| Business Summary | | West
Essex
Bancorp,
Inc.
is
the
federally
chartered
holding
company
for
West
Essex
Bank
(the
Bank).
The
Bank
is
a
community-oriented
savings
institution
whose
business
primarily
consists
of
accepting
deposits
from
customers
and
investing
those
funds
primarily
in
mortgage-backed
securities
and
mortgage
loans,
secured
by
one-
to
four-family
residences
located
in
the
Bank's
primary
market
area.
To
a
significantly
lesser
extent,
the
Bank
invests
in
commercial
real
estate
loans,
multi-family
loans,
construction
and
land
development
loans
and
home
equity
loans,
as
well
as
consumer
loans
and
obligations
of
the
federal
government
and
federal
agencies,
along
with
states
and
municipalities.
The
Bank
conducts
its
business
through
its
administrative
and
branch
office,
located
in
Caldwell,
New
Jersey,
and
seven
other
full-service
branch
offices,
all
of
which
are
located
in
the
Northern
New
Jersey
counties
of
Essex,
Morris
and
Bergen. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | West
Essex
Bancorp
is
a
bank
holding
company
for
West
Essex
Bank,
F.S.B.,
a
federally
chartered
bank
with
eight
offices
in
New
Jersey.
For
the
six
months
ended
6/30/01,
total
interest
income
rose
1%
to
$12
million.
Net
interest
income
after
loan
loss
prov.
fell
3%
to
$5.4
million.
Net
income
fell
11%
to
$1.5
million.
Results
reflect
increased
interest
paid
on
deposits,
reduced
fees
and
service
charges
earned,
increased
personnel
expenses
and
lower
real
estate
gains. | More
from
Market Guide: Significant
Developments |
| | | | FY2000 Pay | |
| Leopold Montanaro, 61 Chairman,
Pres, CEO | $494K | Dennis Petrello, 50 CFO,
Exec. VP | 200K | Charles Filippo, 60 Exec.
VP | 220K | Craig Montanaro, 34 Sr.
VP, Sec. and Treasurer | 138K | Dollar amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|