Herald & Lantern 21 March '84

Sturdy Nips Crest 1st Savings Paying Top Money Market Interest

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BY JOE ZELNIK First Savings & Loan of Sea Isle City continues to pay Cape May County’s highest interest rate on insured money market accounts, according to a Herald-Lantern survey. But Sturdy Savings & Loan of Stone Harbor knocked Crest Savings & Loan of Wildwood Crest out of its customary second spot. First Savings was paying 9.65 percent last week, followed by Sturdy’s 9.S7 and Crest’s 9.25. Sturdy’s interest rate matches the 91-day U.S. Treasury Bill, and that has been climbing in recent weeks. First and Crest come up with their numbers each week by management decision based on competitive factors. The rates at the county’s financial 15 institutions vary as much as 1.65 percent, indicating that federal deregulation makes it all the more important for consumers to shop around. FIRST JERSEY National Bank South, which acquired Guarantee Bank earlier this year, has simplified things by paymg the same interest rate — 8.25 percent last week — on both the Guarantee Money Market Account (GMMA).

Cable TV Manager Named

AVALON — Carman Scarpa has been named general manager for Warner Amex’s cable television system here, it was announced by James T. Davis, regional vice president for Warner Am ex Cable Communications Inc. Scarpa will have overall responsibility for the . operations of the Avalon cable television system, which also includes the communities of Stone Harbor, Sea Isle City and Strathmere. The system serves more than 12,000 cable subscribers. Scarpa has been with Warner Amex Cable for the past 12 years, most recently as the chief technician and acting manager for the Avalon system. In addition to his responsibilities at Warner Amex, Scarpa is also a Cub Scout leader in Avalon, a line officer for the Avalon Volunteer Fire Co., a member of the Avalon Board of Education, and a member of the Cable Television Engineers' Society. Scarpa was recently presented with an Award of Achievement by Warner Amex Chief Executive Officer Drew Lewis for his service to the company. Scarpa lives in Avalon with his wife Lois Ann and their two children.

which it has embraced, and on its own Liquid Investment Account (LIA) which no longer offers as a new account, but maintains for previous customers. The “new guy in town,” First National Bank of Tom’s River, also was paying 8.25 percent last week. The insured money market accounts were created in December, 1982, to compete with uninsured money market mutual funds. Hie former started out paying higher rates, but the mutuals are once again competitive Last week’s .average seven-day yield for the mutuals was 8.78 percent, according to Donoghue's Money Fund Report. The insured money market accounts require a $2,500 minimum and permit a maximum of six transactions a month, three of

them checks.

SOME OF THE financial institutions have squinted at the fine print of federal

regulations in such a way as to decide they can tie the money market accounts to regular checking accounts in such a way as to permit unlimited checking. There also are so-called “Super Now” accounts with unlimited checking, but lower interest rates. Those rates vary by as much as 2.4 percent in Cape May County. ^ Following list in alphabetical order of the county’s financial institutions gives last week’s money market interest^ rate followed by the Super Now interest rate: Anchor Savings & Loan, 8.5, 7.25. / Cape May County Savings & Loan, 8.75, 6.5: Citizens United Bank, 8,

6.5.

Collective Federal Savings & Loan, 8.55,7.85. Crest Savings & Loan, 9.25, 8.25. First Jersey National Bank, South: GMMA, 8.25 and no Super Now; LIA, 8.25, 6.68. First National Bank of Tom’s River, 8.25, 7.5. First National State Bank of South Jersey, 8.35,

7.1.

