The election of Democrat Phil Murphy as New Jersey's next governor is being hailed as a victory for advocates of state-owned banks. But challenges remain — namely, stubborn opposition from mainstream banks.
Gerald Lipkin has been the New Jersey company's CEO since 1989. Ira Robbins, president of Valley National's bank, will succeed Lipkin.
Kearny agreed to pay $408 million for Clifton Bancorp in a deal that will add 12 branches in northern New Jersey.
Investors Bancorp in Short Hills, N.J., chased deposits in the third quarter in a move that drove up interest expenses and lowered profits.
The New Jersey company reported lower third-quarter profit that included severance costs from a two-year program to boost its bottom line.
First Bank will enter a new market and gain access to low-cost deposits after it completes the acquisition.
The New Jersey company has agreed to acquire Quadrant Capital to expand in its home state. The company recently bought Murphy Capital.
The company, which has faced pressure to sell from an activist investor, had been operating with an interim leader since December.
An ex-banker running for governor has proposed the idea. It's a political perennial, but industry officials are nonetheless raising concerns.
The New Jersey company reported lower quarterly profit that included professional fees tied to addressing an informal order from regulators.
