPITAL PROGRAM.
WE DID, UH, IN PARTNERSHIP WITH INVEST NEWARK, WE DID, UM, UH, THREE OF THOSE LAST YEAR IN 2022.
UM, AND I THINK I INCLUDED A PRESS RELEASE REGARDING THAT PROGRAM IN OUR SUBMISSION, UH, CONTINUOUS COMMUNITY DEVELOPMENT LENDING, UH, IN ESSEX COUNTY.
UH, IT INCREASED SIGNIFICANTLY IN, UH, 2022, UH, WITH A TOTAL LOAN AMOUNT OF OVER 114 MILLION.
UM, CONTINUING WITH INVESTMENTS IN OUR COMMUNITIES AND AGAIN, PRIORITIZING AFFORDABLE HOUSING, BOTH A NEED THAT WE ACKNOWLEDGE IN OUR COMMUNITIES AS WELL AS A KEY INVESTMENT FOCUS FOR US.
UM, AND SO ADDING ONTO WHAT WE SUMMARIZED, UM, IN OUR SUBMISSION.
I, I ALSO WANNA POINT OUT THAT WE DID AN ADDITIONAL 300,000 IN ESSEX COUNTY THROUGH THE NEIGHBORHOOD REVITALIZATION TAX CREDIT PROGRAM AS PRESCRIBED BY THE DEPARTMENT OF COMMUNITY AFFAIRS, UH, PRIORITIZES AFFORDABLE HOUSING AMONG ITS KEY NEIGHBORHOOD GOALS.
UM, ADDITIONALLY, IN THE CORPORATE SOCIAL RESPONSIBILITY REPORT THAT WE SUBMITTED, YOU'LL SEE, UM, UH, UH, KEY, UH, INVESTMENT HIGHLIGHTS, UH, ON THE BANK'S, UH, AGAIN, THE 2, 2 20 22 CORPORATE SOCIAL, CORPORATE SOCIAL RESPONSIBILITY OR CSR REPORT, UH, THAT WE SUBMITTED WITH THE SURVEY.
AND I JUST WANT TO MENTION THAT IT'S ALSO AVAILABLE ON VALLEY.COM, OUR COMMUNITY COMMITMENT, UM, AMONG THE AFFORDABLE PRODUCTS THAT WE IDENTIFIED, I'D LIKE TO, UH, UH, MENTION THAT WE HAVE, UH, COMMUNITY ADVANTAGE PROPRIETARY, UH, PROGRAMS FOR FIRST TIME HOME BUYERS.
AND I DID INCLUDE A FLYER, UM, OF THAT PROGRAM WITH THE LOCAL CONTACT.
AND THOSE FEATURES INCLUDE ONLY A 250 ORIGINATION FEE, NO PMI AND REDUCED OR COMPETITIVE RATES FOR FIRST TIME HOME BUYERS.
UM, AND I ALSO WOULD LOVE TO GIVE A SHOUT OUT TO OUR JOURNEY CHECKING ACCOUNT, WHICH IS A SECOND CHANCE ACCOUNT.
AND WE'VE ACTUALLY HAD GREAT SUCCESS, UM, OFFERING THAT TO THE CLIENTS AT NEW JERSEY REENTRY.
UH, AND WE HAVE OVER 200 OF THEM, UH, CURRENTLY, UH, SIGNED UP, UH, FOR THAT PARTICULAR ACCOUNT.
UM, REGARDING FORECLOSURES, UM, UH, WE, UH, SO IT IS VALLEY'S POLICY TO EXPEDITE THE SALE OF FORECLOSED PROPERTIES TOWARD PRODUCTIVE USE.
UM, WE HAVE NO PROPERTIES ON THE MUNICIPAL AP R LIST IN ESSEX COUNTY.
UM, WE HAD ONE ESSEX COUNTY PROPERTY THAT WAS REO, THAT FORECLOSED IN 2 20 22, AND IT'S SOLD WITHIN SIX MONTHS.
AND, OR REO UH, DATA IS AVAILABLE ON OUR WEBSITE.
AND I PROVIDED THAT LINK IN THE, UM, IN THE SURVEY THAT WE SUBMITTED.
SO YOU SAID YOU HAVE NO REO PROPERTIES? WE HAD, UM, ONE, UH, IN 2022 THAT'S WAS FORECLOSED AND SOLD WITHIN SIX MONTHS.
ANY QUESTIONS? MR. VICE PRESIDENT? THANK YOU.