First Savings & Loan, 9.65,8.9. Heritage Bank, 8.2, 6.8. Marine National Bank, 8.3, 7. Ocean City Home Savings' & Loan, 9, 8.24. Security Savings & Loan, 8.45, 7. Sturdy Savings & Loan, ( 9.37, no Super Now. Union Trust Co. ofy Wildwood, 8.65

Earnings For CountyTop Million

COURT HOUSE-Philip R. Matalucci, Cape May County Treasurer, reports the county earned $1,010,019.29 on investments of idle funds for the year 1983. The investment program began in 1973 under the direction of Matalucci and has earned $9,620,059.52 to date. “Prudent investment of county money not needed immediately to pay current bills provides an opportunity by placing this money in interest bearing accounts to raise money that does not have to be assessed to the taxpayers,” the treasurer said. Freeholder William Sturm Jr., Director of Re.venue and Finance, gave praise to Matalucci; Assistant Treasurer Pamela Eaves; Robert Millar and the treasurer’s office for their handling of the county’s investment program. Cash Dividend TOMS RIVER — Statewide Bancorp, the parent corporation of The First National Bank of Toms River, has declared a quarterly cash dividend of $.25 per share, payable April 15, to shareholders of record as of March 20.

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MANAGER — Marie G. Haffner has been named branch manager of Cape May County Savings and Loan Association’s Villas office. A graduate of Lower Cape May Regional High School and Beaver College, she had been assistant manager for five years. She lives in Villas with her husband Robert.

VISA Card Has Extras

PLEASANTVILLE - First National State Bank of South Jersey has announced the introduction of a First National State VISA Card with special travel insurance and cash advance features added to its normal use for shopping or entertainment. John V. Petrycki, president and chief executive officer of the bank, said that in addition to its use for shopping and entertainment, the new- First National State VISA Card allows holders to get cash advances at. 100,000 participating VISA bank locations woridwide, and gives them an automatic travel insurance benefit of $250,000. The insurance coverage is provided for any plane, bus, train or boat travel by charging tickets in advance with the First National State VISA Card.

(urphy’s Sales Zoom McKeesport, pa, — G. C. Murphy Company sales of $49,799,000 for the four-week period ending Jan. 26 were up $4,563,000, or 10.1 percent higher than for the corresponding period a year earlier; Murphy president and chief executive officer Charles H. Lytle has announced. . Sales of $872,151,000 for the 52-week period ending Jan. 26 were up $49,869,000, or 6.1 percent higher than for the comparable period a year earlier. January sales were generated from 403 stores in 1984 compared with 422 in 1983. Of the total number of stores, 118 were Murphy's Marts in 1984, compared with 111 in 1983 and 285 were conventional and other stores compared with 311 last year. There are two Murphy outlets in Cape May County.Diet Pamphlet '

"Weigh the Facts ... A Quiz for Dieters", a pamphlet on the facts and fictions of dieting, is available free at all SbopRite Supermarkets. II was produced in cooperation with the New Jersey Nutrition Council.

You Get More From Sturdy

More interest. More options. More flexibility. Sturdy pays top interest on all savings — even those accounts with low minimum balances — like our 18-month, 2‘A, 3 and 5-year certificates with $500 minimums. You get flexibility, too. With a $5000 balance, you can transfer monthly your earnings from your Sturdy certificate to your Sturdy

Checking. Passbook or Money Market Accounts. Our interest rates are incredible, but our compounding makes your money earn even more. And no matter which savings plan you choose you can rest assured your money is insured up to $100,000 by FSUC. Any way you save it, you get more from Sturdy.

Sturdy's Savings Options

TYPE

ANNUAL YIELD

CURRENT INTEREST RATE

MINIMUM BALANCE

CHECKING*

5.38%

5.25%

$ 100

PASSBOOK

5.65%

5.50%

$ 100

MONEY MARKET ACCOUNT*

Call your local office for the current ratea.

$2500

6-MONTH CERTIFICATE***

9.50%

$2500

. 1 YEAR CERTIFICATE**

10.38%

10.00%

$1000

18-MONTH CERTIFICATE**

10.76%

10.35%

$ 500

2V. YEAR CERTIFICATE**

11.19%

10.75%

$ 500

3-YEAR . \ CERTIFICATEf

11.52%

11.05%

$ 500

5-YEAR \ CERTIFICATE**

11.62%

11.15%

$ 500

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