Indus American Bank

NRI opened South Asian bank in New Jersey, USA

New Jersey, January 06, 2006
Ramesh Malhotra

NRIs, non-resident Indians opened the first community bank in New Jersey, US called Indus American Bank to serve NRIs. It is a wholly owned subsidiary of IA Bankcorp.

In Nov 20, 2004, Indus American Bank founded in New Jersey by Deepak Khanna & Meenu Khanna, Sharad & Lalita Wagle, Anil & Kumud Bansal, Pankaj & Sheetal Kapur, Amita Desai & Tom Birch, Umesh & Sonia Gidwani, Baleshwar & Ina Khanna, Andrew & Valerie Krieger

Dr. Sharad Wagle- Co-Chairman, Kevin M. Lenihan- President & CEO,
Anil Bansal- Co-Chairman of Indus American Bank

• In Dec 2004, Kevin Lenihan joins as the President and CEO of Indus American Bank
• In Aug 2005: Stock offering of $11.5 million
• In Nov 2005: Raised $12.5 million in Private Placement Offering
• In Dec 2005: Received Final Charter approval from State of New Jersey Dec. Received Final FDIC approval
• In Dec 2005: Opened the doors for business
  
  Indus American Bank is strong and secure and is one of the first commercial bank focused on serving the South Asian community. Headquartered in Iselin, New Jersey, Indus American Bank operates a full service branch in Iselin and plans to expand to other cities in New Jersey. Indus American Bank has been founded specifically to serve the needs of the South Asians, one of the fastest growing segments of the Asian ethnic group over the coming decade. Presently, Indus American Bank serves both the business as well as the retail customer. Indus American Bank specializes 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 main-stream banks. Indus American Bank's focus is to establish and maintain long term relationships with its customers by creating mutually beneficial relationships built on trust and integrity. The Banks' employees believe personal attention is of utmost importance when delivering sound, friendly and professional financial services that exceed customers' expectations. Indus American Bank employees are empowered to think outside the box to deliver comprehensive financial services.

Indus American Bank will have a staff who will serve NRI customers in Hindi, Gujarati, Punjabi, Malayalam, Sindhi and English.

 

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