Community Banks Champion Small Business

The 2016 Small Business Credit Survey: Report on Employer Firms, published this April, surveyed 10,303 business owners across the country. Among the findings of the report, which provides an in-depth look at small business performance at the end of 2016, business owners reported the highest satisfaction levels in dealing with small banks — 80% compared to large banks (61%) and online lenders (46%).

While we at NVE Bank are pleased to hear this, as a leading community mutual bank serving residents and businesses throughout Northern New Jersey for 130 years, our expectations are set high. When it comes to customer service, trust, loyalty, and other service areas, community banks have long earned higher customer satisfaction ratings when compared to other categories of financial institutions. Here are some of the reasons why.

small-business-champions

The customer is always…first

One thing that distinguishes community banks like NVE from big banks is that we aren’t under pressure from stockholders to widen margins or make risky investments for the sake of making quarterly returns look good. Community banks answer to two groups: our customers and communities. We strive to create products and services that meet their needs.

Proven action

Community banks make small-business lending a top priority. In fact, more than 50 percent of small-business loans come from community banks. As a result, we play an important role in helping to create jobs throughout the United States, and because we are small businesses ourselves, we intimately understand the needs of small-business owners. We know running a business isn’t easy. That’s why NVE has supported local businesses in and around Bergen County since 1887 with solutions that help them thrive. Flexible solutions + a local point of view = satisfied and successful business owners.

Personal relationships

Does your lender know your name when you walk into their office? Does he or she know whether you have children, or what your business goals are? Within the community bank culture, things of this nature are akin to basic hygiene. The point is, the relationship between a lender and borrower is an important factor that is sometimes overlooked. But it matters! NVE’s lending business is a perfect example of our customer-partnering philosophy. Whether it’s a personal loan to secure a first home mortgage or financing to expand a growing business, we are experts at providing options tailored to individual needs.

Local interest and intel

Just like small businesses, community banks have a finger on the pulse of the communities they serve. There are a few factors that come into play to make this happen, and there’s one common thread woven throughout it all: a local connection. Community bank boards of directors consist of local citizens who have a vested interest in nurturing and advancing the towns and cities where they live and where their banks do business. As such, most community bank loans benefit the neighborhoods where its depositors live and work. Furthermore, the personnel employed by community banks typically live in or near the towns or cities that bank serves, so they aren’t just bankers — they are customers of local small businesses! Their universal expertise in banking is bolstered by their local knowledge, which encompasses the economic, geographic, and sociological structure of the surrounding communities. This enables them to provide sound advice and ideal solutions for businesses and personal customers alike.

Before making any decisions about business loans, consider meeting with a trusted loan professional to help you determine what kind of product fits your needs. When you’re ready to learn about NVE Bank’s Commercial Lending services, or to receive a loan application, call an NVE Commercial Loan Officer at 1-866-NVE-BANK (1-866-683-2265) or e-mail one of our specialists:

Alice Vetrone-Layne – alayne@nvebank.com

Sam Tolley – stolley@nvebank.com

For information about other business and personal products and services, visit our website. You can also stop by your convenient Bergen County neighborhood branch.

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Sources:

https://www.newyorkfed.org/smallbusiness/small-business-credit-survey-employer-firms-2016

http://www.icba.org/go-local/why-go-local/stats-facts

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NVE Bank Teaches Children the Value of Good Saving Habits

The process of creating any kind of good habit typically occurs more naturally when started earlier on in life. That premise is put to task every April through the American Bankers Association Teach Children to Save (TCTS) program. The free national initiative, which is sponsored annually by the ABA Foundation, organizes banker volunteers throughout the year to help young people develop a savings habit early in life. NVE Bank is a proud perennial participant!

Teach Children to Save Day is an annual awareness day during which bankers demonstrate their commitment to the community by educating today’s youth about the value of saving money. Participating bankers visit schools, youth centers, after-school programs and other sites to share their knowledge in an effort to inspire children to start young and save more. Presentations include activities centered on the concepts of saving, earning interest, and determining needs versus wants.

NVE Bank’s branch managers have been teaching lessons to students since earlier this month, such as those at The Right Start Learning Center in Teaneck. However, on TCTS Day, which actually occurs on April 28th this year, more of our branch managers will be teaching lessons at other Bergen County schools, including The Hillside School in Closter and the Englewood Charter School.

