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Banks Expanding Services and Locations

Banks are continuing to realize that Mercer County offers strong demographics combined with a growing segment of retail and commercial industry.

One growing savings and loan is Sun National Bank now with nine Mercer County branches. "Mercer County is the state capital, geographically centered in the State, has the attraction of the city of Princeton and is densely populated," said Tom Bracken, president/CEO. "There's also a lot of business transacted here."

In December, Sun relocated it's regional headquarters office from Trenton to West Windsor that now offers more space, more parking and easier access. Additionally, Sun opened a branch at the new office in West Windsor and opened a branch in Pennington last summer.

With branches in Mercer, Hunterdon, Middlesex and Somerset Counties, Bracken said the bank continues to move in a positive direction. "We have three basic customers: retail, small business and commercial customers," he said. "They are all growing."

Part of that growth may be attributed to Sun's development of a portfolio of products, and to serving the banking needs of lower income and senior customers by providing sophisticated services, which may not be normally found at a local community bank.

Another Mercer County bank experiencing growth is Yardville National Bank, which currently has 13 Mercer County locations. "We're planning to open two more in the next 12 to 18 months in Mercer County," reports Patrick M. Ryan, president/CEO. Potential locations for the new branches include West Windsor, Lawrence Township and another branch in Hamilton Township. "Mercer County is very appealing to us because it's our home base," added Ryan.

In an effort to continue to meet the needs of its growing retail and commercial customer base, Yardville National Bank has re-launched it's website on November 1, 2002. Not only is the YNB.com domain easier for customers to remember, but a complete overhaul of the original website has been implemented. "Our old website only provided information about accounts," said Leslie Rita, vice president of Internet banking. "The new website makes the online banking experience completely interactive." To that end, Rita said a bank customer can gain account information, peruse account history, transfer money within accounts, and pay bills online.

Currently, ten percent of Yardville's customers are taking advantage of the new website offerings. 'That percentage is excellent, especially for the first year," Rita said. To market the improved online banking system, Rita said there are branch marketing and statement stuffers as well as promotions including free mousepads. Online bill paying services are especially convenient and efficient for customers. "It saves time, postage and a person can track the activity right online," said Rita. An added convenience for customers that was launched in March is the ability to see the front and back of a cancelled check.

Rita is also pleased to announce another technological program introduced to Yardville National Bank customers - the wireless access program -YNB GO! "Offering the ultimate level of convenience, customers can access their accounts with most digital phones and palm pilots," said Rita. Further, with a compatible wireless device one can transfer funds, view a balance, view the last three months of activity, receive daily balance and transactionhistory notifications, and set up calendar notifications by date and time. All these

services are provided free of charge. 'There's really no more down time," said Rita. "You can literally be sitting in the dentist's office waiting and do your banking."

Likewise, NJM Bank, based in West Trenton, a wholly-owned subsidiary of New Jersey Manufacturers Insurance Company began operations in September 1999 and at the end of December 2002 held more than $183 million in assets with over 12,500 accounts. "NJM Bank has achieved its goal of reaching profitability by its third year of operation," said Dominick Mazzagetti, bank president. "In 2002 we had four profitable quarters, and total assets grew more than 80 percent."

Contributing to NJM's growth are competitive interest rates, low fees, free checking, Internet banking, no fee ATM cards, and - to offset fees imposed by other banks for using their ATMs - rebates of up to $8.00 per month to customers using direct deposit. Mazzagetti also noted that the opening of a second branch in Parsippany in November 2002 also helped boost the figures. On the heels of achieving retail banking success, NJM is currently entering the commercial banking arena. "it gives us a broader book of business," Mazzagetti said. "More deposits from a separate market will increase the volume of our business."

John Hardiman, NJM's business development representative is spearheading the commercial banking sector. Initially, he said, plans are to cross sell to existing customers, "First we hope to introduce the products to existing NJM clients, and grow from there," Hardiman said. "We've also been doing some cold calling and networking through the Chamber of Commerce.

The commercial banking endeavor has been in the plans in the bank from the beginning. "We had always planned to make the jump to commercial banking," Hardiman said.

Further, NJM is also creating partnerships with local employers. The Affinity Banking program, for example, is designed to allow employers to offer special banking incentives to their employees. "Four times a year, we distribute literature about the Affinity Banking program in a mailbox or paycheck envelope so the employee can learn about the benefits," Hardiman said. "There is no cost to the employer."

In summary, the Affinity package offers benefits including discounts on car and personal loans, low balance interest checking, discounts on a home equity line of credit, no ATM surcharges, free Internet bill pay for one year, and bonus coupon for added interest on a certificate of deposit.