Commercial Banking Team Develops Products and Services to Serve the Not-for-Profit Sector
Investors Bank has broadened its long-term alliance with St. Benedict’s Prep in Newark by structuring a multi-million-dollar financing agreement that significantly reduces the 168-year-old School’s borrowing costs.
Investors’ Commercial Banking team developed an innovative financing package that gives St. Benedict’s Prep the flexibility to redirect funds, once used for loan repayments, toward its academic programs and student scholarships. Approximately 85 percent of the School’s 800-plus students, including about 500 young men in grades 9 to 12, receive financial aid.
By completing the transaction with St. Benedict’s Prep, Investors’ Commercial Banking has demonstrated how its products and services meet the financing needs of many not-for-profit organizations in New Jersey and New York.
In discussing the alliance with St. Benedict’s Prep, Investors Bank Chairman and CEO Kevin Cummings said, “Both of our organizations share similar values and missions to serve local communities in ways that produce positive and substantial long-lasting changes. We also see education as a way to transform students’ lives during their school years and as adults when they engage in life-long learning.”
Mr. Cummings added, “With our commercial banking products and services, we can supply structured financing solutions for nonprofits so they can make investments in training, technology, facilities and their teams – all of which help nonprofits continue their mission of service.”
Discussing the partnership, St. Benedict Prep’s Headmaster Father Edwin D. Leahy, O.S.B. ‘63, said, “We are humbled and grateful for the many generous gifts we have received from Investors Bank and its charitable Foundation. The actions by the Investors’ organizations, its executives and team members reinforce the principal messages that we bring to our students about the value of leadership, community and service.”
Investors has developed strong bonds that connect with St. Benedict’s Prep in many ways – among them:
- Mr. Cummings is a member of the School’s Board of Trustees,
- Investors’ V.P. and District Manager Omari Frazier, Class of 1991, serves as President of the School’s Alumni Association, and
- Investors Foundation has arranged multi-year funding grants for the School.
Leaders and executives at not-for-profit organizations may be briefed about Investors Bank’s Commercial Banking products and services for nonprofits by contacting Mark Noto, Head of Commercial Banking, at Mnoto@investorsbank.com. The commercial banking team has offices in Newark, Robbinsville and Short Hills New Jersey as well as in New York City and on Long Island.
About Investors Bank
Investors Bank, headquartered in Short Hills, New Jersey, is a full-service commercial bank that has been serving customers since 1926. With over $27?billion in assets and a network of more than 150 retail branches, Investors Bank delivers personalized services and products tailored to the needs of its customers. Investors Bank’s banking services include complete deposit, loan and treasury management products for consumers and businesses. The Investors Bank website is https://www.investorsbank.com/
Investors Bank: Member FDIC and Equal Housing Lender.
About St. Benedict’s Prep
St. Benedict’s Prep prepares boys and girls in and around Newark to fulfill their potential as emotionally mature, morally responsible and well-educated citizens. Operated by the Benedictine monks of Newark Abbey since 1868, St. Benedict’s offers a rigorous curriculum that sharpens the mind, shapes the character and nourishes the spirit. To learn more, visit sbp.org.