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The Provident Bank Approves $400,000 Commercial Mortgage Loan To Support Congregation Temple Beth-El of Jersey City Renovations, Restoration

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febrero 12, 2016

The Provident Bank Approves $400,000 Commercial Mortgage Loan To Support Congregation Temple Beth-El of Jersey City Renovations, Restoration

The Provident Bank recently approved a $400,000 commercial mortgage loan for Congregation Temple Beth-El, the oldest continuously operating Jewish congregation in Hudson County. The loan will support a sanctuary building renovation capital campaign that includes replacement of the Temple’s roof, restoration and stabilization of surrounding masonry, and various panel replacements.

“Thanks to Provident Bank, as now we can continue to grow our congregation where differences are celebrated, history is honored, and new ideas are welcome,” said Rabbi Debra Hachen of Temple Beth-El. Kay Magilavy, Temple Beth-El President added, “The capital campaign is off to a strong start, with more than $1 million in pledges already committed toward our $3 million goal. Provident Bank’s timely loan will enable us to replace the roof immediately and protect our magnificent sanctuary while we fundraise for the rest of the project. Our new relationship with the team at Provident Bank is certainly a blessing.”

Temple Beth-El is a Reform Jewish congregation, which has been long known for the friendliness, enthusiasm and community involvement of its members. Diversity is considered one of their strengths and the joint religious school serves families from half-dozen cities along the Western bank of the Hudson River. Although membership has grown and contracted many times during the congregation’s long history, reacting to demographic changes in the neighborhood and surrounding areas, the current count is 170 families and reflects 42% growth over the past four years.

“We are very happy to be able to help support the renovation and rehabilitation of Congregation Temple Beth-El. As noted, the congregation has experienced growth and tightening during its long history but throughout, has persevered. We admire and share their commitment,” said Ed Galan, Senior Vice President and Team Leader of Provident Bank. “As so many of our customers know, we stand by the phrase ‘Commitment You Can Count On.’”

About The Provident Bank

The Provident Bank, (www.providentnj.com) a community-oriented bank offering “Commitment you can count on” since 1839, is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS), which reported assets of $8.91 billion as of December 31, 2015. With $5.92 billion in deposits, The Provident Bank provides a comprehensive suite of financial products and services through its network of branches throughout northern and central New Jersey and eastern Pennsylvania. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company.

About Temple Beth El

Temple Beth-El (www.betheljc.org) has been serving the progressive Jewish community in Hudson County for more than 150 years. The congregation’s beautiful synagogue on the corner of Harrison Avenue and Kennedy Boulevard in Jersey City has been its inspiring spiritual home since 1926. The congregation’s vision to become a “dwelling place” for liberal Judaism that is welcoming to all who wish to worship, study, celebrate and grow within the Jewish tradition. We are committed to a progressive Jewish vision of social justice and equality, and to the social activism needed to help make this vision a reality.

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