NVE Bank Branch Managers Paul Klein and John Louglas taught lessons to two groups of students from The Right Start Learning Center in Teaneck.

While banks are encouraged to participate on TCTS Day and throughout April, which is Financial Literacy Month, we at NVE Bank believe that financial education is paramount year-round. That’s why we invest in education programs throughout the year to ensure that our younger generations are well prepared for their future. One example of this is Money Management 4 Kids, an innovative financial literacy program created by IPiggiBank with funding from NVE Bank. The eight-week program was delivered to first-graders at Bergen Family Center at the beginning of this year.

NVE Bank Englewood Branch Manager Vivian Mendez reads “Bunny Money” to iPiggiBank financial literacy program students.

Here are a few photos from several branch managers’ lessons during last year’s TCTS school visits. Get all the latest news, information and pictures from this year’s program and more by following us on Facebook, Twitter and Instagram.

NVE Bank hosts and participates in various community service, fundraising and awareness events throughout the year. To learn more about NVE Bank’s products and services, visit our website, stop by one of our convenient neighborhood branches in Bergen County, or call 1-866-NVE BANK (683-2265) to speak with a branch associate.

Sources:

http://www.aba.com/Engagement/Pages/teachchildrentosave.aspx

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Finding a Home in Today’s New Jersey Real Estate Market

You may have noticed some news headlines flying indicating that we are in a seller’s real estate market in New Jersey and around the country. In some cases — or rather, some places — we are. But there’s good news for many people searching for homes in Bergen County! NJ Advance Media compiled data from nearly 500 New Jersey zip codes and created a tool that gives users a snapshot of real estate listings data by county and zip code, so you can concentrate specifically on your geographic area(s) of interest. Here’s some even better news: we did the leg work for you. From the data available, which uses February 2017 as a sample, here are the Bergen County areas deemed buyer’s markets.*

Fort Lee area: In zip code 07024, there were 323 active listings and the median list price was $329,000.

Garfield area: In zip code 07026, there were 36 active listings and the median list price was $285,000.

Kearny area: In zip code 07032, there were 81 active listings and the median list price was $268,300.

East Rutherford area: In zip code 07073, there were 10 active listings and the median list price was $320,000.

Franklin Lakes area: In zip code 07417, there were 138 active listings and the median list price was $1,274,500.

Ho-Ho-Kus area: In zip code 07423, there were 19 active listings and the median list price was $1,036,000.

Leonia area: In zip code 07605, there were 31 active listings and the median list price was $479,500.

Demarest area: In zip code 07627, there were 37 active listings and the median list price was $1,274,700.

Lodi area: In zip code 07644, there were 39 active listings and the median list price was $291,000.

Woodcliff Lake area: In zip code 07677, there were 30 active listings and the median list price was $811,900.

Montvale area: In zip code 07645, there were 49 active listings and the median list price was $664,200.

New Milford area: In zip code 07646, there were 45 active listings and the median list price was $398,000.

The report also detailed several zip codes as “mixed markets.” This included the Alpine area, which had 41 active listings and a median list price of $4,991,500, and the Palisades Park area, which had 76 active listings and a median list price of $563,000.

When you are sick, you see your doctor. When you need your taxes done, you go to your accountant. So, when it comes to obtaining a mortgage, why would you go to anyone other than a mortgage specialist who knows your market? NVE Bank’s headquarters are in Englewood and we have 12 branches throughout Northern New Jersey, so unlike what you may find with big banks, all our personnel are your neighbors. That means our customers have access to experts who will provide answers quickly and with a local point of view. As a mutual bank, we can also offer customers competitive mortgage rates to make their home-buying dreams become a reality.

Whether you’re looking for a new home or interested in refinancing an existing loan, finding the right mortgage to fit your needs should be quick, easy and painless — exactly what you’ll find when you work with NVE’s Mortgage Specialist. We also offer a suite of convenient and helpful online mortgage tools, such as our Home Loan Calculator, to further guide you through the process of choosing and obtaining the loan that meets your needs.

NVE-Bank-mortgage-ratesKeep in mind that not all mortgage loans are created equally, and interest rates play a big role in that. Take the temperature of the current market by looking at current mortgage rates. Learn more by speaking with an NVE Lending Specialist! Call 201-816-2800, ext. 1230, or apply for a mortgage online at nvebank.com.

