A bank serving the growing south Asian community in the New York-New Jersey area has opened its fourth branch.
The new branch of Indus American Bank was inaugurated in Jersey City, at Newark Avenue, a hub of Indian stores and restaurants. The banks three other branches are operating at Iselin and Parsippany in New Jersey and Port Chester in New York.
Kevin Lenihan, president and CEO of the bank, said on the occasion, "We are closer to our goal which is the growth and development of South Asian-American owned businesses."
The bank with its headquarters in Iselin also serves retail customers.
Inaugurating the Jersey City branch, Upenda Chivukula, deputy speaker of New Jersey Assembly, hoped that Indus American Bank would play a vital role in helping the South Asian community move forward. The community, he asserted, has a long history of creating wealth with sheer hard work and perseverance.
Deepak Khanna, chairman of the bank's board of directors, said their aim was to make Indus American a major banking operation in the Tri-state area for South Asian Americans.
Indus American Bank is a wholly owned subsidiary of IA Bancorp, Inc, founded in 2004 by South Asian businessmen and community leaders. The bank specialises in core business banking products for small to medium-sized companies with emphasis on real estate-based lending as well as all the other products that are offered by mainstream banks.