Ingredients to Success from Community Banker of the Year / He’s Ba-ack! / Bank Builds Proprietary Software Solution, Licenses it to Other Banks
Guest: Anthony Labozzetta, President and CEO of Sussex Bancorp
Podcast Show Notes:
Our This Month In Banking (TMIB) podcast features discussion with colleagues and other industry thought leaders about news and current events that occurred in banking this month. TMIB is available on the last Wednesday of every month here, on Stitcher, Soundcloud, and iTunes for your listening enjoyment. Join us on your commute or at your desk.
Topic 1: Ingredients to Success from American Banker Community Banker of the Year
Start time 0:48
Our guest this month is Anthony Labozzetta, President and CEO of Sussex Bancorp. Mr. Labozzetta was recently chosen Community Banker of the Year by American Banker. Sussex had $809 million in assets as of September 30, 2016 and is headquartered in Rockaway, NJ. The Bank has eleven branches, eight in Sussex County, N.J., one in Morris County, N.J., one in Bergen County, N.J. and one in Astoria, N.Y. which is in Queens County. Anthony Labozzetta has served as President and Chief Executive Officer of Sussex Bancorp and Sussex Bank since January 2010. He was previously an Executive Vice President of TD Bank from 2006 to 2010. Prior to joining TD Bank, Mr. Labozzetta served as the Senior Executive Vice President and COO of Interchange Financial Services Corporation until its acquisition by TD Bank in 2006. He was also a CFO of Interchange. Our discussion focuses on Sussex Bank’s geographic expansion, its hub and spoke branching model, how the TD Bank/Commerce Bank model differs from the community bank model today and ingredietns to Sussex Bank’s success.
Topic 2: He’s Ba-ack
Start time 20:30
Vernon Hill is back. On December 5th, the legendary founder and CEO of the former Commerce Bank in Cherry Hill, N.J., was named chairman at Philadelphia’s $1.7B Republic First Bancorp. Hill’s appointment coincided with the announcement that the bank raised $100 million of new common equity. Hill has been an investor in and a consultant to Republic First, and the Bank has added many “Commerce-like” features including seven-day-a week banking. Hill will hold a nonexecutive post and will be in charge of strategy. Republic First’s stock sharply rose from $5.75/share on December 2, 2016 to $8.45 on December 19, 2016. Will his banking template work again?
Topic 3: Bank Builds Proprietary Software Solution, Licenses it to Other Banks
Start time 34:10
Several community banks are turning their great ideas into cash by selling or licensing products to other institutions. $1.2B Leader Bank in Arlington, Mass., has announced that it will market a rent-payment program it spent two years developing for its own use. Zrent, which Leader launched early last year, is already processing about $2 million in rent payments for the bank. Could this be the solution for banks that bear the upfront costs associated with proprietary technology development?
Watch for episode 13 of This Month in Banking to be released on Wednesday, January 25, 2017 and a new episode on the last Wednesday of every month.
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