*A note accompanying the search tool stated the following: “Due to a small sample size, in some cases there is not enough data to make a determination. Some zip codes appear across multiple counties. In these cases the data is searchable in either county, but the area listed may be a neighboring town.”

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Sources:

http://bit.ly/2oFNyJx

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America Saves Week Presents: Five Opportunities for Automatic Savings

Since 2007, each year America Saves and the American Savings Education Council join together to coordinate America Saves Week. The event began as an annual opportunity for organizations, such as banks, to promote good savings behavior and a chance for individuals to assess their own saving status. NVE Bank supports this program by sharing news, tips and other information with our customers and social media communities in Bergen County and surrounding northern New Jersey towns.

The following information comes from Janet Alvarez, a contributor to TheStreet.com and U.S. News & World Report, and Executive Editor of America Saves Week partner, Wise Bread.

Most of us understand that saving regularly is one of the simplest ways to reach our financial goals, but we don’t all take advantage of easy ways to automate our savings. As part of America Saves Week, we’ve devised a list of five automatic savings opportunities that are often overlooked. These go a step beyond mere automatic transfers from checking to savings. They’re easy, straight-forward ways to save money automatically that most of us don’t take advantage of yet, and they increase your chances of reaching your goals even faster.

  1.  Direct Deposit Your Tax Refund Into Savings
    According to the IRS, the average American’s tax refund now stands at over $3,100. Don’t let that windfall slip through your fingers. Deposit all or part of it into your savings account, instead, and watch your money grow. Plus, the IRS allows direct deposits into one or more accounts, such as a checking and savings account, which means you can choose to spend a portion and save the rest. (I’d recommend saving all you can.) Conveniently, you can also direct deposit all or part of your refund into your Individual Retirement Account (IRA), or use it to purchase up to $5,000 in U.S. Series I Savings Bonds. You can split your refund using tax preparation software, or Form 8888, if you use paper filing.
  1. Don’t Forget Bonuses or Commissions
    Do you get quarterly or yearly bonuses? Are commissions a part of your earnings? Then don’t forget to direct deposit all or part of these funds into your savings. Consult with your employer about direct depositing the funds into your savings account, or set up automatic transfers from your checking to savings accounts when you expect the funds.

Another alternative? Increase the contributions on your employer-sponsored retirement plan, such as a 401(k), during those times you receive extra earnings. It’ll help you max out your contributions faster and earn any applicable company match to boost your savings even further. Consult with your HR representative or your company’s online retirement plan portal to manage your contributions.

Save Your Spare Change
Some banks and credit unions offer programs which automatically round up to the next dollar on any purchases you make, and transfer the spare change from your checking to savings account. These programs are free, and provide a fool-proof way to jumpstart your savings and always pay yourself first. You probably won’t miss the spare change in your checking account, but your savings will sure be glad for the extra boost. Even small amounts saved over time add up.

  1. Credit Card Rewards Can Boost Savings, Too
    Many popular credit cards rewards programs offer several rewards options, ranging from airline miles or hotel points to cash back. Sadly, many credit card rewards perks often go unused, making them less than rewarding. But if you choose to receive rewards in the form of cash back, instead, many cards will deposit the rewards sum directly into an account of your choice. If you’re limited to receiving the funds into checking, you can always transfer the funds to savings. Either way, you’re boosting your savings painlessly. Don’t forget to pay off the balance on your card at the end of every month to avoid costly interest fees, otherwise you’ll spend more on interest than you’ll receive in rewards.
  1. Set Your Savings Rate Higher
    So, you think you’re a savings pro now that you’ve got regular transfers or direct deposits into your savings account? Well, you can go a step further still by periodically increasing your savings rate, whether to your employer-sponsored retirement plan or your savings account. Many 401(k) plans allow users to opt-in to periodic increases in their savings rates, such as a 1 percent increase in their contributions per year. If you prefer to contribute to a savings account or other savings vehicle, consider increasing your contributions regularly, such as every time you get a raise.

Having the foresight to automate your savings can help you beat temptation and stay ahead financially. And the techniques described above are easy ways to take your savings to the next level.

