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OceanFirst Financial Corp., the Toms River-based parent of OceanFirst Bank, has promoted its general counsel to executive vice president of both the holding company and its bank subsidiary.Steven J. Tsimbinos had been first senior vice president, general counsel and corporate secretary, and will continue to serve in the latter roles, OceanFirst said in a news release Tuesday. That means he will continue to manage the bank’s legal department, as well as oversee the audit and enterprise risk management departments.
“During his tenure, Steve has proven to be a great asset to OceanFirst for his legal expertise as well as the strategic guidance he provides to our growing community bank,” CEO and President Christopher D. Maher said in a prepared statement. “Steve is a valuable member of the executive management team and we appreciate his contributions to the success of our organization.”
Tsimbinos has been with OceanFirst since 2010. Before joining the bank, he was general counsel and chief compliance officer for Copper River Management L.P. He has also worked for a family of hedge funds and the law firm Lowenstein Sandler P.C., among others.
Tag: South Jersey
NJBIZ stories taking place in and involving South Jersey businesses, companies and business news.
Christie proposes new school funding formula
Speaking in Hillsborough Tuesday, Gov. Chris Christie proposed a massive overhaul of the state’s school funding system, favoring a “fairness” plan that calls for an equal distribution of aid per pupil statewide, regardless of a school district’s location or performance record.The move would lower the top-heavy funding currently given to many urban districts while increasing aid to roughly 75 percent of the state’s districts, presumably lowering taxes in those communities.
“Over and over again we see the same issue — money spent without results for the families we are meant to serve,” Christie said. “It is a false claim and always has been. It is failing families and their children. It is bankrupting our state. It is driving families from their homes and New Jersey. The failure of the educational system in those 31 districts is the first tragedy. The second tragedy is this system has caused us to have the highest property taxes in the nation.”
Under Christie’s plan, districts would receive $6,599 per pupil statewide. That compares with $33,699 and $25,121 spent per pupil last year in Asbury Park and East Orange, respectively.
Aid for special needs students would also continue under the proposal.
“I will travel across the state this summer to talk about this plan to, for the first time in my lifetime, lower property taxes for the people of New Jersey and bring fairness to the funding of our schools,” Christie said.
Senate President Steve Sweeney (D-West Deptford) and state Sen. Teresa Ruiz (D-Newark) criticized Christie’s plan Tuesday in a joint statement.
“The governor’s proposal is a direct attack on the core principles of equality for all of New Jersey’s communities, denying too many schoolchildren the opportunity for an equal education,” Sweeney and Ruiz said. “This plan is unfair, it is unjust and it is blatantly unconstitutional. It is a maneuver that discriminates against the most vulnerable students and would systematically deny children an equal opportunity to achieve the American Dream. Children do not choose their ZIP codes, and this proposal decimates educational opportunity, resulting in more poverty and increased income inequality. It is a divisive plan that’s not fit for New Jersey.”
NJBIZ Healthcare Heroes award winners named
NJBIZ named its Healthcare Heroes award winners for 2016 Tuesday at a breakfast event at The Palace at Somerset Park in Somerset.
The 10th annual awards pay tribute to individuals and organizations that are making a significant impact on the quality of health care in New Jersey. In an ever-changing health care world, these people and companies that go above and beyond matter more than ever to the residents of the Garden State.
The program was sponsored by Horizon Blue Cross Blue Shield of New Jersey; CareOne; Arthur J. Gallagher; Hackensack University Health Network; McElroy, Deutsch, Mulvaney & Carpenter; and New Jersey Hospital Association. Comcast Spotlight was the photo booth sponsor.
Education Hero: Individual (winner)
John Gallucci
Title: President and CEO
Company: JAG Physical Therapy
Education Hero: Individual (finalists)
Thomas Cavalieri
Title: Dean
Company: Rowan University School of Osteopathic Medicine
Debbie Hart
Title: President and CEO
Company: BioNJ
Eric LeGrand
Title: Founder of Team LeGrand
Company: Team LeGrand of the Christopher & Dana Reeve Foundation
Thomas Yanisko
Title: Administrative Director of Hospitality Services
Company: Community Medical Center
Education Hero: Organization (winner)
New Jersey Hospital Association Veteran Navigators
Location: Princeton
Top executive: Betsy Ryan
Education Hero: Organization (finalists)
Enright Melanoma Foundation
Location: Summit
Top executive: Janet Horowitz
Gregory M. Hirsch Heart Foundation
Location: Lodi
Top executive: Fred Hirsch
Newark Beth Israel Medical Center
Location: Newark
Top executive: Darrell K. Terry, Sr.
