Tuesday, October 04, 2011 12:14:00 PM
The fight - and win - in the battle over municipal deposits was arguably the biggest story in banking this year. The legislation's strong opposition from banks and credit unions' ultimate victory shaped NJBIZ's Power 50 Banking list, the first of the magazine's kind. On the list are legislators, such as Senate President Steve Sweeney, and bankers, but most notably are the credit union representatives that made the list.
At number 17 is NJCUL President/CEO Paul Gentile, who, along with all of New Jersey credit unions, reaps the benefits of the passage of municipal deposit legislation. Gentile "can tell his members he helped them tap into $15 billion in government unit deposits as of first quarter 2011."
Merck EFCU President/CEO and NJCUL Board Member Ray Del Nero came in at number 30. NJBIZ points out that Merck EFCU had $1.65 billion in assets at June 30 - an increase of more than 10% over the prior year, with Del Nero credited with the substantial growth.
Number 39 is Andrew L. Jaeger, President/CEO of Credit Union of New Jersey (CUNJ), the state's largest state-chartered credit union. With the potential influx of deposits after the municipal deposit legislation, CUNJ "can become even bigger."
Affinity FCU President/CEO John Fenton, number 45, is another beneficiary of what NJBIZ calls the "Sweeney legislation". Affinity is the largest credit union in New Jersey with more than 200,000 members. With about $2 billion in assets as of June 30, Affinity saw 3.6% growth over last year.
The complete Power 50 Banking list is available here.