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NEW JERSEY BANKING COMMISSIONER LOOKS BACK ON PAST FOUR YEARS OF SUCCESS

 CHERRY HILL, N.J., Dec. 7 /PRNewswire/ -- Banking Commissioner Jeff Connor today focused on the past four years of serving as commissioner in the Florio administration, in an evening speech before the South Jersey Bankers Association, here.
 Connor emphasized the Department of Banking's accomplishments during his tenure with the Department and gave recommendations to the new administration on those initiatives that should be continued.
 Citing the department's "primary mission of safety and soundness," Connor noted that four years ago, following a period of lax regulation, particularly for thrifts, was the beginning of bleak times for the banking industry. "As a result, we bit the bullet and closed 35 savings and loans and 11 banks. Now, the remaining institutions are flourishing and the department is proud to have assisted the industry in its return to profitability."
 Connor also highlighted the department's creation of a more level playing field between bankers and licensees, namely mortgage bankers and brokers who now originate more than one-half of the mortgage loans in New Jersey. "Our new net worth requirements should go a long way towards lessening the problems with these entities whose complaints outnumber complaints against depositories by 3 to 1."
 "The Florio administration will be remembered as the time during which banking went through its greatest crisis since the Great Depression, only to emerge stronger and more dynamic," Connor said.
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 /NOTE TO EDITORS: Members of the media interested in obtaining a copy of the speech can call contact./
 /CONTACT: Mary K. Palladino, chief of staff of the New Jersey Department of Banking, 609-984-4607, or 609-292-7001/


CO: State of New Jersey Department of Banking ST: New Jersey IN: FIN SU:

MK-MP -- PH017 -- 1494 12/07/93 19:00 EST
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Publication:PR Newswire
Date:Dec 7, 1993
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