Academic journal article ABA Banking Journal

How a N.J. Bank Bested the Money Store

Academic journal article ABA Banking Journal

How a N.J. Bank Bested the Money Store

Article excerpt

One of the banes of the aggressive bank small-business lender is that the nation's largest Small-Business-Administration-program lender isn't a bank at all, but The Money Store (ABA BJ, June 1995, p. 75).

Except for recent fiscal quarters in New Jersey, that is. There, $162.6 million-assets Prestige State Bank, Flemington, N.J., only six years old, has been out-lending California's Money Store, continuing ks superior performance through yearend 1995. Prestige is one of a handful of N.J. financial institutions that enjoy the Preferred Lender designation, which allows the holder to underwrite directly. The bank has also been granted preferred-lender status in New York and Pennsylvania.

Part of Prestige's drive comes from top officers Arnold F. Horvath, president, and Robert J. Jablonski, chief executive officer. The pair had worked together at another bank that was taken over and convinced a group of investors to back their proposal for a new community bank with a strong small-business lending bent. Along the way the bank has taken many steps to entice the small business community to its doors, including establishing two business-dominated advisory boards. A business development team combs the bank's market for lending opportunities and in other areas new business representatives scout out new lending opportunities. …

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