SO I'M, UH, MY, MY AREA OF FOCUS IS WHAT IS IT THAT YOU DO FOR THE COMMUNITY IN TERMS OF GRANTS FOR NON-PROFIT ORGANIZATIONS AND SUCH? I'M HAVING A LITTLE BIT OF A HARD TIME FINDING A WHOLE LOT ON ESSEX COUNTY.
UH, BUT IF YOU COULD, I, I SEE, UH, YOU KNOW, A LITTLE BIT OF WORK WITH HABITAT FOR HUMANITY, UH, AND OTHER AREAS AND ALL, BUT WHAT CAN YOU TELL ME ABOUT THE NON-PROFIT ORGANIZATIONS THAT YOU SUPPORT THROUGH EITHER YOUR BANK, LOCAL BANKS, OR FOUNDATIONS HERE IN ESSEX COUNTY? UH, SURE.
SO, YOU KNOW, BASED ON, UH, AS WE SUBMITTED WITH THE SURVEY, UM, THERE WERE A TOTAL OF 68 GRANTS IN AWARDED IN ESSEX COUNTY FOR A TOTAL OF A LITTLE OVER 440,000.
AND ADDITIONALLY, I HAD CITED THE ADDITIONAL 300,000 IN INVESTMENTS, UH, THROUGH THE NEIGHBORHOOD REVITALIZATION TAX CREDIT PROGRAM.
CAN YOU GIVE YOU A FEW EXAMPLES OF THE NON-PROFITS THAT YOU SUPPORTED AND HOW YOU SUPPORTED THEM? UH, SURE.
UM, AND I, I HAVE A FEW LISTED HERE THAT WE SUPPORT, UH, NOT ONLY, UH, WELL, I THINK I MENTIONED LAST TIME, UH, URBAN LEAGUE OF ESSEX COUNTY.
AND, UH, NOT ONLY THEN DO WE SUPPORT THEM WITH A GRANT, BUT, UH, WE
[01:40:01]
ALSO DID INVEST IN THE FAIRMONT NEIGHBORHOOD THROUGH THE NRTC PROGRAM.UM, AND I, I NOTED SEVERAL PARTNERS HERE THAT WE HAVE, UM, HAVE PERFORMED SERVICES WITH.
SO AVE IS REALLY, UM, REALLY THE BEST WAY TO CONNECT WITH THE BANK AND IS THROUGH ENGAGEMENT.
AND SO, UM, AS FAR, WE HAVE SEVERAL BOARD MEMBERS OF SOME OF THOSE NONPROFITS.
FAMILY CONNECTIONS IS ONE OF THEM.
UH, THE, UM, UH, NEW JERSEY, SBDC ON THE SMALL BUSINESS SIDE, NISSAN'S PLACE.
UM, AND I THINK I MENTIONED INVEST NEWARK ALREADY.
BUT ASIDE FROM BOARD PARTICIPATION, I WAS LOOKING FOR MORE SPECIFIC INFORMATION ON GRANTS YOU'VE GIVEN TO NONPROFITS.
SO, UM, SO I, I BELIEVE OUR CORPORATE SOCIAL RESPONSIBILITY REPORT MIGHT GIVE, IT DOES GIVE, I SHOULD SAY MORE DETAILS REGARDING, UH, THE NONPROFITS THAT WE WORK WITH, UM, IN THE COMMUNITY.
IS IT THROUGH VALLEY CARES? NO.
BECAUSE A LOT OF THAT IS HERE, BUT IT'S NOT EXACTLY, UH, YOU KNOW, SPECIFIC TEX COUNTY.
SO OUR PURVIEW OBVIOUSLY IS TEX COUNTY.
SO THAT'S WHAT I, THAT'S WHERE I'M GETTING AT IT.
I MEAN, I, I KNOW THAT YOU DO A LOT OF STUFF OUT, YOU KNOW.
OH, YEAH, NO, WE'RE, I'M VERY FOCUSED HERE TOO.
UM, IT'S, YOU KNOW, BETWEEN, IT'S, YOU KNOW, PROBABLY WHERE I SPEND QUITE A BIT OF TIME.
IN FACT, TOMORROW NIGHT, ONE OF OUR OTHER PARTNERS I'LL BE AT, UM, UH, UH, NEW JERSEY CITIZEN ACTION HAS A, UM, WELL, I GUESS THEY'RE FORMER EXECUTIVE DIRECTOR, SO THEY HAVE A SENDOFF IN THE HAYNES BUILDING, SO YOU MIGHT WANNA BE THERE AS WELL.