The Institute for Simulation Learning at Holy Name Medical Center
Location: Teaneck
Top executive: Michael Maron
Healthcare Professional of the Year (winner)
Robert C. Garrett
Title: President and CEO
Company: Hackensack University Health Network
Healthcare Professional of the Year (finalists)
Joan Brennan
Title: Senior Vice President of Quality and Performance Excellence
Company: AtlantiCare Health System
Tomas Gregorio
Title: Senior Executive Director
Company: New Jersey Innovation Institute
Kristen Silberstein
Title: Assistant Vice President, Managed Care
Company: The Valley Hospital
Michael Maron
Title: President and CEO
Company: Holy Name Medical Center
Hospital of the Year (winner)
Cooper University Health Care
Location: Camden
Top executive: Dr. Adrienne Kirby
Hospital of the Year (finalists)
Hunterdon Medical Center
Location: Flemington
Top executive: Robert Wise
Jersey City Medical Center, RWJBarnbas HEALTH
Location: Jersey City
Top executive: Joseph F. Scott
Robert Wood Johnson University Hospital Rahway
Location: Rahway
Top executive: Kirk Tice
Innovation Hero: Individual (winner)
Nish Parikh
Title: Founder and CEO, WebTeam Corporation
Company: Webteam Corporation
Philadelphia Fed finds mixed picture of nonmanufacturing activity
Nonmanufacturing business activity was relatively flat over the past month in the region that includes South Jersey.The Federal Reserve Bank of Philadelphia’s Nonmanufacturing Business Outlook Survey for June found that general activity at the firm level was little changed, down marginally, but general activity for the region rose.
The businesses surveyed did, however, remain optimist about the future. The index of future activity at the firm level slipped, but remained in positive territory, while the index of future activity at a regional level rose slightly.
Other results of the survey included:
- Slower growth in new orders and sales/revenues;
- Increased full-time staffing levels and flat part-time staffing levels;
- Higher prices paid and prices received;
- More capital spending on equipment and software, but less on physical plant.
Who are the highest-paid CEOs in the state? Slideshow
From taxes and infrastructure to legislation and insurance, it’s not always easy doing business in New Jersey. But it can be quite lucrative to put down roots in the Garden State, as many billion-dollar, global businesses have discovered. It can also be lucrative for those business’s CEOs, who can earn seven-figure salaries — and even more…The Top 10 CEOs earned a place in our slideshow, above. But our list doesn’t stop there: NJBIZ has ranked the 77 highest-paid chief executives in the state.
To see who else made the cut, click the links:
Nos. 77-36.
Nos. 35-11.
And to see all of our popular NJBIZ lists, click here.
Jet.com leasing 705K sq.ft. in South Jersey
Online retailer Jet.com will lease 705,000 square feet in Salem County at a distribution facility newly built by Matrix Development Group, the real estate firm announced this week.In a news release, Matrix said the e-commerce company will occupy one of two speculative warehouses in its Gateway Business Park in Oldmans Township. The property sits off Exit 7 of Interstate 295, giving Jet quick overnight access to the Northeast and mid-Atlantic regions.
Paul Torosian, John Gartland and Chad Hillyer of JLL served as brokers on the deal.
The lease with Jet, a 2-year-old e-tailing startup based in Hoboken, was one of two big-box industrial deals announced by Matrix. The developer also said it entered into an agreement in April with TFH Publications, a division of Central Garden & Pet, which develops and produces lawn, garden and pet supplies, for 550,000 square feet in South Brunswick.
The company will occupy the entirety of the warehouse at 965 Cranbury/South River Road, which sits less than a mile from the New Jersey Turnpike Exit 8A.
“We welcome TFH and Jet.com to the Matrix family of tenants,” Alec Taylor, principal of Matrix Development Group, said in a prepared statement. “Each is a terrific company with whom to do business, and proof that high quality buildings beget first class tenants.”
N.J. physical therapy business acquired by N.Y. chain
A Uniondale, New York-based physical therapy and rehabilitation chain has acquired a New Jersey physical therapy business, it announced Friday.The deal for Princeton Physical Therapy Group will give Professional Physical Therapy six new clinics, including two in Nutley, plus ones in Caldwell, Clifton, Montclair and Sicklerville. That brings Professional Physical Therapy’s network to 83 locations in the tri-state area, including 18 in New Jersey.
