Rumson-Fair Haven Bank & Trust, based in nearby Rumson, will open a new branch in this city's downtown by Q2 of 2008, bank officials have revealed. The company has acquired a 2,700-sf office condo in the Griffin, a new downtown mixed-use building, for $1 million. Further details of the transaction were not released.
The Griffin, located at the corner of Cookman and Grand avenues, is a new building being developed by RDR Properties, a locally based company headed by Steven Ranuro. The four-story building combines 21 residential units on its upper floors with street-level retail. The $12.5-million project was completed this past spring.
The bank branch will be called the Community Bank of Asbury Park, and will be the company's fourth, joining branches in Rumson, Fair Haven and Shrewsbury. Founded in 2000 as an investment bank, the company evolved into a community bank by 2003 and now has assets of $140 million.
"We have a strategic plan for the next three years that calls for another two or three branches to get us up to $250 million in assets," says Robert E. Davis Jr., the bank's CEO.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