UM, SO I, I DIDN'T BRING A LIST OF THE, UH, ALL THE NONPROFITS, BUT YOU KNOW, THEY'RE CERTAINLY CATEGORIZED HERE WITH RESPECT TO QUITE A FEW AFFORDABLE HOUSING.
CAN YOU PLEASE PROVIDE US WITH A LIST? SO ONE OF THE CHALLENGES THAT WE'RE FINDING IS THAT IT'S THE SAME NONPROFITS THAT ALL OF YOU BANKS FUND THE SAME NONPROFITS.
SO THE SMALL GRASSROOTS NONPROFITS NEVER SEEM TO GET A SHOT, OR THEY DON'T ALWAYS KNOW ABOUT YOUR GRANT MAKING ACTIVITIES AND OPPORTUNITIES THAT YOU HAVE.
YOU JUST TALK IN, UM, GENERAL TERMS THAT YOU DO COMMUNITY DEVELOPMENT, YOU DO GRANT MAKING, BUT HOW DO THESE ORGANIZATIONS CAPTURE SOMEBODY FROM YOUR BANK TO BECOME A BOARD MEMBER? YOU KNOW, HOW DO THEY TAP INTO YOUR RESOURCES TO GET ONE OF THESE GRANTS THAT YOU TALKED ABOUT, THAT YOU GAVE OUT? UM, HERE IN ESSEX COUNTY, I THINK THE AGGREGATE NUMBER WAS $700,000, WHICH I THINK IS, UM, A LITTLE BIT LOW.
I WAS EXPECTING TO SEE A HIGHER NUMBER BASED UPON OUR LEVEL OF INVESTMENTS THAT WE HAVE.
I MEAN, ALTHOUGH ON THE COMMUNITY DEVELOPMENT LENDING SIDE, YOU DID A, A, A TREMENDOUS AMOUNT OF GIVING ON THAT SIDE.
IT'S WHAT, UH, A HUNDRED MILLION DOLLARS FOR WHAT I'M SEEING IF I'M ADDING UP THE NUMBERS CORRECTLY.
BUT THE GRANT MAKING SIDE DON'T KIND OF COMPLIMENT THE, THE OTHER ACTIVITIES THAT YOU'VE DONE.
SO HOW DO PEOPLE FIND OUT ABOUT THE GRANT MAKING OPPORTUNITIES? MM-HMM.
WELL, FIRST OF ALL, I DID ACTUALLY BRING, IF YOU'RE INTERESTED, I COULD PASS OUT THIS ADDITIONAL SLIDE THAT ACTUALLY MY TEAM CREATED, UM, TO HELP NONPROFITS, UH, UH, TO YOUR POINT, UNDERSTAND THE BEST WAY TO ENGAGE, NOT JUST WITH VALLEY BANK, BUT ANY BANK.
AND SO, UM, SO ACTUALLY THAT IS A MESSAGE THAT I CARRY FORTH, UH, THROUGH A NUMBER OF NETWORKED ORGANIZATIONS.
SO, MOST RECENTLY, ACTUALLY, I THINK EVEN, UH, LAST MONTH IN NOVEMBER, FOR EXAMPLE, I WAS ON A PANEL AT THE SUPPORTIVE HOUSING ASSOCIATION THAT IS A ESSEX COUNTY BASED NONPROFIT THAT WE ALSO SUPPORT, AND WE HAVE SOMEBODY ON THEIR BOARD.
UM, AND I DID A PRESENTATION, UH, ACTUALLY ON A PANEL, UH, IN WHICH WE SPOKE ABOUT VALLEYS, UH, AND THEN GENERALLY, YOU KNOW, UH, CRA, WHICH IS MY, MY AREA OF FOCUS IN COMMUNITY DEVELOPMENT AND HOW TO ACCESS THOSE GRANTS, HOW TO CONNECT WITH A BANK, WHERE TO START.
UM, SO I DID ACTUALLY A PRESENTATION EXACTLY ON THAT SUBJECT.
AND ALSO I, COINCIDENTALLY, I THINK, UH, WAS LAST MONTH AS WELL.
I DID A PRESENTATION WITH THE CENTER FOR NON-PROFITS, WHICH TO YOUR POINT, HAS A LOT OF SMALLER NONPROFITS AS MEMBERS.
AND VERY SIMILARLY SPOKE ABOUT, YOU KNOW, THE GOALS THAT I JUST MENTIONED, AFFORDABLE HOUSING, ECONOMIC DEVELOPMENT, SERVING LOW AND MODERATE INCOME PEOPLE, WHICH IS THE CORE OF CRA.