Thanks to Ms. Alvarez for her insight into the world of automatic savings! For more information on how to get started with direct deposit or to put a saving plan in motion, visit our website. You can also stop by your convenient Bergen County neighborhood branch, or call us at 1-866-NVE BANK (683-2265).

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Love and Money: Why Communication is Key

When it comes to money, what’s love got to do with it? Well quite a bit, apparently. Take, for example, the Federal Reserve research reporting that couples with higher credit scores have a better chance at finding love. Or the recent Bankrate.com survey where almost two in five U.S. adults said knowing someone’s credit score would impact their interest in dating that person. We’re not in the business of giving advice on love or relationships, but knowledge is power, so here are a few pieces of information that may be useful when approaching money in the context of a romantic relationship.

Debt is a big deal…sometimes

SoFi, a student loan company, surveyed 2,000 millennials to gain insight into how they think about debt when it comes to their love lives. When asked about dating deal-breakers, 20.9% of those surveyed listed debt as the main issue — in fact, it was the second highest concern reported. The first was being a workaholic, which was a concern for 21.4% of respondents.

Podcast_Blog_Illust-V2

Honesty is [still] the best policy

It probably comes no surprise that experts say lying about your finances is not recommended if you want to enjoy a healthy relationship. According to Ted Beck, president and CEO of the National Endowment for Financial Education, “Hiding or lying about small amounts of money can damage a relationship just as effectively as a high-dollar deceit. In fact, in all cases of this deception, people affected say it impacted their relationship in some way — almost always negatively. It causes arguments, erosion of trust, separation or even divorce.”

If that sounds like common sense to you, you might be surprised to learn that, according to a 2016 Harris poll, 42 percent of people admit to committing financial deception in their relationships. Other telling statistics are that more than a third hide purchases or bank accounts from partners, and another 16% of people in relationships who lie about other, more serious financial matters.

According to relationship expert April Masini, “When people cheat financially, they’re doing so because they want to spend on something that they don’t want their partner to know about because their partner won’t approve.” Masini says financial infidelity in relationships is not uncommon at all; in fact, some people find it more difficult to move on from this than other forms of dishonesty or betrayal. Understandably, finding out that your partner has been deceitful can be damaging to a relationship; the 46% of men and 43% of women who said money has been a reason they’ve broken for with someone also said a partner lying about money was a valid reason for splitting up.

Be clear

There’s really no good example of when clear communication with a significant other (S.O.) is a bad idea, but when it comes to money, it can be a “make or break” tactic, especially when shared finances are involved. When one person in a relationship is in the financial driver’s seat — whether that means they have or make more money, or are just better with it — it is possible for that person to develop expectations about what his or her partner is contributing to the relationship. This can happen subconsciously, even if the “driver” is perfectly happy in this role. Setting expectations for your S.O. other without sharing what they are may not yield the results you’re hoping for…and it also isn’t very fair, is it? Establishing together where you both stand financially, and agreeing to what each of you is able, willing, or expected to bring to the table can help prevent frustration, disappointment, and arguments from boiling up.

Talk about how you grew up

A recent Ameriprise study on couples and money reported “73% of individuals have money management styles that are different from their partner’s.” Like many aspects of any person’s habits or personality, this “style” may have been influenced by his or her upbringing. For example, the way your parents or guardians treated money and talked — or didn’t talk, or yelled — about finances may have affected the way you do. By sharing these money stories with each other, you may gain a better understanding of the “why” behind both of your money management styles and habits. This might allow you to empathize and work together instead of labeling either person as being right or wrong.

Give your S.O. some credit

Federal Reserve Board research from 2015 suggested people with the highest credit scores were most likely to form long-lasting committed relationships. On the flip slide, the research indicated that the bigger the discrepancy between a couple’s credit scores, the more likely the relationship was to end within the first five years. This is certainly something to keep in mind, and a credit score is important for many reasons. That said, it is only one piece of a person’s larger financial puzzle. A low credit score doesn’t necessarily equate to being irresponsible or bad with money. It could be a result of someone facing circumstances that were out of his or her control, such as medical bills or another emergency situation. This is just one of many reasons why discussing finances is important.