“Anyone who has worked with me knows my philosophy is ‘get better every day,’” David Del Vecchio, CEO of Princeton Physical Therapy, said in a prepared statement. “Our primary goals at Princeton are to ensure that patients improve with each treatment, restore movement and achieve their goals. After meeting with the team at Professional Physical Therapy, it was quickly evident that their patient-centric values are similar to ours.
“Just as I’ve always handpicked my physical therapists, athletic trainers and administrative staff, I also handpicked my new partner, Professional Physical Therapy, and I look forward to working together to help our patients continually improve and feel better every day.”
Terms of the acquisition were not disclosed.
N.J. loses 6,800 jobs in May, but lost fewer than feared in April
New Jersey’s employment level fell again in May, according to the state Department of Labor and Workforce Development, which blamed the drop on a since-resolved labor dispute involving 5,000 Verizon workers.The state lost 6,800 nonfarm jobs for the month, according to U.S. Bureau of Labor Statistics data, following a loss in April. The April decline, however, was revised to only a 1,000-job loss, from the preliminary estimate of 7,500 jobs lost.
“The recent payroll employment report was impacted, in part, by the Verizon strike, which idled approximately 5,000 workers in the information sector,” James Wooster, chief economist for the state Department of Treasury, said in a prepared statement. “Like the national economic recovery, the New Jersey economic recovery is experiencing a slight pause. This is only temporary, however, and we have every reason to expect growth throughout the remainder of 2016.”
Among industries in the state, construction added 2,900 jobs in May, while manufacturing added 2,100 and business services gained 1,500. On the other hand, several sectors lost jobs. The information sector, in part due to the Verizon issues, lost 6,000 jobs. Other services lost 3,400 jobs, the leisure and hospitality industry lost 2,500 and trade, transportation and utilities lost 1,400. Education and health services lost 1,200 jobs statewide, while financial activities lost 500.
The public sector gained 1,700 jobs for the month, the department said.
South Jersey manufacturing outlook sees optimism despite some bad news
It was good news and bad news for the manufacturing outlook in the region that includes South Jersey, according to the Federal Reserve Bank of Philadelphia.The Fed’s monthly Manufacturing Business Outlook Survey for June found that businesses were generally more optimistic than in recent months, but more negative when it came to specific issues facing the goods-producing industry.
The bank’s index for current activity returned to positive territory this month, after two months of negative readings.
However, indexes for current new orders and shipments declined, remaining negative. Indexes covering unfilled orders, delivery times and inventories also remained in negative territory.
The employment index likewise slid, and remained negative, marking the sixth consecutive month it was in the minus column. The workweek index also stayed in the red.
When it came to prices, the index of prices paid rose for a fourth straight month, while the prices received index declined, but remained positive.
On the bright side, expectations for the future remained positive, with growth expected through the end of the year. The index was lower than the previous month, however.
The future employment index slipped, but stayed positive, while the future prices paid and received indexes both rose.
33.6M incentive for Trenton company to stay in N.J. 1 of 7 approved by EDA
The Hibbert Company, a Trenton-based printing and marketing campaign management firm, was approved Tuesday for a 10-year, $33.6 million Grow New Jersey award from the Economic Development Authority in hopes that it will renovate its over 100-year old facility in the state’s capital.
Hibbert, according to the EDA, is also considering a move to Langhorne, Pennsylvania. Some 259 current in-state jobs are deemed at risk of moving to Pennsylvania.
If Hibbert chooses to stay in New Jersey, the project would yield an estimated net benefit back to the state of $3.6 million over 30 years, the EDA said.
The EDA also approved a 10-year, $17 million Grow New Jersey award for U.S. Mobile Phones Inc., a Brooklyn-based global wholesale consumer electronics distributor and remarketer, to establish a new headquarters in Elizabeth.
The project is estimated to bring 200 new jobs with it to New Jersey and carry a net benefit of $2.3 million over 20 years to the state.
Two Economic Redevelopment and Growth Grant awards totaling over $34 million were approved for two projects in Camden. A $20.4 million award was slated for One Cooper Residential Urban Renewal, while the Parking Authority of the City of Camden was approved for a $14 million award for a project at 100 Federal Street.
Tuesday’s meeting also saw over $40 million in incentives approved for two projects proposed for the former Bell Labs site in Holmdel.
