Plenty of Banking Options

by Jordan Schwartz

If you looked at only the banks in Clifton, you wouldn’t think the industry just completed one of its worst years in American history. Three new banks are scheduled to open in the city during the first half of 2009.

The first Provident Bank in Passaic County is on its way to the corner of Lexington and East Clifton Aves. Originally scheduled to open last year, construction has been delayed due to soil conditions, permitting snags and engineering issues at the municipal and county levels. The branch should now open sometime during the early portion of the second quarter.

“Better to get it done right than to get it done quickly,” said Ken Wagner, Senior Vice President of Investor Relations.

The 3,500 sq. ft. bank will be oddly shaped due to its location in an irregular lot, but it will be a full-service branch with three drive-thru lanes, including one with an ATM.

Provident has been in negotiations with Clifton since the early stages of 2006 when the city’s economic development director and a lifelong customer, Harry Swanson, recruited the bank.

“As we worked through it and saw the plan for that neighborhood, it looked like a real opportunity to distinguish ourselves instead of opening on crowded Main and Clifton Aves. where consumers already have a lot of choices,” said Wagner.

“This allowed us to be a little more creative with the design. We also liked being near Rt. 46 and in a part of town that was earmarked as a special improvement district.”

Swanson said Provident is really turning out to be “the anchor of Lakeview.”

Meanwhile, Clifton Savings is renovating its location at 646 Van Houten Ave. to include two drive-thru lanes (one with an ATM) and a larger lobby to better accommodate customers and provide more privacy. Work began this fall and is expected to be completed by next month.

Clifton Savings, which opened in 1928, has six branches in the city. They include the original location in Botany Village, two on Van Houten Ave. and ones on Clifton Ave., Lakeview Ave. and Valley Rd. The bank also has branches in Wallington and Wayne, and two in Garfield.

The third bank under construction is Federal Ft. Lee Savings on Main Ave. The branch will not include a drive-thru and is scheduled to open during the second quarter of 2009.

Two other city lenders undergoing some changes are Valley National Bank and TD Bank.
Valley National acquired Greater Community Bank on July 1, 2008, meaning the company now has six branches in Clifton. They’re located on Clifton Ave., Main Ave., Getty Ave., Rt. 46 and two on Allwood Rd.

Valley was founded in 1927 as the Passaic Park Trust Company and changed its name in the mid 1930s to the Bank of Passaic and Trust Company. In 1956, it acquired the Bank of Allwood which was located in Clifton. At that time, the name was changed to The Bank of Passaic and Clifton.

“Valley has sustained pristine credit quality through years of conservative, straight-forward lending practices, and has positioned itself as a bank that customers can rely on even in turbulent times,” said Thomasine Russo, Valley’s Vice President of Advertising/Marketing.

Valley National is the largest commercial bank headquartered in New Jersey, currently operating 195 branches in 130 communities serving 14 counties throughout northern and central New Jersey and Manhattan, Brooklyn and Queens.

On April 10, 2008, TD Banknorth merged with New Jersey-based Commerce Bank to form TD Bank.

The lender now has two locations in Clifton, in Botany Village and on Clifton Ave. The Paulison Ave. branch and another on Clifton Ave. were consolidated in November.

“It didn’t make sense for us to have so many so close to each other,” said Omar Huamani, Business Development Manager.