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Small NY Banks Aim for Big Gains from Commercial Loans

"They were not getting the attention they used to get and had become accustomed to," DePaolo told analysts during a conference call last week to discuss quarterly performance.

For banks such as Signature, New York Community Bancorp and Sterling Bancorp, it is small and midsize businesses like fish-market vendors at Hunts Point in the Bronx that are fueling loan growth. Commercial lenders in around the city also said they are benefitting from rock-bottom vacancy rates for apartments.

"The economy in the Northeast ... didn't get hit quite as hard as other sections of the country," said Mark Fitzgibbon, an analyst at Sandler O'Neill & Partners LP. "For a small bank, operating in a market like Manhattan, surrounded by massive institutions, a market chock full of small businesses, it tends to be a better market than a rural area."

Executives at Signature and Sterling said much of their loan growth in the second quarter came from new customers who dumped relationships with bigger banks.

"Our clients didn't feel they were being properly serviced," said John Millman, the president of $2.3 billion-asset Sterling, which has a dozen metro New York branches. "The other institutions have decided to focus on bigger fish."

JPMorgan Chase & Co. and its "too big to fail" brethren "do a very wonderful job battling each other for retail, putting branches just about everywhere," DePaolo said during his company's conference call.

"Everyone is killing themselves over marketing, advertising and putting new branches out there," DePaolo added. "So, that's the mass-market retail, which we don't compete in."

During the second quarter, loans at Signature rose 8.3% from a quarter earlier, to $6.1 billion. At Sterling, its loan portfolio increased by 5.9%, to $1.36 billion from the first quarter.

Loan growth seemed strong across the Hudson River in New Jersey, as Investors Bancorp Inc. in Short Hills, N.J., reported that its loan book grew 4% from the first quarter, to $8.5 billion. The $10.2 billion-asset company has more than 80 offices in New Jersey and New York.

The loan mix at Investors is shifting to commercial loans from residential lending, Kevin Cummings, the company's president and chief executive, said during a quarterly conference call. Commercial loans as a percentage of the total portfolio grew to 38% at March 31, compared to 29% a year earlier.

New York Community also had loan growth. The $40.6 billion-asset company said it s loan book increased by 1.1% from a quarter earlier, to $28.84 billion.

Guide to offshore banking and international bank accounts in ...

Guide to offshore banking and international bank accounts in Cyprus

For expatriates who travel abroad, an international Cyprus bank account is the best option to go for. These offshore accounts are generally suitable for those who make frequent traveling needs abroad or individuals who may need banking in some particular currencies. The bank accounts are striving to support international lifestyles and are mainly formed with debit cards provisions in different money currencies such as US Dollars, euros and sterling.

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Opening these offshore international Cyprus bank accounts is not the same for all banks even though the opening process can be done from the countries of origin or residence. To accomplish this, you can use internet, post or local offices of the banks if in case your country has a branch of the bank. Popularity of these international banks has been contributed to by their importance to the many expatriates who need their services as well as the additions of new innovations being made all the time.

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One such international banking that provides excellent international bank account services in sterling, euro, and United States dollars is Lloyds TSB. This account is designed and managed to for personalities living, working and banking overseas. The bank allows its customers to access their money from any place in the world, send and receive money internationally, keep their money in one place whenever they may wish to go, enjoy trusted securities and make tax savings. Offshore banking is capable of saving you tax on your interest with regards to your circumstances.

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