Why were the First Savings Bank of New Jersey, Ironbound Bank, and Penn Federal Savings Bank divisions consolidated into a single division, Garden State Community Bank?
Prior to our acquisitions of PennFed Financial Services, Inc. and Synergy Financial Group, Inc. in 2007, we operated eight branches in New Jersey: four branches of First Savings Bank of New Jersey in Hudson County, and, in Essex and Union counties, two branches each of Ironbound Bank. With our acquisitions of PennFed and Synergy in 2007, our franchise in New Jersey grew to 54 locations in seven counties, including Mercer, Middlesex, Monmouth, and Ocean in the central part of the state. While we initially ran these branches through four distinct divisions, we realized that consolidating them into a single division with a name that all of our customers could relate to would make it easier for them to locate our branches, and enjoy the convenience of our expanded branch network. In addition, the Garden State name is synonymous with New Jersey, and reflects our commitment to serving its residents and businesses.
Related Questions
- Why were the First Savings Bank of New Jersey, Ironbound Bank, and Penn Federal Savings Bank divisions consolidated into a single division, Garden State Community Bank?
- Can I purchase stock using funds in my First Federal Savings Bank IRA account?
- Why is MB Financial merging with First Security Federal Savings Bank?
