2 unchanged sentences
The Company has also elected to become a financial holding company pursuant to regulations of the Board of Governors of the Federal Reserve system (the "FRB").
−Removed: The Company was organized at the direction of the Board of Directors of the Bank for the purpose of acquiring all of the capital stock of the Bank.
+Added: The Company was organized at the direction of the Board of Directors of the Bank for the purpose of acquiring all the capital stock of the Bank.
Pursuant to the New Jersey Banking Act of 1948 (the "Banking Act"), and pursuant to approval of the shareholders of the Bank, the Company acquired the Bank and became its holding company on December 1, 1994.
24 unchanged sentences
and (c) principal and interest payments deferred until the date on which the SBA remits the loan forgiveness amount to the borrower’s lender or, alternatively, notifies the lender no loan forgiveness is allowed.
−Removed: If the borrower did not submit a loan forgiveness application to the lender within 10 months following the end of the 24-week loan forgiveness covered period (or the 8-week loan forgiveness covered period with respect to loans made prior to June 5, 2020 if such covered period is elected by the borrower), the borrower would begin paying principal
−Removed: and interest on the PPP loan immediately after the 10-month period.
−Removed: The Company originated $143.0 million in PPP loans and as of December 31, 2020 it has $118.3 million in PPP loans outstanding.
+Added: If the borrower did not submit a loan forgiveness application to the lender within 10 months following the end of the 24-week loan forgiveness covered period (or the 8-week loan forgiveness covered period with respect to loans made prior to June 5, 2020 if such covered period is elected by the borrower), the borrower would begin paying principal and interest on the PPP loan immediately after the 10-month period.
+Added: The Company originated $143.0 million in PPP
+Added: loans during the year ended December 31, 2020.
+Added: As of December 31, 2021, the Company had $1.9 million in PPP loans outstanding.
On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the “Economic Aid Act”) became law.
1 unchanged sentence
The extension included an authorization to make new PPP loans to existing PPP loan borrowers, and to make loans to parties that did not previously obtain a PPP loan.
−Removed: The Company is participating in the newly extended PPP, and will originate loans under the extended program.
−Removed: Loans originated under the extended PPP will have substantially the same terms as existing PPP loans.
+Added: The Company originated $101.0 million in PPP loans under the Economic Aid Act.
+Added: As of December 31, 2021, the Company had $44.6 million of PPP loans originated under the Economic Aid Act outstanding.
Service Areas
2 unchanged sentences
The Bank’s North Plainfield, Somerset and Somerville offices serve those communities located in the northern, eastern and central parts of Somerset County and the southernmost communities of Union County.
−Removed: The Bank’s Scotch Plains, Linden, and Union offices serve the majority of the communities in Union County and the southwestern communities of Essex County.
+Added: The Bank’s Scotch Plains, Linden, and Union offices serve most of the communities in Union County and the southwestern communities of Essex County.
The offices in Middlesex, South Plainfield, Highland Park, and Edison extend the Company’s service area into Middlesex County.
31 unchanged sentences
The BHCA requires, among other things, the prior approval of the FRB in any case where a bank holding company proposes to;
−Removed: (i) acquire all or substantially all of the assets of any other bank;
+Added: (i) acquire all or substantially all the assets of any other bank;
(ii) acquire direct or indirect ownership or control of more than 5% of the outstanding voting stock of any bank (unless it owns a majority of such bank’s voting shares);
52 unchanged sentences
A QCBO failing to satisfy these requirements must comply with the Basel III requirements as implemented by the New Rules.
−Removed: The numerator of the CBLR is Tier 1 capital, as calculated under the New Rule.
+Added: The numerator of the CBLR is Tier 1 capital, as calculated under the New Rules.
The denominator of the CBLR is the QCBO’s average assets, calculated in accordance with the QCBO’s Call Report instructions and less assets deducted from Tier 1 capital.
77 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.