Vernon investors put their money where their town is

VERNON-In September, the new Highlands State Bank will be opening its doors to the public. The charter hearing before the banking commission is scheduled for July 25 in Trenton. The new bank headquarters building in Vernon is located on Route 94, just short of the Route 515 n Route 94 intersection. The stone facing, peaked roofline and earth-toned colors give a foretaste of the architectural style that will characterize the new town center, for which the groundbreaking took place on July 8. Although the site still is barren of vegetation, George Irwin, the new bank's president, says the building exterior is nearly complete, and the plumbing and electrical system is in place. Workers now are installing the sheetrock inside the building, as well as doing other finishing work. Irwin's vision for the bank is to provide the people of Vernon a higher level of quality, personal service and convenience than any other local bank can offer. "When people come in, I want them to say, ‘Wow, that was a very different experience,'" he said. Irwin began his career in banking in 1962, and came out of retirement to help get the new bank off the ground. So far, the original group of 24 organizers has raised $3.1 million, which is just over half of the legally mandated $6 million the bank must raise to open for business. "We need to raise $2.9 million more to satisfy the $6-million requirement," Irwin said. "We hope to raise $10 million and we think we're being realistic in believing we can." Bank organizers said they are seeking additional investors to raise the remaining capital. The minimum investment is $5,000. Local homebuilder Bruce Zaretsky is the likely CEO of the bank and one of its chief investors. Zaretsky, who could not be reached for comment, is a well-known figure in the Vernon residential-building market. His latest project is a new development in the Vernon High neighborhood. A Vernon resident for more than 30 years, Zaretsky has been a builder and developer for about 17 years. He also is associated with Greenwood Homes Inc., in Unionville. Deputy Mayor Janet Morrison is one of the 24 bank organizers. Morrison says she invested in this bank because she feels the establishment of a locally owned bank is a special opportunity. "I believe in Vernon and its potential, and this bank could not be in a better location than in the midst of the new town center area," she said. "But I also know the philosophy of the bank board and its commitment to making Highlands State Bank the premier community bank in the area.  I'm proud to have my name associated with a venture that is innovative and daring and really reflects my hopes and dreams for the entire town center project.." The bank is the first new building in the town center that will be centered around a new Main Street being built now to connect Route 94 at Church Street with Route 515 at the A&P shopping plaza. Morrison said she hopes that its liberal use of stone on the exterior and its high gabled roof will set a tone for other development in the center. The new bank is up against stiff competition. The Sussex Bank, which has eight branches in Sussex County including one on Church Street in Vernon near the municipal building, also is locally managed and independent. With a little under $218 million in deposits, Sussex bank has captured about 11 percent of the market share in Sussex County. The new bank is now soliciting investors.  For a prospectus or other information, call bank president George Irwin at 973-764-3200, or E-mail him at GIrwin@HighlandsStateBank.com.