Once your finances are in order as a couple and you’re ready to make a major purchase together, such as a home here in northern New Jersey, it’s important to have experts help you along the way to bolster all the hard work you’ve done. NVE has you covered! Our award-winning Mortgage Specialist will walk you through a range of mortgage products to help you determine what best meets your lifestyle needs, and support you as you navigate the sometimes daunting but always exciting process of becoming a homeowner!

For information about NVE’s personal and business products and services, visit our website. You can also stop by your convenient Bergen County neighborhood branch, or call us at 1-866-NVE BANK (683-2265).

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Sources:

https://www.sofi.com/blog/money-dating-debt-millennial-survey-results/

https://www.gobankingrates.com/personal-finance/talk-significant-other-money/

https://www.gobankingrates.com/personal-finance/money-ever-reason-ended-relationship/

https://www.bloomberg.com/news/articles/2017-02-07/40-of-millennials-prefer-to-tell-a-date-about-an-std-than-debt

http://www.chicagotribune.com/lifestyles/sc-credit-score-relationship-family-1220-20170120-story.html

https://www.ameriprise.com/retirement/insights/ameriprise-research-studies/couples-and-money-study/

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NVE Bank Earns BauerFinancial’s Highest Rating for 15th Consecutive Quarter

In its latest report, the nation’s largest bank rating firm, BauerFinancial Inc, announced that NVE Bank once again earned its coveted 5-Star Superior rating for the 15th consecutive quarter. Financial institutions covet this status, and while we know our customers understand that “five stars” is a good thing, here’s a breakdown of what it actually means.

bauerfinancial-fivestar-ratingWhat is a 5-Star Superior rating? 

According to Karen L. Dorway, President of BauerFinancial, “A 5-Star rating indicates that NVE Bank is one of the strongest banks in the nation, excelling in such areas as capital, loan quality, profitability and much more. Earning Bauer’s 5-Star designation proves that    NVE Bank is getting it right.” She went on to state, “Community banks aren’t pushing products or services on you that you don’t need or want. They are there to provide a service and fill a need, which NVE Bank has been able to do seamlessly all while maintaining its pristine health.” We couldn’t have said it better ourselves!

Who is BauerFinancial, anyway?

BauerFinancial, Inc. is the nation’s leading independent bank and credit union rating and research firm. The organization has been analyzing and reporting on the condition and performance of U.S. banks and credit unions since 1983. Through its work in the subsequent years, the company has earned the reputation of “the nation’s bank rating service.”

How do they determine their ratings?

Each bank and credit union is required to file a detailed financial report with federal regulators on a quarterly basis. BauerFinancial obtains this data from the government, at which point it is subjected to a thorough analysis and compared with historical data for consistency. Upon completion of the analysis, a star-rating is assigned based on a scale of zero to five stars, with five stars being the strongest.

bauerfinancial-rating-system

Additional ratings below one star are also designated for institutions subject to various challenges and classifications, as well as those too new to rate.

Criteria used to determine the BauerFinancial Star-Ratings include but are not limited to capital ratio, profitability/loss trend, evaluating the level of delinquent loans, chargeoffs and repossessed assets, the market versus book value of the investment portfolio, regulatory supervisory agreements, the community reinvestment rating (CRA), historical data and liquidity.

Why should NVE Bank’s customers feel good about this?

BauerFinancial, Inc. is not a financial advisor; it is an independent bank research firm. As such, it is a source for unbiased, independent bank and credit union star-ratings. No institution can, or has ever paid for a rating, nor can any opt out of it. This amounts to one simple fact: if you are banking with NVE Bank, you are in good hands.

We are delighted to have received five stars, and there’s another number we’re just as excited about — a much bigger number: 130! Years, that is. In 2017, NVE Bank is celebrating 130 years of servicing the people of northern New Jersey! We have grown deep roots in and around the towns we’ve served since 1887, establishing ourselves as one of New Jersey’s strongest Mutual Banks with a singular focus on helping our customers, local businesses and communities thrive. Here’s to five stars and 130 more years!

BauerFinancial isn’t the only place we’ve earned five stars; see what customers are saying about doing business with NVE Bank in the lender reviews on Zillow! For more information about NVE’s personal or business products and services, visit our website. You can also stop by your convenient neighborhood branch, or call us at 1-866-NVE BANK (683-2265).

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Sources:

https://www.bauerfinancial.com

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