#h#Bank of Princeton Shake-Up#/h#
The Bank of Princeton, a one-year-old community bank, has replaced its president and CEO, Peter Crowley, and its executive vice president and senior lender, Gerard Murray, and re-organized its management structure.
“Peter did a really good job of getting us started, but he had a lot of differences with the board on strategic direction,” says Stephen Distler, chairman of the board. Distler has now taken on the role of CEO, while retaining the title of chairman. He says that this change reflects the board’s desire to have more of a say in the management of the bank. Crowley left of his own accord, says Distler.
Martin Melilli, formerly head of commercial lending at Synergy Bank in Cranford, takes over as president of the bank. “Martin is 10 years younger than Peter,” says Distler. “He’s a dynamic commercial lender. His aggressiveness is more suited to the direction we wanted to take.”
The board hired Melilli after an exhaustive search that began as early as last May, says Distler.
Distler, who retired from Pincus Warburg about six years ago, says that his bank’s goals include “taking the bottom 20 percent from the Bank of America, from Wachovia, from the big banks.” The bank seeks to distinguish itself by giving personal service to these customers, small businesses with sales of less than $20 million a year. The bank also wants consumers’ business, and is considering getting into the mortgage business.
“It was a good business until five years ago,” says Distler. With large lenders badly stung from the easy credit era just passed, this could be a good time for the Bank of Princeton to get into the mortgage business — but cautiously, he emphasizes.
This is a very good time to be a year-old bank, says Distler. Having missed nearly all of the lax credit half-decade, the Bank of Princeton has “no bad loans,” he says. What’s more, the bank, with backing from a number of well-heeled Princeton-area residents, including Crowley, who was a founder, is well capitalized.
Work at the bank takes about half to three-quarters of his time, says Distler. A good part of the rest, at least at the moment, is taken up with getting Elements, his new restaurant, ready for an October 15 opening. The restaurant, at 163 Bayard Lane, is up the street from the new Bank of Princeton headquarters, also under construction. Distler had hoped to open a jazz club on the site, but zoning was denied.
Distler, who says he was lucky to be able to take an early retirement and to devote himself to starting new businesses, has big plans for the Bank of Princeton. “We plan to open one branch a year for many years,” he says.
The Bank of Princeton, 21 Chambers Street, Princeton 08542-3719; 609-921-1700; fax, 609-921-8350. Martin Melilli, president. Home page: www.thebankofprinceton.com.
#h#Ranbaxy Retains Giuliani#/h#
Ranbaxy, India’s largest drugmaker, which has its U.S. headquarters at 600 College Road East, has enlisted the support of Rudy Giuliani, the former New York mayor, to help it address concerns raised by U.S. regulatory authorities about the manufacture of some of its drugs.
The company turned to Giuliani and his company, Giuliani Partners, after the U.S. Food and Drug Administration imposed a ban on the import of more than 30 Ranbaxy medicines. In published reports a company spokesperson said that Ranbaxy hoped that the ban would be reduced to 10 drugs. The company sells about 130 drugs in the U.S.
“We’ve hired him for advice on these (regulatory) issues,” the Ranbaxy spokesperson is quoted as saying. “He’s a well-respected guy, and professional. Our intention is to resolve matters as quickly as possible.”
Ranbaxy’s latest troubles come only two months after the U.S. Justice Department intensified legal action against the company, alleging adulteration of some of its products. (U.S. 1, July 16, 2008)
The FDA’s action casts a shadow over the planned acquisition of the company by Daiichi Sankyo of Japan.
In a statement issued on Tuesday, the FDA criticized Ranbaxy for violations to “good manufacturing practice.” It could not be sure that processing took place in sterile conditions, nor that there was protection against cross-contamination of pharmaceuticals.
The company has insisted the claims are “baseless.”
Ranbaxy employs approximately 157 people at its College Road East offices.
Ranbaxy Inc., 600 College Road East, Suite 2100, Princeton 08540; 609-720-9200; fax, 609-720-1155. Dipak Chattaraj, president. Home page: www.ranbaxyusa.com.
Sarnoff Corporation, 201 Washington Road, Box 5300, Princeton 08543-5300; 609-734-2000; fax, 609-734-2040. Don Newsome, president & CEO. Home page: www.sarnoff.com.
Sarnoff Corporation has been awarded a contract from the U.S. Army Research Laboratory to develop and demonstrate a high speed biometric capture technology solution for iris-based identification. The system will be designed to be used rugged enough to use in the field and to be quickly deployable.
The new iris recognition system will leverage Sarnoff’s patent-pending Iris on the Move (IOM) technology. This is a biometric identification system that quickly captures the iris image of a person in motion. The technology is ideally suited for force protection, civil-military operations, and combat situations.
It is considered to be more secure than most other iris scan systems, which require people to stop, line up their eye properly, and stare directly into a scanner for a period of time. IOM technology verifies identities at speeds of up to 30 people per minute, allowing subjects to walk through the system at a standard pace, without stopping.
“Current biometric ID systems take too long to identify people in high traffic areas and cause long lines to form at checkpoints,” Don Newsome, president and CEO of Sarnoff Corporation, said in a prepared statement. “The IOM technology makes it easy to set up iris scanning checkpoints that are as reliable as other biometric-based options but quick enough to keep lines moving rapidly.”
The IOM system delivers accurate identification regardless of whether the subject is wearing prescription glasses, most sunglasses, or contact lenses. In addition, IOM technology can capture iris images from farther distances than any other commercial iris scanning technology.
