Essex County Commissioners Bank Review Committee Day 1

The Essex County Commissioners Bank Review Committee met on November 9, 2026, to review the community lending, grants, services, and county deposit relationships of PNC Bank, TD Bank, and ConnectOne Bank. PNC reported nearly $2 million in 2025 community-development loans and about $789,000 in county investment overall; TD reported $26 million in community-development loans and $1.18 million in grants, including housing awards to Newark-area organizations; ConnectOne reported $40.6 million in community-development loans in 2025 and $97.6 million during the first nine months of 2026. ConnectOne also reported small-business lending of $7.7 million in 2025 and $7.2 million through September 2026. The committee discussed county deposits of approximately $28.7 million at PNC, $43 million at TD, and $6.9 million at ConnectOne. A finance representative said county bond sales are conducted through competitive bids, not by randomly selecting or negotiating with a bank.

Commissioners emphasized that banks should make grant and lending application information easier to find, particularly for smaller nonprofits, arts and cultural groups, and community-development projects. They requested follow-up materials, including direct application links and contacts, grant-recipient details, event flyers, and information on foreclosure prevention and REO-property disposition. TD described a new funding framework directing 70% of philanthropic giving to jobs and workforce development, housing affordability, and entrepreneurship, with other initiatives such as arts remaining eligible for support; its Housing for Everyone competition has a November 24 deadline. No procurement award, spending motion, or vote was recorded. The committee also noted that Citizens Bank accounts had been closed as part of bank consolidation and that staff were seeking a way to close a small Bank of America account tied to federal wire transfers.