Lakeland Bancorp Inc: The Lakeland Bancorp Inc was incorporated in 1997. This is a company which has been operational in banking services for the communities in and around new jersey.
It provides various services to the community including savings accounts, checking accounts, loans, mortgages, and cards. It is the holding company of the Lakeland Bank which was opened in 1969.
Lakeland Bancorp Inc Review 2019
Consistent growth – Lakeland Bancorp Inc. has grown slowly and consistently over the years. It has focused on providing the New Jersey area with excellent banking services and has succeeded in doing so.
Sources of funding – Since the company is not too large, it depends primarily on the deposits it accepts under personal and business deposits for the majority of the funding.
Types of personal deposit(checking) accounts – The bank provides no minimum balance checking accounts. These accounts are non-interest-bearing. The checking accounts that receive interest have a minimum balance requirement that is high when compared to non-interest-bearing accounts. When the balance isn’t maintained a marginal penalty is levied on the account holder.
Personal Saving options – Lakeland Bancorp Inc. provides its clients with multiple options when it comes to personal savings. These range from certificates of deposit to retirement annuities. It also has a money market and time deposit account, which allows the consumer to earn interest according to their size of investment and duration of the deposit. The larger the deposit, the higher the rate of interest.
Business Checking – There are four checking options when you opt for a business checking account with Lakeland Bancorp Inc. All of them require an initial deposit of 100 dollars. They are split into two types, low volume, and high volume. Checking accounts for high volume businesses.
These are no minimum balance accounts and have a higher limit for a number of transactions. Although no interest is paid to such accounts. Interest-bearing business checking accounts. The interest-bearing account has a minimum average daily balance requirement of five thousand dollars.
Another business checking – Lakeland Bancorp Inc. also provides checking accounts at minimal charges to non-profit organizations and local governments and schools. These are interest-bearing accounts and do not have high minimum balance requirements. These accounts also come without a transaction limit allowing the organizations to work freely and efficiently.
Operational Area – Lakeland Bancorp Inc. provides one-to-four family residential construction loans, short-term consumer loans, multi-family residential property loans, and commercial real estate loans. They also provide commercial business with small finance and residential mortgage loans; home equity credit, and consumer loans comprising automobile, sales finance, unsecured personal loans, and credit card. The bank also provides loans secured against deposit accounts.
The extent of operations – The Lakeland Bancorp Inc. has about 20 operational branches in the New Jersey region. These are fully functional and allow inter-branch account operations. The management has plans to expand further.
Lakeland Bancorp Inc. is a financial institution that has expanded through consistently providing good services to the community and has been recognized as a reliable financial institution in New Jersey. This is like an investor’s paradise.
The growth of the bank leaves very little doubt about the capability and efficiency of the bank and its management. This bank has been around for more than 50 years but has never taken aggressive expansion decisions, and investment in it will lead to definite profits.