New Jersey

Rejected by the Office of Thrift Supervision in its bid to become a 100% stock-owned company, New Jersey mutual holding company Clifton Savings Bancorp is taking its chances with its new regulator, the Office of the Comptroller of the Currency.

The $630.9 million-asset bank said Wednesday that Frank Baier, a partner at Columbia Financial Partners, will become its chief financial officer, pending regulatory approval.

Bank of New Jersey in Fort Lee has hired Paul A. Meyer as a senior vice president and commercial loan officer.

The board of directors at Community Partners Bancorp in Middletown, N.J., has elected Frank Patock as chairman of both the company and its bank subsidiary, Two River Community Bank.

Aiming to beef up its wealth management business, Provident Bank in Jersey City has struck a deal to acquire Beacon Financial Corp. of Morristown, N.J., for up to $10.5 million in cash.

The activist investor Richard Lashley believes that the mutual holding company structure should be extinct and that all mutuals should operate as fully public companies.

Polonia Bancorp's biggest outside shareholder on Monday demanded that the thrift company launch a second-step conversion.

Many have argued that competitive pressures and increased regulatory costs will force a wave of consolidation in the banking industry. On Thursday, a prominent banker made a stark prediction about how many institutions will survive the next decade.

Buoyed by strong loan growth, North Jersey Community Bank earned a record $1.5 million in the first quarter, up nearly 175% from the same period last year.

Thomas O'Brien, the chief executive and president of State Bancorp, just proved the adage that short-term pain can sometimes yield long-term gains.

BCB Bancorp Inc. in Bayonne, N.J., said Tuesday that it has agreed to acquire Allegiance Community Bank in South Orange, N.J.

Center Bancorp Inc. in Union, N.J., said Wednesday that it promoted an insider to become its chief financial officer.

Bogota Savings Bank in Teaneck, N.J., has hired Brian McCourt as its chief financial officer. The $370 million-asset thrift said in a press release Wednesday that the CFO responsibilities were previously handled by Joseph Coccaro, who is also its president and chief executive.

Sun Bancorp Inc. in Vineland, N.J., said it raised about $81 million in net proceeds from a recent public offering.

Sun Bancorp Inc. in Vineland, N.J., should have an additional $70 million of capital in its coffers this week, although the new money will come at a discount.

A pair of community banks have reduced the Treasury Department's ownership stake in their companies.

The Federal Reserve granted bank holding company status Tuesday to a Japanese company that has agreed to acquire a Japanese-owned bank in New Jersey.

Sun Bancorp Inc. in Vineland, N.J., plans to sell up to $75 million of common stock. The $3.4 billion-asset company, which received a $100 million capital infusion last summer, said it could use the proceeds from the offering to shore up capital at its bank, support losses from potential loan sales, repay debt or make acquisitions.

The largest shareholder of Magyar Bancorp Inc. of New Brunswick, N.J., is demanding that its chairman resign, pointing to "significant losses."

Despite rising credit costs, Roma Financial Corp.'s fourth-quarter earnings, $100,000 a year earlier, rose to $1.2 million.