Pascack Community Bank of Westwood New Jersey continues to expand.

This new branch is coming up out of the ground. It is ironic that in the State of Georgia alone, there has been 94 regional banks close their doors and been taken over by the FDIC. This means hundreds if not thousands of branches. May be New Jersey has a better way. I wish them luck!

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There is an addition to Hillsdale’s streetscape, a new two story mix use retail shopping center and apartment building, located on Patterson Street, between Park Avenue and Orchard Street. The property is named Park Place. The brick constructed building has 10,000 sq. ft. approximately of retail shopping space on the ground floor and ten 1 and 2 bedroom apartments on the second floor.  It is conveniently located, 2 blocks from train and bus transportation.

Park Place Hillsdale, New Retail and Apartment Buiding

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Richard

Durie Motors, Hillsdale NJ, site of new Bank

After nearly a century, Durie Motors of 210 Broadway, Hillsdale NJ, closes down. A used car dealer and auto repair shop will be replaced by a bank branch. Pascack Community Bank of Westwood, plans to open sometime in 2009, along with a branch in Rochelle Park. Founded in 2002, at 21 Jefferson Avenue in Westwood, NJ, it has been growing ever since.

In market psychology studies it seems that the major expansion of banks at an unprecedented level has shown the complete optimism they had. These extreme levels of optimism were an indicator of problems to come in the banking system.

As you drive around Bergen County and else where over the past few years, banks have opened up all over. The theory of extreme good begets a reverse in mood has prevailed again. With all the failures, mergers and takeovers now in the banking industry, I wonder which branches, new as they are, will be open in five years, or even two years. Was this a warning that they were chasing deposits or just had growth euphoria.

However, these small community banks like Pascack Community Bank may be a good place to be. For the most part, the small banks did not participate in the same game as the big banks and investment banks. I am not particularly endorsing any bank, please do you own do-diligence.

So, good bye Durie Motors. I guess it just a sign of the times, but where is it directing us to go.

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