Other awards approved Tuesday include:
CompoSecure LLC
Service: Card manufacturer
Location: Franklin Township
Award: 8-year, $4.2 million Grow NJ
Benefit: $32.7 million to the state over 20 years.
Notable: Would create 91 new full-time jobs, retain 123 full-time positions.
Edison Lithographing & Printing Corp.
Service: Printer
Location: Pennsauken
Award: 10-year, $8 million Grow NJ
Benefit: $4.9 million to the state over 20 years.
Notable: Would create 95 full-time positions.
Greener Cleaner Inc.
Service: Commercial dry clearner
Location: Camden
Award: 10-year, $4.1 million Grow NJ
Benefit: $5.1 million to the state over 35 years.
Notable: Would retain 44 full-time positions.
H&M Hennes & Mauritz LP
Service: Fashion retailer
Location: Secaucus
Award: 10-year, $4.2 million Grow NJ
Benefit: $24.9 million to the state over 20 years.
Notable: Would create 45 full-time jobs, retain 110 full-time jobs.
Nobel Biocare Procera LLC
Service: Implant-based dental restoration manufacturer
Location: Mahwah
Award: 10-year, $2.4 million Grow NJ
Benefit: $48.1 million to the state over 20 years.
Notable: Would create 11 new full-time jobs, retain 151 full-time positions.
PuraCap Pharmaceutical LLC
Service: Pharmaceutical provider
Location: Piscataway
Award: 10-year, $3.1 million Grow NJ
Benefit: $20.7 million to the state over 20 years.
Notable: Would create 75 new full-time jobs, retain 50 full-time positions.
BioScrip acquires Hammonton-based provider of home health products
BioScrip Inc. has agreed to acquire the HS Infusion Holdings Inc., a Hammonton-based provider of home infusion and home nursing products.Under terms of the deal, BioScrip will acquire all of the assets of Home Solutions and its subsidiaries for approximately $85 million.
The acquisition is expected to strengthen BioScrip’s “balance sheet and leverage profile,” BioScrip said in a prepared statement. As of 2015, BioScrip and Home Solutions generated revenues of $982 million and $109 million, respectively.
“This transaction is a terrific opportunity to combine with a complementary infusion services company that shares our passion and commitment for providing national reach and local care. Together we will be able to further deliver on our shared mission of providing cost-effective care that is driven by clinical excellence, customer service and values that promote positive outcomes and an enhanced quality of life for patients,” Daniel Greenleaf, chairman and CEO of Home Solutions, said in a prepared statement.
When the transaction is complete, Greenleaf will become CEO of BioScrip and join its board. Rick Smith, director and CEO of BioScrip, will become vice chairman of the board of directors. Jeffrey Kreger, chief financial officer of BioScrip, will become CFO and treasurer of the new company.
“This highly compelling transaction will deliver meaningful benefits to our stakeholders and position the company extraordinarily well for future growth and strategic opportunities. We are energized by this combination and for the shared benefit of our patient-focused organizations. I also wish to thank Rick Smith for his leadership and his significant contributions to both BioScrip and the home infusion industry. I look forward to continuing to work with Rick, Dan and the board to grow the business and drive value,” Cater Pate, chairman of BioScrip, said in a prepared statement.
The combined company, which will continue to be headquartered in Denver, Colorado and maintain its Home Solutions’ Hammonton office, is expected to generate over $1 billion in revenue.
The transaction is expected to close in the third quarter of 2016.
Jeffries LLC is BioScrip’s financial advisor. Polsinelli P.C., Dechert LLP and Gibson, Dunn & Crutcher LLP are legal advisors to BioScrip. Houlihan Lokey is the financial advisor for Home Soltuions and Ropes & Gray LLP are acting as legal advisor.
NJR names chief information officer
New Jersey Resources announced Monday that Jacqueline K. Shea has joined the Wall-based natural gas company as vice president and chief information officer.Shea, who has more than three decades of information technology experience, will be responsible for advancing the company’s IT portfolio, including information infrastructure, internet and business applications, and cyber security.
“As more and more customer interactions take place online, a critical part of doing business today is a proven IT strategy,” Laurence M. Downes, chairman and CEO of NJR, said in a prepared statement. “With her wealth of experience, innovative ideas and record of strong leadership, Jacqueline is an excellent addition to our team and will be an asset to New Jersey Resources going forward.”
Prior to NJR, Sea was at Godiva Chocolatier as its chief information officer. Prior to that, she was senior vice president of information technology and chief information officer at Tommy Hilfiger North America.