UM, AND THE OPPORTUNITY TO, UH, ENGAGE WITH THE BANK THROUGH A VARIETY OF, YOU KNOW, JUST ANY SORT OF VOLUNTEER ENGAGEMENT.
CAN YOU SHARE THAT PRESENTATION? YES.
[01:45:01]
CAN EMAIL IT AND THEN WE CAN SEND IT OUT TO EVERYBODY.WELL, I DO HAVE, UM, A FEW COFFEES.
IF I COULD HAND THEM OUT, WE'LL TAKE WHAT YOU HAVE, BUT EMAIL, AND THEN WE CAN SEND IT TO THE COMMISSIONERS THAT AREN'T HERE.
THESE ARE ENGAGEMENT OPPORTUNITIES.
AND, YOU KNOW, THIS IS SOMETHING I'VE PERSONALLY, YOU KNOW, EXPERIENCED IN MY OWN, UH, COMMUNITY DEVELOPMENT, YOU KNOW, VOLUNTEER ENGAGEMENT, THAT IT REALLY HAS, YOU KNOW, CONNECTED ME WITH, UM, WITH OPPORTUNITY.
UM, SO PERSONALLY AND PROFESSIONALLY, BECAUSE TO YOUR POINT, WE DO GET ASKED THAT QUESTION.
UH, AND I'VE BEEN SHARING IT WITH, UH, YOU KNOW, PRETTY MUCH ANY NONPROFIT PARTNER.
AND ACTUALLY, I WANNA POINT THAT OUT.
MY CONTACT IS, UM, IN THE APPLICATION AND, YOU KNOW, FEEL FREE TO HAVE WHOMEVER IT IS, REACH OUT TO ME IF YOU HAVE SOME ORGANIZATIONS.
CAN YOU PLEASE LEAVE YOUR BUSINESS CARDS WITH OUR STAFF PERSON IN THE BACK SURE.
UM, DO YOU HAVE PRODUCTS THAT HELP THAT HOME-BASED ENTREPRENEUR, YOU KNOW, THE PERSON WHO'S STARTING A DAYCARE CENTER AT HOME, UM, YOU KNOW, I'M NOT THE PERSON THAT'S WORKING ON THE FOOD TRUCK.
I KNOW WE'VE GOT A LOT OF ENTREPRENEURS IN THE FOOD BUSINESS.
SO I AM NOT AN EXPERT IN COMMUNITY LENDING, SO I, I KNOW I, I KNOW ENOUGH TO KNOW WHAT I DON'T KNOW, BUT WE, WE HAVE, UH, A NUMBER OF HIGHLY ACCESSIBLE PRODUCTS FOR, UM, SMALL BUSINESSES OF MANY SIZES.
AND ONE OF THE THINGS THAT WE DO, IF FOR SOME REASON THEY DON'T QUALIFY, WE ALSO HAVE, WELL, WE ALSO PARTNER WITH SBA ORGANIZATIONS AND, UH, CDFIS GOTCHA.
AND DO A NUMBER OF REFERRALS, INCLUDING ANOTHER PARTNER HERE IN NEWARK THAT WE WORK WITH IS GNEC, AS WELL AS ACTUALLY NEWARK LISC, MS. VELASQUEZ.
UM, YOU, I THINK, SAID YOU DID COMMUNITY DEVELOPMENT.
WHAT, WHAT WAS YOUR BACKGROUND AND YOUR ROLE OF THE ORGANIZATION? COME TO THE KNIGHT, PLEASE PUT YOUR NAME AND AFFILIATION AND RECORD PLEASE.
CARI, I'M ACTUALLY THE DIRECTOR OF GOVERNMENT BANKING SERVICES.
SO I HANDLE THE PUBLIC FUNDS SECTION OF IT, BUT I WILL ADD, AS FAR AS PRODUCTS, I KNOW WE DEFINITELY HAVE A WOMEN IN BUSINESS CHECKING ACCOUNT PRODUCT THAT'S DESIGNATED FOR WOMEN IN BUSINESS ONLY.
UM, AND I KNOW THAT THERE ARE SOME PROGRAMS THAT WE HAVE THAT ARE CATERED TOWARDS MINORITIES AS WELL AS WOMEN BUSINESS
SO WE LENDING, YES, IT'S THROUGH OUR COMMUNITY LENDING, BUT WE DO HAVE, UM, THOSE AVAILABLE, WHICH HELPS FACILITATE AN EASIER, UM, ENGINES INTO WHAT THEY'RE LOOKING TO DO AND EXPAND.
JUST YOUR NAME FOR THE RECORD.
