Investors Savings Bank on Monday announced a name change to Investors Bank, reflecting its transformation into a diversified community bank that serves both commercial businesses and consumers.
CEO Kevin Cummings said assets have grown more than $4 billion since Jan. 1, 2008, “and the majority of that growth has been in commercial lending.”
Investors, in the Short Hills section of Millburn, has more than $10 billion in assets, about 900 employees and 81 branches, most in New Jersey. Cummings said the bank has expanded into New York, and by early October will have nine branches in Brooklyn and Queens, with a tenth to open early next year.
The name Investors Bank more accurately captures the bank’s diversification, Cummings said, as it now offers “a full complement of services for the small business and middle market.”
He said the bank earned $62 million in 2010, and $38 million in the first six months of 2011.
“We have originated over $9 billion in loans” in the last two-and-a-half years, between residential and commercial loans, Cummings said. Residential remains a key business, accounting for $5 billion in loans. Cummings said Investors has increased its multifamily residential loans since June 2008 from $44 million to $1.6 billion.
He said most of the growth at Investors has come from other banks, as the weak economy holds down loan demand. “It is a very difficult environment for businesses; there is a lot of uncertainty in the economy, and with what is going on in Washington,” he said. He said the Chris Christie administration has had a positive impact on New Jersey, which he noted didn’t suffer as much in the recession as other parts of the country: “We are out there looking at loans. We have been trying to grow our portfolio and put on smart transactions, and so far we have been successful in growing the bank.”