Herald & Lantern 25 January

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business

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Bank Moves Bring Confusion,.Competition

By JOSEPH-R. ZELNIK One bank in Cape Ijtay County died last week, another one moved in, and it all got very competitive and very confusing. Put simply, First Jersey National Bank acquired the 21 offices of Guarantee Bank including nrpe Cape May . County branches. It sold four of them to First. National Bank of Tonis River. ' The current possible confusion is in the one place where First Jersey and Guarantee overlapped —, Cape May Court House. There, First Jersey took over the former Guarantee bank building at I N. Main St. and First National of Toms River moved into the former First Jersey office at 105 N. Main St. (In about a month. First National of Toms River also will take over three Guarantee banks — and deposits of $30 million —.in Villas and Rio Grande. For now, they’re First Jersey. > 1 THt court house move took place Tuesday, Jan. 17, with First National of Toms River bringing in 120 cartons of supplies and premiums and a staff of 12 people to train employes. The bank changed its outdoor sign and opened the following day. Among reasons there might be some confusion: First Jersey took the Guarantee phone number and First National of Toms River took the. First Jersey phone number. Several phone calls to New Jersey Bell’s Directory Assistance determined that this was all news to them. Directory Assistance operators are in Pleasantville, TVehton and. Woodbury. Not only had they not received word of the change, but they tend to confuse First Jersey National Bank, First National State Bank of South Jersey, and,’ now, Frist National Bank of Toms River. All are in Cape May County and aD include ‘ the word '‘national.” ^ ANOTHER POTENTIAL reason for confusion is that the customer who walked into!First Jersey’s Court House branch saw all the same Guarantee Bank people. Its staff of 20 stayed, including seven-year veteran branch manager . Grace Gilbert of Lower Township. And the customer who walked into the First National Bank of Toms River saw all the same First Jersey people. That staff of six was given the option of changing banks and all six Ex-Governor At Rotary COURT HOUSE - The Mid-Jersey Rotary Club hosted a business professional day at its regular meeting Jan. 11. Eleven new visitors attended. Guest speaker was Dr. Bardsly, the past governor of New Jersey Rotary , who spoke on the merits of community service and the intrinsic benefits of helping others through the numerous county, state, and international programs. Anyone interested ip further information should contact Gordon Nedwed at the Cape May Care Center, 465-7633.

— branch manager Cheryl McDonald, assistant branch manager Barbara Cosmo and . four tellers — took it. Finally, First National Bank of Toms River offers an automated teller Ah Analysis machine called’ ‘Tony” "Tom” is compatible (you can use that card and make transactions) with Guarantee's •‘George'’ machines, which are now First Jersey’s. First NaUonal Bank of Toms River expects a Tom machine at its Court House branch within a month. In Court House, First National Bank of Toms River bought only the ground, building and contents, but no deposits. In other words, there sits a bank branch with everything except customer^. * ALTHOUGH $30 ft’s hardly turning away depositors, the big push will be for borrowers, to get that million frorfi the other three branches making money. The one new face at the Court House branch belongs to John'Q. Hefti, hired a month ago from Hudson United Bank to be five president for the Cape May County region and with the main goal, he said, of developing commercial •loans. 1 'To help attract borrowers, Hefti, said, the bank lowered its personal loan rate to 13.5 per cent, (if you have the monthly payment made automatically from a First National Bank of Toms River checking account) or 14.5 percent. By comparispn, First Jersey’s rates range from 15 to 18 percent. On the other hand, First National Bank of Toms River has a 13.5 percent interest rate on new car loans; First Jersey is charging 13 percent. In the competition for depositors, First National Bank of Toms River has .come up with a number of inducements. It’S got 384 safe deposit boxes. First Jersey was renting. 180. Seventy of them stayed with First National Bank of Toms River. The other. 214 are being offered for free, for one year, on a firstcome, first-serve basis. In other banks they rent for a minimum (rf $10 a year, for the’smallest. THAT’S JUST PART of the wooing. One can get a ball point pen free for walking in the door, a six-month supply of checks for opening a checking account, and premiums ranging from a six-piece cutlery set for a $500 deposit to a wrapsack for $5,000. For its part, First Jersey sent letters to all its customers explaining the move and inviting them in for an unspecified gift. Ibose who are taking the bank up on it receive a silver dollar. The letters, ironically, came from McDonald, who elected to .go with First National Bank of Toms River. First National Bank of*’ Tons River is seeking new accounts through newspaper and radio advertising, personal contacts (one of the values of keeping the First Jersey staff), word-of-mouth, and even “knocking on doors,"

Hefti said. He’s already got a law firm account-, be said, and a commercial fishing borrower. ON ITS FIRST DAY last Wednesday, two clowns cavorted outside the building in a snowstorm to entice new customers. One was Steven Poretskin of Toms River, better known as “Bo Diddle.” Tbe other was teller trainer coordinator Lynda Smith who -felt like doing something different and borrowed a costume from-“Bo.” Now the cavorting has moved inside the bank, to the "platfonn" (a,banking term that means the people who sit at desks and open new accounts, etc., as opposed to the tellers). “We have a tremendous package to ofer," said Joan Rolaf. platform training coordinator. “We’re going to be very competitive.!' One of its more attrac : live options appears to be its. VISA and MASTER charge cards, which have no annual fee and charge 15 percent interest. First Jersey has a $10 annual fee and charges 18 percent. By way of comparison, here are the interest rates being paid last week (most

change every. Tuesday) by First NaUonal Rank of Toms River, First Jersey, and First Savings k Loan of Sea Isle Qtty, in that order: Ninety-one day CDs, 8.5, 8.92, 9.

Six-month, 9.2. 9.2,9.5. Eighteen-month, 9.75, 9.8,10.8.. First Jersey has a 24-month that pays 9.5 percent; First NaUonal Bank of Toms River a 30-month that pays 10 percent; First

Savings a 36-month that pays 11 percent IRA, fixed rate, 10.25, 10.1, 10.8 IRA. vankble rate, 9.2. 8.92, 10.8. Money Market Deposit ' Account, 8.2, 8.15. 9.25.

NEW BANK — Cheryl McDonald, left, of Erma, confers with John HefU of Maplewood and Barbara Cosmo of North Cape May during last week's opening of the First National Bank of Topis River in Court House. McDonald is branch manager; HefU is vice president for the region, and Cosmo is assistant branch manager.

High jnterest Savings Certificates^re one of tfie ways the rich get richer toow. with lower minimum balance requirements, the nbt-Sq-nch

can take advantage of thefri. too'

Cape’May County Savings and Loan otfers you a choice of six attractive. mgh-intefBSt Savings Certificafes Just choose the one with the’term

interest rate and minimum balance that!s best ior

you * ‘ •*

Your interest will be compounded quarterly and the rate you choose is gGaranteed for the entire term Because you're investing through Cape May County Savings and Loan your savings are insured up to 5100,000 by the FS L IC Now that you know how the neb get richer get in on a good thing Call any Cape May County’ Savings ‘and Loan office for more details The sooner you do it the sooner we can help you make your mohey make more money'

CHOICE SAVINGS CERTIFICATES

Certificate Term

Annual Yield

Current’ Interest Rnte

Minimum Balance

91 days

, l,#2 ^

$2500

6 months

9.58%. i

. 9.28%

2500

12 months

10.38%

10.00%

2500

18 months .

10.81%

10.40%

500

2V? years

11.24%

10.80%

“V

5 years

11.62%

11.15%

500

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We're in the business of making your money make money.

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