UM, SO IT, AND AS I MENTIONED, WE ACTUALLY HAVE, UM, UH, UH, GIVEN, UH, LOANS TO SOME OF THE PARTICIPANTS, FOR EXAMPLE, IN THE INVEST NEWARK PROGRAM.
SO THAT'S ANOTHER GREAT WAY THAT WE COMMUNICATE WHAT WE HAVE AVAILABLE.
UH, OUR COMMUNITY LENDING TEAM IS VERY ACTIVE, ACTUALLY, THE GEN, UH, LUIS DEJO, WHO, UM, RUNS COMMUNITY LENDING FOR NEW JERSEY.
HE HAS THE MOST SERVICE HOURS OF ANYBODY AT THE BANK ACROSS ANY REGION.
SO HE IS ALWAYS OUT THERE, UH, TALKING ABOUT, UH, IN, IN, IN THAT EXAMPLE, WITH RESPECT TO COMMUNITY LENDING AND WHAT WE HAVE FOR, UH, ENTREPRENEURS AND SMALL BUSINESSES, COMMISSIONERS.
ANY OTHER QUESTIONS? UH, JUST WANNA REITERATE, UH, MADAM CHAIR, IF WE CAN GET A, IF YOU CAN SHARE WITH US A LIST OF THE KINDS OF NONPROFITS YOU'VE SUPPORTED THROUGH YOUR, EITHER YOUR FOUNDATION OR THROUGH YOUR LOCAL BANKS.
I'M NOT SURE IF YOU DO BOTH, BUT IN WHICHEVER WAY YOU, UH, SUPPORT NONPROFITS, WE'D APPRECIATE SEEING THAT.
YEAH, I WISH WE HAD A FOUNDATION.
SO IT'S PRETTY MUCH, YOU KNOW, A CRA FOCUSED INVESTMENTS.
UM, CAN YOU ALSO ADD, UM, I THINK YOU SAID A MINUTE AGO THAT YOU HAVE A LINK THAT PEOPLE CAN APPLY THROUGH? OH, NO, WE DO NOT.
YOU KNOW, ONE OF THE THINGS IS WE ARE, EVEN THE FEDERAL HOME LOAN BANKS IS, WE'RE ONE OF THE MOST SECURE BANKS.
UH, SO WE REALLY JUST HAVEN'T FIGURED OUT HOW TO SAFELY MAKE THAT AVAILABLE.
SO MY RECOMMENDATION IS, AND I'LL GIVE MY CARD TO, UM, THE REPRESENTATIVE.
AND IF YOU JUST, I'M, YOU JUST, I'M SO SORRY.
IF I'M A NONPROFIT AND I WILL UNTIL APPLY FOR A GRANT THROUGH YOUR ORGANIZATION, HOW DO I DO THAT? SO IF YOU CAN FEEL FREE TO CONTACT ME.
OH, SO JUST CONTACT YOU DIRECTLY? YES.
IS THAT LISTED ON YOUR WEBSITE? SO WE, WE HAVE, GO AHEAD, KELLY VELA CARI.
UM, SO WE, ON OUR WEBSITE, WE HAVE DIFFERENT LINKS.
UM, AND I THINK YOU WERE PROBABLY CHECKING OUR SITE JUST BEFORE.
[01:50:01]
YOU TO, UM, A PORTAL WHERE YOU CAN WRITE YOUR QUESTION.SO LIKE, IF SOMEONE IS LOOKING TO BE, UM, IS INTERESTED IN SOME, YOU KNOW, GRANT MONEY OR WHATEVER IN THEIR NONPROFIT, OR THEY HAVE ANY KIND OF NEED, THEY BASICALLY WILL ANSWER THAT.
AND THEN THAT GETS DIRECTED TO THE APPROPRIATE DEPARTMENT.
SO LIKE ANYTHING THAT WOULD BELONG INTO HER WORLD, THEY WOULD TRANSFER IT OVER TO HER, SHE WOULD BE THE IMMEDIATE CONTACT, AND THEN SHE WOULD START THE PROCESS.
SO IT'S REALLY MORE OF SOMEONE GOING INTO OUR SITE AND ACTUALLY LIKE TELLING US WHAT THEIR NEED IS.
SO UNLESS I ASK A QUESTION, I'M NOT GONNA KNOW HOW YOU GUYS MAKE GRANTS OR ISSUE GRANTS TO NONPROFIT AND COMMUNITY-BASED ORGANIZATIONS, IF I'M HEARING YOU CORRECTLY.
