Edison Partners sells Bento for Business to U.S. Bank
The Chicago-based software provider helps small and mid-sized businesses control monthly expenses and improve cash flow through a card-based digital spend management platform.
Third major Wall Street agency upgrades NJ’s financial outlook
Fitch revised the state’s forecast from negative to positive, citing a “rapid turnaround” from the COVID-19 recession, multiple rounds of federal aid, and an added fiscal cushion clocking in at billions of dollars.
First Bank to acquire two OceanFirst branches in Central Jersey
Located in Flemington and Monroe, the locations will continue operating under their current banners until the transaction is approved and completed, which is anticipated for the fourth quarter.
SBA will open supplemental grants for Shuttered Venue Operators Grant
New applications seeking economic aid for live entertainment small businesses, nonprofits, and venues will be accepted until until 2:59 a.m. EST on Aug. 21. Thus far, the SVOG program has awarded $8.4 billion in grants to more than 10,800 cultural institutions.
World Insurance Associates acquires Massachusetts agency
Rocco Rose is an experienced provider that has covered New England residents for more than 40 years. It provides a comprehensive list of competitive policies and coverage options to individuals and businesses.
Benjamin Ross Group sells Bergen County landscaping company
Wood Landscapes & Horticulture Service Group was acquired by two private investors who plan to run it themselves and keep the current name.
World Insurance Associates rebrands, acquires two out of state agencies (updated)
The refresh comes on the heels of the addition of new product lines, including an entire human capital management suite, as well expansions to the company's leadership team.
New challenges ahead
Banks avoided a COVID-19 meltdown thanks to their ability to work with borrowers and other customers, and to a healthy dose of federal programs that directed money into the pockets of individuals and businesses. But financial institutions are now facing some other challenges, including the rise of fintechs. Bankers in the Garden State, however, plan to hang tough.
A new model
Many New Jersey banks had previously invested in digital services, so “although the pandemic accelerated the shift by three to five years, the changeover went well,” according to NJBankers CEO John McWeeney. “Many people adopted remote banking during the height of the pandemic, and lot of them continue to use it.”
Expanding the pool
According to the Certified Financial Planner Board of Standards Inc., the number of women and minorities in the wealth management field is growing nationally, as of the end of 2020: But the organization, which sets standards for financial planning and administers the CFP certification, also noted that women represent less than a quarter of CFPs, while fewer than 5% of CFPs are Black or Latino.
Blue Foundry Bank opens new administrative offices in Parsippany
The financial institution's new corporate space was designed by DMR Architects to serve as a hub for ingenuity, reflecting its culture of collaboration, flexibility and connectivity.
Smolin names new member
Joseph Pasquino will be based in the firm's Fairfield office. His industry focus centers on technology, startups, real estate, and social media marketing.