July 2008 will be remembered for a long time in the banking industry as the second-biggest bank failure in history, and many still have images of Californian depositors lined up to get their money out of the failed IndyMac Bank.  However, New Jersey bank veterans are eager to reassure most depositors that they have no reason to worry if they have less than $100,000 in the bank, since they are completely covered by the FDIC.   More importantly, New Jersey banks have a conservative tradition of lending to people they know and businesses they are familiar with, backed by collateral that is real, which will keep New Jersey safe from the trouble seen in California, where subprime lending was particularly rampant.

The New Jersey Department of Banking and Insurance regulates 109 state-chartered banks and credit unions, and last week Commissioner Steven Goldman assured that they "are well-capitalized and in good shape.  In addition, Mike Heller, president of Veribanc (a banking research firm in Woonsocket, R.I.) states that New Jersey banks "are in good shape"-of the 125 New Jersey  banks analyzed, 119 get the highest rating of "well capitalized" and six others are "adequately capitalized."  Simply put, you can rest assured bank veterans and executives in New Jersey simply aren't worried and want to reassure you that your money is safe.

 

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Margaret "Maggee" Miggins

Short Hills, NJ

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Keller Williams

Address: 488 Springfield Avenue , Summit, NJ, 07901

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