Jeff Bank, a community bank with twelve branches in Sullivan County, plans to expand this summer to Port Jervis, Orange County.
The bank has applied to the state Department of Financial Services and the Federal Deposit Insurance Corp. for authority to take over the location of a Sussex Bank at 20-22 Fowler St.
Sussex, based in Franklin, NJ, will close the branch at the end of April. It acquired the Port Jervis location in 2006, and last year the branch had $21.9 million in deposits, according to FDIC reports.
George W. Kinne Jr., Jeff Bank president and CEO, touted his bank”™s “hometown touch” and customer service in a press release, and he said no other bank in Port Jervis delivers services and solutions as well as his bank.
Competitors in Port Jervis, according to FDIC records, include branches of Bank of America, Citizens Bank, International Bank of Chicago, JPMorgan Chase, Manufacturers and Traders Trust Co. and TD Bank.
Jeff Bank was founded in 1913 as the First National Bank of Jeffersonville. It changed to its current name in 2012. Last year, according to FDIC data, it had total deposits of $394 million, net income of $4.7 million and return on assets of 1.03 percent. It”™s most recent branch openings were in 2010 in Bloomingburg and White Lake.
The new branch will offer a full range of financial services to people, companies and nonprofit organizations, including checking and savings accounts, CDs, home mortgages and loans.
