MAYWOOD, N.J.--(BUSINESS WIRE)--
Community Bank of Bergen County, NJ announced today the sale of $3.2 million of its non-performing loan portfolio to a third-party private investor. The total after tax loss on this transaction is approximately $928,000. This loss will be reflected in the Bank’s second quarter earnings.
“We feel that this transaction, by eliminating the cost and manpower resources used to maintain these loans, will substantially benefit the Bank going forward,” said Peter Michelotti, President and CEO of Community Bank of Bergen County, NJ.
The Bank continues to aggressively work to clean up its remaining non-performing loan portfolio and anticipates further potential sales of blocks of non-performing loans in future.
About Community Bank of Bergen County
Established in 1928, Community Bank of Bergen County, NJ (CBBC) serves the northern New Jersey community with four locations in Rochelle Park, Maywood, Fair Lawn and Garfield. Dedicated to superior service, the bank offers a range of customized personal and business banking products and the convenience of 24-hour ATMs and online banking.
With lending decisions made locally, and a responsive management team, Community Bank of Bergen County is committed to providing an exceptional banking experience.
For more information visit the Bank’s web site at www.cbbcnj.com.; and to view CBBC’s 2012 Audited Financial Statements, visit: http://www.cfpproxy.com/5398/resources/Annual%20Report.pdf
Peter A. Michelotti, President and CEO, Community Bank of Bergen County, NJ, (201) 587-1333