News Release

New Jersey Department of
Banking and Insurance

Commissioner Tom Considine

For Immediate Release:
December 3, 2010

For Further Information:
Ed Rogan or Marshall McKnight (609) 292-5064

“New Jersey over the last decade has been an enemy of economic growth. We threw a wet blanket over it and drove people and resources out of this state. The effect was devastating to private sector jobs and that’s why you see this administration’s dedication to a consistent set of principles that this government will stand for,” Governor Chris Christie said, noting that the state is now moving in the right direction by eliminating burdensome regulation, lowering taxes, and spending less. “It is the banking and insurance industries that serve as a great indicator for the health of our business environment. They will serve as a barometer as we continue our progress.”

Commissioner Tom Considine emphasized the importance of the regulator and bank relationship, the need to lend more and grow the economy, and the cost saving advantages for banks that flip from federal to state charters.

“Pro-business does not mean anti-consumer,” Considine said. “We want to work with banks and financial institutions to grow businesses in this state. That will lead to additional jobs for consumers, increased competition, competitive rates and a wide variety of services.”

An economic panel included Timothy Lizura, Senior Vice President for Business Development, New Jersey Economic Development Authority; James W. Hughes, Ph.D., Dean, Edward J. Bloustein School of Planning and Public Policy, Rutgers University; and Kurt W. Rotthoff, Ph.D., Department of Finance, Stillman School of Business, Seton Hall University.

Representatives from three New York investment firms, Sandler, O’Neill + Partners; Keefe, Bruyette & Woods, and Friedman, Billings & Ramsey, discussed the mergers and acquisitions landscape. John Ryan from the Conference of State Bank Supervisors discussed the implications of the recently enacted Dodd-Frank legislation and its effects on community banks. A press roundtable discussion featuring Josh Margolin of the Star-Ledger, Nick Acocella of Politifax and Steve Kornacki of Salon.com., included a conversation about legislative redistricting, politics, and ongoing issues facing the state.