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Community Bank of Bergen County, NJ, closes Garfield branch.

Global Banking News-December 27, 2013--Community Bank of Bergen County, NJ, closes Garfield branch

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Global Banking News - 27 December 2013

Maywood, NJ-based Community Bank of Bergen County (OTCQB: CMTB) has said that it has permanently closed its Garfield branch.

The Garfield office experienced significant water damage, a result of the storm on November 26. As a result of the damage, the branch was unable to conduct business and was unsafe for customers and bank employees. Therefore, the bank decided to permanently close the branch and will not re-open a branch in Garfield at this time.

The bank has notified the FDIC and the New Jersey Department of Banking and Insurance of the permanent closure of the Garfield branch. The Garfield customers have been urged to utilise CBBC's branches in Fair Lawn, Rochelle Park and Maywood, which are prepared to service its Garfield patrons.

The Garfield branch closing will impact on the bank's earnings this quarter and will be reflected as a one-time loss that should not exceed USD300,000, which may be subsequently recovered by insurance proceeds.

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Publication:Global Banking News (GBN)
Date:Dec 27, 2013
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