News & Press Releases

Bob Davis Looks Forward to Opening New Bank in City

By ED SALVAS, 12/14/07

REPRINTED BY PERMISSION OF THE COASTER, Monmouth County’s Community Newspaper

Coaster Photo: The Community Bank of Asbury Park plans to open in The Griffin building in the spring at the corner of Cookman and Grand Avenues.

Ask anyone in Asbury Park, including longtime city residents, when the last new bank opened in the city and no one can say for sure.

That’s all the more reason the soon to open Community Bank of Asbury Park is significant, say city officials.

The new bank will be the fourth branch of the seven year old Rumson-Fair Haven Bank and Trust Company and will occupy space on the ground floor of The Griffin, the four-story retail and condominium building under construction at Cookman and Grand Avenues.

“In my estimation, it’s the first new bank in Asbury Park in 40 years,” said Tom Gilmour, Asbury Park’s director of commerce, adding “It’s a great economic indicator for the city of Asbury Park.”

Bob Davis, president of the Rumson-Fair Haven Bank, is no stranger to the area or to the banking business. A 25-year veteran, he joined the Rumson-Fair Haven Bank in 2003 as the bank was transitioning from being a private bank catering to high net worth clients to a full service community bank. Realizing the original concept wasn’t working, Davis set out to change the business model and grow the bank to compete with the banking goliaths that resulted when regional and national chains gobbled up smaller local banks. He says opening a branch in Asbury Park is something he’s wanted to do for some time.

“We watched Long Branch, and we were keeping an eye on Asbury Park,” Davis said, “and we liked what we saw.”

He cites the growing business and retail community in Asbury Park and the number of condos that are being built in the redevelopment area.

“Millions of dollars have been spent” in Asbury Park he said, “and we’re starting to see results. Asbury is going to work.” He credits city officials for helping speed the approval process for the new bank, especially Gilmour and City Manager Terry Reidy. The bank has already done business in the city, most recently signing on to finance the new Asbury Park Design Center being developed by Robert Legere and Steve Troy.

The design center will be located between the Griffin and the Robert Legere Home Furnishings store on Cookman Avenue.

The Rumson-Fair Haven Bank provided the original financing for Robert Legere Home when the store opened in a desolate downtown Asbury Park. Davis says Legere and Troy “really took a chance” in opening their store at that time. But Davis is also aware that Asbury Park is an urban center with the same problems that any urban center faces. On the positive side, he cites strong growth in home ownership in the city and he has praise for the new Asbury Park High School Principal, Tyler Blackmore, and his efforts to turn around the troubled high school.

The new bank will be known as the Community Bank of Asbury Park according to Davis who anticipates opening around April 1, 2008 in 2,700 square feet on the ground floor of the Griffin.

The bank will have “an easy to get to urban design,” and will target the business community. Bank officials have already arranged with the Federal Small Business Administration to operate an “SBA Express” loan application service to make loans to local businesses for up to $350,000. Davis also plans to draw on local business people to help attract clients through a six-member “Business Development Council.” He’s also tapped a local business, Knockout Graphics, to handle the bank’s marketing.

Davis says part of the bank’s growth strategy is to use the name of the individual community for all future branches, and they plan to have six offices by 2010. He says the bank currently has about $135 million in deposits toward a goal of $250 million. He says a bank branch needs between $15 and $20 million to be profitable.

For Davis, who grew up in Ocean Grove, the new Asbury Park bank marks his return to business in the Asbury Park area where he owned Bob Davis’ Restaurant in Loch Arbour for several years in the 1980’s.

After graduating from Neptune High School in 1963, Davis went on to the University of Virginia to earn a degree in Economics. He was the second round draft pick of the Houston Oilers in ‘67 and spent three years as quarterback of the team, moving to the New York Jets and then the New Orleans Saints in ‘73 and eventually to the World Football League.

His 25 year banking career began at the former Ocean County National Bank in the early 1980’s and included stints at Summit Bank and United Jersey Bank.