UM, I, I, SO THAT'S WHY REALLY WE PUT OUR CORPORATE PART OF THE REASON WHY WE HAVE A CORPORATE SOCIAL RESPONSIBILITY REPORT THAT REALLY CLEARLY LAYS OUT IT, IT SPEAKS TO A LOT OF THE CRA GOALS.
AND SO IT DESCRIBES WHAT ARE THE BANK'S PRIORITIES, AND WE TALKED ABOUT AFFORDABLE HOUSING, ECONOMIC DEVELOPMENT, UH, COMMUNITY DEVELOPMENT.
SO, UM, THAT IS ANOTHER TOOL THAT WE USE.
SO WE GIVE IT TO, SO THE NONPROFITS, WELL, HOW CAN I START A RELATIONSHIP WITH VALLEY OF ANY KIND, RIGHT? AND SO THAT CORPORATE SOCIAL RESPONSIBILITY REPORT IS A, IS A GREAT WAY TO, UM, UNDERSTAND THE STRATEGY OF THE BANK AND YOU KNOW, HOW TO CONNECT WITH THIS MS. BLACK, I'M SORRY, THE COMMUNITY BASED ORGANIZATIONS, WHETHER IT'S A CHURCH MOM AND POP STARTUP MM-HMM.
THEY ARE NOT GOING TO TAKE THE TIME TO READ YOUR CORPORATE SOCIAL RESPONSIBILITY REPORT OR DIG DEEP INTO THE CRA REQUIREMENTS IF THEY'RE LOOKING FOR RESOURCES TO SUPPORT THEIR ORGANIZATION'S, PROGRAMS AND SERVICES, WHETHER IT'S BUILDING AFFORDABLE HOUSINGS OR TRYING TO FIGURE OUT HOW TO, UM, HELP SOME, SOME FOLKS IN THE COMMUNITY BECOME ENTREPRENEURS, THEY'RE NOT GONNA READ THAT.
BUT WHAT THEY ARE GOING TO GO DO IS TRY TO RESEARCH ALL THE LOCAL AREA BANKS, HOPEFULLY TO SEE WHAT YOUR GIVEN, UM, MECHANISMS AND PLATFORMS ARE.
SO I'M DISAPPOINTED IF I'M HEARING YOU CORRECTLY, THAT YOUR BANK, AND I GET THAT IN THIS AGE OF INFORMATION TECHNOLOGY, YOU WANNA BE SECURE, BUT THERE'S NO PAGE UP THERE JUST DIRECTING PEOPLE TO YOU WITH YOUR CONTACT INFORMATION.
THEY GOTTA WRITE A QUE WRITE A QUESTION TO GET TO YOU.
SO I AM A NONPROFIT GUY AND I DO GRANTS.
SO I HAVE A LITTLE BIT OF KNOWLEDGE IN THIS, IN MY 35 YEAR CAREER DOING IT.
AND, UH, SO WHAT, UH, ANYONE WHO DOES WHAT I DO FOR A LIVING WOULD DO WOULD GO TO YOUR, UH, BANK SITE AND TYPE IN GRANTS, VERY BASIC SEARCH.
AND WHAT SHOWS UP IS MORE LIKE NEWS.
SO THERE'S NO MECHANISM HERE FOR FUNDING.
NOW, I'M FULLY AWARE OF THE SENSITIVITY WITH SECURITY BECAUSE AS YOU CAN IMAGINE, AS AN INSTITUTION LIKE OURS, WE HAVE THOSE CHALLENGES AS WELL.
SO IF YOU WERE TO GO TO, I DON'T KNOW, LET ME SAY SOMETHING LIKE THE FORD FOUNDATION, WHICH IS INTERNATIONALLY KNOWN MECHANISM FOR GRANTS OR MAYBE JUST A COMPETITOR BANK, THERE ARE OPPORTUNITIES FOR YOU TO EITHER HIRE OUT AND GET THAT, UH, GRANT PORTAL MECHANISM GOING, THAT YOU DON'T EVEN HAVE TO DO IT INTERNALLY.
IT IS, UM, ONE OF THE THINGS THAT WE HEAR FROM OTHER BANKS IS HOW THEY SUPPORT THE COMMUNITY.
AND, UH, I I'M NOT SURE THAT WE'RE CONNECTING.
I KNOW WE HAD THIS ISSUE LAST YEAR, AND THAT'S WHY I'M ASKING THE QUESTION AGAIN IN THE HOPES THAT MAYBE WE GET A DIFFERENT RESULT.
BUT WHAT I'M NOT REALLY SEEING AS A NON-PROFIT GUY HERE IS HOW I WOULD APPROACH, UH, YOU FOLKS FOR SPONSORING SOMETHING IN MY COMMUNITY.
