NJ banks branching out in NYC

New Jersey-based banks have been ramping up their presence in the city, with the New York market comprising a substantial chunk of loan growth for several banks, including Wayne, N.J.-based Valley National Bank.

Of the new commercial real estate loans Valley National Bank made last year, $700 million of it was in New York. The amount matched the New Jersey figure, though the bank has four times as many branches in that state. TD Bank, headquartered in Cherry Hill, has more New York City branches than any Jersey-based bank, with 104. Short Hills-based Investors Bank has opened about 12 branches in the city, mostly Brooklyn, since 2011, the Record reported. Hudson City Savings Bank, a residential mortgage lender in Paramus, is looking to open more Manhattan branches; it has five in the city now.

Although Oritani Bank of Washington Township does not have retail outposts in the city, loans backed by New York properties represented one-third of the bank’s $2.4 billion in loans last year. The percentage was nearly 25 percent three years prior, Oritani CEO Kevin Lynch said. [Record] — Mark Maurer