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Lenders in coveted locations with stable deposit bases are bullish about their expansion opportunities despite the shadow the banking crisis and recession fears have cast on the rest of the industry.
Shares in small banks have plummeted during this year's banking crisis. But deposits have largely stabilized and credit quality remains historically strong, bolstering the case for bargain buying and a sector rebound.
In the wake of spiking interest rates and surging deposit costs, bankers are looking for ways to scale back their overall expense bases to protect their bottom lines.
Fort Lee-based Cross River bank admits no fault in consent decree released last week by the FDIC with malpractice accusations.
New Jersey lost 2,600 jobs in March in a sign that the days of rapid job growth might be ending. But employers are still on the hunt for workers.