AND, UH, SO IF I TYPE IN GRANTS HERE, YOUR NAME DOESN'T SHOW UP AS CONTACT.
SO-AND-SO FOR GRANT OPPORTUNITIES OR SPONSORSHIP OPPORTUNITIES, SO VALLEY'S NOT EXACTLY A SMALL BANK, RIGHT? SO YOU DO PRETTY GOOD BUSINESS AND WE HAVE FAIRLY DECENT AMOUNT OF ASSETS IN HERE.
WHAT DO WE HAVE IN HERE? $29 MILLION.
SO I MEAN, I WOULD THINK THAT, YOU KNOW, YOU WEBMASTER COULD DO A LITTLE BIT SOMETHING ABOUT, YOU KNOW, ENTERTAINING AND POSING THAT QUESTION BECAUSE, UH, FROM WHAT WE SEE FROM OTHER BANKS IS, UH, YOU KNOW, EXACTLY THAT AND WE'RE NOT SEEING IT HERE.
NOW, THIS IS NOT LIKE A CRITICISM OF HOW DO YOU BANKING AND ALL OF THAT STUFF.
BUT WHAT I'M SAYING IS IF YOU WANT TO HAVE AND B INVOLVED IN THE COMMUNITY, UH, IT'S GREAT THAT YOU OFFER BUSINESS LOANS AND THINGS AND ALL THAT, BUT THERE'S ALSO A CERTAIN, YOU KNOW, YOU SEE YOUR COMPETITORS, I GUESS IS WHAT THEY ARE FOR YOU.
AND SO THAT'S WHAT'S LACKING HERE.
AND I ASKED, AND I POSED THESE QUESTIONS LAST YEAR, UH, AND I GOT THE SAME KIND OF ANSWERS.
AND, UH, WE WERE NOT REALLY, WE DIDN'T SEEM TO MAKE ANY PROGRESS ON IT, TO BE FRANK.
IS THERE A PARTICULAR ORGANIZATION THAT
[01:55:01]
NO, I'M NOT ASKING AND I'M NOT LOBBYING FOR ANY PARTICULAR ORGANIZATION OR THAT'S NOT THE CASE.SO THAT'S NOT, THAT'S NOT BY NO MEANS I WOULD NEVER SIT HERE AND TRY TO LOBBY FOR ANY ONE ORGANIZATION.
UH, THAT'S WHY I DON'T EVEN MAKE MY AFFILIATIONS FOR WHAT I DO FOR, YOU KNOW, OX OUTSIDE OF HERE.
UH, BUT WHAT I AM SAYING IS THAT OTHER BANKS HAVE THEIR FOUNDATIONS FOR GIVING, AND SOME DO DO THAT WITHOUT A FOUNDATION.
THEY DO IT LOCALLY AT YOUR BRANCH.
AND WHAT I AM NOT SEEING IS EITHER ONE OF THEM HERE THROUGH YOUR WEBSITE.
SO, YOU KNOW, CONSIDERING THE, UH, UH, THE AMOUNT OF FUNDING THAT, YOU KNOW, YOU MANAGE NOT ONLY ON BEHALF OF ESSEX COUNTY, BUT YOU'RE A SIZABLE BANK, RIGHT? MM-HMM,
AND, AND PERHAPS BEYOND THAT, THAT'S AN AREA THAT, YOU KNOW, SEEMS TO BE LACKING, UH, FRANKLY, RIGHT? SO, YOU KNOW, GO TO ANY OTHER, OTHER BANKS AND YOU KNOW, YOU KNOW THE BANKS BETTER THAN I DO, I'M SURE.
SHE MENTIONED THEM A COUPLE TIMES.
IF YOU GO TO ANY, IF YOU GO TO HALF A DOZEN BANKS AND TYPE IN GRANTS AND LET'S SEE WHAT YOU GOT, AND THEN GO TO YOUR BANK WEBSITE AND TYPE IN GRANTS TO SEE WHAT YOU GET, AND THEN I THINK YOU MIGHT SEE WHAT I'M TALKING ABOUT.
AND SO, AGAIN, THIS ISN'T TO BEAT UP ON YOUR BANK OR ANYTHING, YOU KNOW, YOU DO GOOD PRODUCTS AND ALL THAT STUFF AND ALL THAT.
BUT WHAT I'M SAYING IS THAT THAT IS NOT SOMETHING THERE.
