Bailout Bank Bio: Somerset Hills Bancorp

Aug 7, 2009 | 2 min read | Print Article

Somerset Hills Bancorp operates as the holding company for Somerset Hills Bank, which provides commercial banking services primarily in Somerset, Morris, and Union Counties of New Jersey. The company’s deposit product line includes personal and business checking accounts, certificates of deposit, time deposits, money market accounts, and savings accounts. It also offers various loan products comprising commercial, consumer, and mortgage-lending products, as well as residential mortgage products primarily to the small-to-medium sized businesses, high net worth individuals, professional practices, and consumer and retail customers. In addition, the company offers insurance services; securities brokerage and investment advisory services; and title agency services. As of March 31, 2009, it operated six banking offices, including a main office located in Somerset County; four branch offices located in Morris County; and one branch office located in Union County, New Jersey. The company was founded in 1997 and is based in Bernardsville, New Jersey.

On January 16, 2009, Somerset Hills Bancorp received $7.4 million in preferred stock with warrants under the Capital Purchase Program. The company returned the funds in full on May 20, 2009.

Federal Equity Investment	$7.4 million
Total Revenue	$16.84 million (2008)
Net Income	$1.56 million (2008)
Number of Employees	56
Corporate Headquarters	Bernardsville, NJ
Business Sector	Banking
Officers and Directors	Mr. Stewart E. McClure Jr., Vice Chairman, Chief Exec. Officer, Pres, Chief Operating Officer, Director Other Officers and Directors
Corporate Website	http://www.bankofsomersethills2.com
Executive Compensation	Somerset Hills Bancorp