The technology can also be used for banking ID verification, border crossing initiatives, event security, payment systems, and employee access.
#h#New in Town#/h#
Kamath Consulting, 11 Deer Park Drive, Suite 206, Monmouth Junction 08852; 732-438-1000. Yash Kamath, CEO. Home page: www.kamanthconsulting.net.
After 32 years in the fiber-textile and cosmetics industry, Yash Kamath knows hair.
If you doubt that, consider some of his areas of expertise: the tensile strength of hair, the chemistry of hair coloring and relaxing, the diffusion of small molecules into the hair and skin from vapors and solutions. And don’t forget the photodegradation (and its prevention) of hair and skin.
Kamath’s has published the tongue-defying “Coagulation Control of Particle Number During Nonaqueous Emulsion Polymerization of Methyl Methacrylate” to the relatively direct-sounding “Factors Controlling Formaldehyde Release From Durable Press Fabrics.”
Kamath is a product designer and consultant whose company, Kamath Consulting, specializes in helping those industries develop more effective products by offering a deep scientific knowledge and the experience of a career that has survived seven presidents.
Kamath was born and raised in India, earning his bachelor’s in chemistry and physics, as well as his master’s in plastic technology, from the University of Bombay. He moved to the United States and earned his Ph. D. in physical chemistry from the University of Connecticut before moving on to the Textile Research Institute (TRI/Princeton) at 601 Prospect Avenue, in the 1970s.
Kamath was TRI’s director of research for 11 years before he decided to launch his own company concentrating on fiber science.
This path led him directly to the science of hair, itself one of the oldest textiles on Earth. Hair, of course, led to studies of the skin and cosmetics, and Kamath Consulting today offers a variety of services to the beauty industry, including evaluations of haircare and skincare products, development and applications of personal cleaning cloths, and evaluation of the effects of detergents on skin, hair, and fabrics.
Another of Kamath Consulting’s focuses is on the safer use and development of products. The company’s latest initiative is Safer Cosmetics Innovations, which seeks to develop “benign chemistries” for some of the grooming procedures used in the cosmetic industry.
The goal, says Kamath, is to use chemicals and natural products which are safer than those used currently, and to develop consumer products with lower damage potential to skin and hair.
The Cancer Institute of New Jersey, 195 Little Albany Street, New Brunswick 08901; 732-235-2465. Joseph R. Bertino, interim director. Home page: www.cinj.org.
Robert DiPaola, one of the nation’s top researchers is prostate, bladder, and kidney cancers, has been named director of the Cancer Institute of New Jersey.
DiPaola has been a member of the CINJ staff since 1994 and succeeds Joseph Bertino, who has served as director for the past 18 months.
A resident of Long Valley, DiPaola earned his medical degree from the Utah School of Medicine. He did his residency at Duke.
DiPaola completed his oncology and hematology fellowship at Penn.
He has published more than 200 articles, abstracts, and book chapters related to many aspects ofcancer.
He also is a professor at UMDNJ and chairman of an NIH committee responsible for developing national and international clinical trials for treating kidney, bladder, prostate, and testicular cancers.
Michael Baker Jr. Inc. (BKR), 300 American Metro Boulevard, Hamilton 08619; 609-807-9500; fax, 609-807-9550. Michael Brescia, vice president.www.mbakercorp.com.
Michael Baker, an engineering firm with offices in the United States, Mexico, and Venezuela, has moved its Princeton offices to Hamilton.
The Hamilton office is one of two in New Jersey. From its former location at 301 College Road East the Hamilton office brings 100 employees. The firm specializes in transportation, highways, railroads, and airports.
Telelingua USA LLC, 14 Washington Road, Suite 623, Princeton Junction 08550; 609-799-8822. Lionel Mellet, CEO. Home page: www.telelingua.com.
Translation company Telelingua has relocated to Larchmont, New York. Lionel Mellet, the company’s president, says that he made the move for personal reasons. His company relies heavily on the Internet, so its physical location is to some degree irrelevant.
The company’s new phone number is 914-833-3315. Its web address remains the same.
Bank of America, 11 State Road, Princeton 08540.
Bank of America has closed its office at 11 State Road. The building is vacant and the branch’s phone has been disconnected.
Medeikon Corp., 7 Graphics Drive, Ewing 08628. Home page: www.medeikon.com.
Medeikon, developer of optic instruments, has left its location on Graphics Drive. The company’s phone and fax numbers have been disconnected and the website is no longer available. There is no word whether the firm has closed or moved.
Sun National Bank, 64 East Broad Street, Hopewell 08525. Home page: www.sunnb.com.
Citing slow business, Sun National Bank has closed its branch on East Broad Street. The bank’s branch at 1 North Main Street in Pennington has absorbed the Hopewell branch’s business and employees. It can be reached at 609-730-1996.
Lewis Coleman, 79, on September 20. He was the founder of the Coleman Auto Group, a multi-brand Ewing dealership now run by his sons.
Martin Gill, 58, on September 20. The Lawrenceville resident had worked for CBS News in New York City for 25 years.
Elizabeth “Duffy” Hutter, 85, on September 15. A cartographer for the Army Map Service during World War II, she was elected deputy mayor of Princeton Township in the late 1970s. A memorial service is scheduled for Saturday, October 11, at 11 a.m. at Trinity Church at 33 Mercer Street.