AND SO FOR SMALLER NONPROFITS, YOU KNOW, WHEN THEY'RE LOOKING FOR PARTNERS AND YOU WANT TO INVEST IN A COMMUNITY, THERE'S, YOU KNOW, THERE'S A VARIETY OF WAYS WE CAN INVEST IN A COMMUNITY.
AND I'M, I'M, WHILE I WILL NOT SPEAK FOR THE ENTIRE BOARD, I DON'T, I KNOW I'M NOT ALONE.
SO THAT'S, THAT'S THE POINT THAT I'M TRYING TO MAKE.
THANK YOU, MR. VICE PRESIDENT.
WELL, I AM GONNA BE UP UPON YOU A LITTLE BIT BECAUSE FOR A COUPLE YEARS RUNNING NOW, WE'VE POSED THIS SAME QUESTION TO YOU.
HOW DO PEOPLE FIND OUT ABOUT YOUR GRANT MAKING OPPORTUNITIES? AND EVERY YEAR WE GET THE SAME RESPONSE BACK.
WHAT WE ARE LOOKING FOR IS AT A MINIMUM, A PAVES THAT SAYS, CONTACT US HERE, YOU KNOW, WITH A NAME AND A CONTACT.
BECAUSE RIGHT NOW WE, IF, IF WE LEAVE HERE TODAY, UNLESS YOU GIVE US YOUR BUSINESS CARD AND WE SAY TO ONE OF OUR CONSTITUENCIES, HEY, WE MET VALLEY NATIONAL BANK, THEY'RE DOING SOME GREAT WORK, GREAT COMMUNITY DEVELOPMENT LENDING.
YOU KNOW, WHEN WE LEAVE HERE, WE'RE NOT GONNA TAKE YOUR BUSINESS CARD WITH US.
WE'RE GONNA SAY, GO TO VALLEY'S NATIONAL BANK WEBSITE AND, AND GO FOLLOW GRANT MAKING OR COMMUNITY DEVELOPMENT OPPORTUNITIES.
AND WHAT I'M HEARING HERE TODAY, IN ORDER FOR THEM TO GET TO YOU, THEY HAVE TO ASK A QUESTION.
YOU KNOW, WHAT'S GONNA HAPPEN? THEY'RE PROBABLY GONNA GO LOOK FOR ANOTHER BANK.
AND FROM LOOKING AT HERE, YOU GUYS HAVE MADE SOME TREMENDOUS INVESTMENTS FROM THE COMMUNITY DEVELOPMENT PERSPECTIVE.
THERE'S A LOT OF BUILDING, A LOT OF AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT TAKING PLACE HERE.
BUT FROM WHAT I'M HEARING FROM YOU, UNLESS THEY ARE ONE OF THOSE, UH, PART OF ONE OF THOSE COMMUNITY NETWORK GROUPS, HOW ELSE DO THEY FIND OUT ABOUT YOU? THAT'S WHAT WE WOULD LIKE TO SEE CHANGED.
CONTACT US HERE ABOUT THESE OPPORTUNITIES.
ANY OTHER QUESTIONS? I'M GOOD,
I APPRECIATE THAT FEEDBACK AND I'LL DEFINITELY TAKE IT BACK.
SO, UM, YOU HAVE SOME FOLLOW UP ITEMS THAT WE WOULD LIKE TO SEE BACK FROM YOU? COMMISSIONER, VICE PRESIDENT, ASKED FOR THE LISTING OF GRANTS ORGANIZATIONS, UM, WHO YOU GAVE TO.
THANK YOU SO VERY MUCH FOR COMING OUT.
ANY OTHER QUESTIONS, CONCERNS, ANY OTHER BUSINESS? UM, WHAT, UH, CHAIR, THANK YOU FOR A GOOD MEETING.
VERY, I THINK EFFECTIVE IN ORDER FOR US TO BE ABLE TO COMMUNICATE WITH OUR BANKS, YOU KNOW, WHAT, UH, THE KIND OF EXPECTATIONS OUTSIDE THE IMMEDIATE DOLLARS AND CENTS, OF COURSE, WHICH ARE IMPORTANT FOR, YOU KNOW, GOOD PARTNERS IN OUR COMMUNITY.
THANK YOU, MR. VICE PRESIDENT.
SO WE'RE GOING TO, UM, ADJOURN.
WE WILL PICK UP AND FINISH OUR MEETING AGAIN NEXT WEEK.
ON WHAT DAY AND TIME IS IT? UH, I BELIEVE IT IS NEXT THURSDAY.
WELL, THANK YOU ALL VERY MUCH FOR COMING OUT.
THANK YOU FOR THE ADMINISTRATION.