NorCrown Bank reports increase in investments

Real Estate Weekly, Sept 4, 2002

NorCrown Bank, one of New Jersey's fastest growing community banking institutions, reported an increase of 33% in deposits and 33% in loans receivable during the first six months of 2002, as compared to 2001 balances for that same period.

"The declining stock market has people looking for more traditional ways to invest their money," explained Joseph S. Paparatto, president and chief executive officer of NorCrown Bank. "That explains, in part' why the bank has seen a significant increase in deposits and loans receivable. Real estate has remained strong, and that is reflected in the fact that we have seen a 100% increase in construction loans from the same period last year."

In addition, "NorCrown has added several new branches in the past year, including a third branch in Livingston, a second location in Florham Park, and one each in Union, Kearny and West Caldwell," Paparatto explained. "We have also added some important and unique investment tools and special promotions to help customers maximize current investment opportunities. For example, we have had special promotions offering "Step-Up" CDs, which allow customers to step up to a higher interest rate during the term of the CD as the bank's rates increase.

In addition, we offer competitive rates for home mortgages and home equity loans, allowing people to take full advantage of the strong real estate market."

Headquartered in Livingston, N.J, NorCrown Bank has grown since the beginning of 2000 from seven branches and $185 million in assets to 13 branches with more than $450 million in assets today. In addition to the locations mentioned above, there are branches in Millburn, Springfield, South Orange, Whippany, and West Orange. Roughly 90 percent of NorCrown's business is in New Jersey. The remainder involves customers in New York and Pennsylvania.