In a strategic move to expand its footprint in North Jersey, Lincoln 1st Bank will relocate its Morris County headquarters and geographic hub.
Citing a connection with the town, and the importance of such matters when it comes to community banking, Lincoln 1st Bank said Monday it will move to a newly renovated, 15,000-square-foot building in the Pine Brook section of Montville Township.
Consolidating 40 employees from four offices to one central location, 19 Chapin Road will house the executive management team, deposit and loan operations, commercial lending, business development, accounting and credit departments. Lincoln 1st said the move will streamline its team members’ communication and integrate departments.
“Several of Lincoln 1st Bank’s executive managers and board members grew up and graduated from Montville High School, so they have a deep connection with the town,” Chief Operating Officer Philip Vaz said in a prepared statement. “We are one of the last true community banks, and we understand our responsibility to support the schools, businesses, athletic recreation programs and local groups in Montville and our surrounding communities.”
According to the bank, it has seen a $60 million increase in deposits just in that town since 2016.
Lincoln 1st also made moves within its board of directors, adding three executives: Dan Rothstein, Thomas Considine and Judy Krandel.
Rothstein is an expert in enterprise risk management, financial regulatory compliance, and mergers and acquisitions analysis, the bank said. Considine was the commissioner of the New Jersey Department of Banking and Insurance under Gov. Chris Christie, and is current chief executive officer of the National Conference of Insurance Legislators and founder and managing partner of Gravilaur Solutions LLC. Krandel consults with the bank’s Strategic Business Planning Committee, Lincoln 1st said, and is an accomplished public company board member, chief financial officer and investor.
Lincoln 1st Bank operates two branches in Lincoln Park and Montville. As of Dec. 31, 2019, the most recent information available, it had total assets of $308 million.