#b#HVBC Reports Record Earnings#/b#
Hopewell Valley Community Bank announced that it ended 2011 with record annual earnings, advancing 41.8 percent to $2.22 million, well above the 2010 year-end mark of $1.57 million.
The bank also reported that 2011 year-end total assets rose to $404.4 million, a 14.9 percent increase over the December, 2010, year-end figure of $351.9 million. Total deposits increased 12.9 percent —finishing 2011 at $335.8 million, topping the 2010 year-end mark of $297.6 million. Total loans grew by $13.7 million, a 6 percent increase, ending the year at $242.5 million.
“2011 proved to be a very strong year for our bank despite the economic headwinds,” says bank Chairman Patrick L. Ryan, adding that the U.S. Department of Treasury chose HVCB for participation in the Small Business Lending Fund, which provided it with $11 million in tier one capital to bolster lending ability to small businesses. “The marketplace is very competitive, but we will accept its challenges and will do all we can to support an economic recovery in our market area.”
President and CEO James Hyman says the planned opening this year of the bank’s Flemington office “further expands our presence and our opportunities in a dynamic community that borders our Hopewell Valley roots.”
Hopewell Valley Community Bank (HWDY), 4 Route 31 South, Box 999, Pennington 08534; 609-466-2900; fax, 609-730-9144. James Hyman, president and CEO. www.hvcbonline.com.
Gateway Funding Diversified Mortgage Services L.P., 33 Witherspoon Street, Princeton 08542; 609-921-3131; fax, 609-921-8558. Stephen S. Thompson, vice president/branch manager. www.thinkarlington.com.
Arlington Capital Mortgage, located at 33 Witherspoon Street, has announced it will now trade as Gateway Funding.
Arlington, provider of residential and commercial mortgages, merged with Gateway Funding, Diversified Mortgage Services in 2008 but continued to operate as a division of Gateway Funding, maintaining the Arlington Capital brand identity as a “doing business as.”
Arlington decided to change to Gateway, “In an effort to create a more consistent brand, and to make marketing, loan documentation, and licensing simpler and more straight forward, beginning this month,” said a press release dated February 14.
Despite the name change, the office continues to feature the same personnel and services.
“Several new products have been added in the last year or so to meet today’s challenges,” says the release, “Many of the new products help borrowers based on vastly lower home values.”
Mortgage Network Solutions, 2642 Whitehorse Hamilton Square Road, Hamilton 08690; 609-890-7171; fax, 609-890-7788. Debbie Maxwell, branch manager. www.maxwellhomeloans.com.
The Acre Mortgage office in Hamilton has changed its affiliation. The company now goes by the name of Mortgage Network Solutions.
CoreLab Partners (Radpharm), 100 Overlook Center, Princeton 08540; 609-936-2600; fax, 609-936-2602. Michael Woehler, CEO. www.corelabpartners.com.
CoreLab Partners, based in Overlook Center, has opened an office in Tokyo, Japan, under the wholly owned subsidiary of CoreLab Partners Japan, K.K.
CoreLab Partners already has a business alliance in Japan with Suzuken Co. Ltd., which markets its cardiac safety services. The latest move is intended to expand the company’s presence in the Pacific Rim and build a global presence as one of the largest imaging and cardiac safety core labs in the world.
CoreLab Partners’ president and CEO Mike Woehler said the move is “a natural extension of our geographic reach and global strategy to serve our growing base of multinational biopharma companies operating in the region and will complement our operational capability in Shanghai, China.”
“CoreLabs has been present in the region since 1999 and has conducted hundreds of drug development studies in both cardiac safety and imaging for a variety of partners,” said Kevin Duffy, VP of global business development.
Orrin J. Wenzel, 96, died on January 26. An employee of the RCA Corporation in several New Jersey locations, his last job was as manager of computing services at RCA Astro in Hightstown.