COVER STORY
Banking on Business: A
Conversation with NJBankers
Chairman Thomas J. Shara
“Banks will provide the capital businesses need to ramp up production or rehire a workforce,”
explains Shara, president and CEO of Lakeland Bank.
By Diane C. Walsh
Contributing Editor
Thomas J. Shara, the new chairman of the
New Jersey Bankers Association (NJBankers),
spoke with COMMERCE about the
banking industry’s role in our nation’s recovery
from the COVID‐19 pandemic and the economic
upheaval it caused.
With 39 years of banking experience, Shara
brings a unique perspective. He was recently
installed as head of the banking association,
which functions as the industry’s advocate in
the Garden State. Since 2008, he has also been
president and CEO of Lakeland Bank, which
has more than $7 billion in assets.
New Jersey banks have approved more than
125,000 applications from businesses seeking
relief through the Paycheck Protection Program,
resulting in more than $17 billion in loans.
Banks are crucial in rebuilding the New Jersey
economy, Shara says, emphasizing, “They have
an opportunity and a responsibility to provide
the financial lifeline that is indispensable for recovery.”
Here are his thoughts on the industry
and how it is banking on business.
COMMERCE: What role are New Jersey banks
playing in the economic recovery from the pandemic?
THOMAS J. SHARA: There’s been a tremendous
amount of damage economically and emotionally
and, with the continued uncertainty of
the pandemic, it will be a rough road ahead. It’s
going to take time and resilience to get back
on track. Unlike the economic collapse of 2008
when the financial industry was in the spotlight
for the cause of the crisis, this time banks will
play a key role in driving the economic recovery.
Heading into the pandemic, banks were financially
sound and many will be in a strong position
to help move us forward.
I expect New Jersey banks to continue to work
with consumers and businesses who may need
assistance in the months ahead. This year may
be a challenge for many businesses, but banks
will be able to provide access to the capital they
are going to need, whether that’s to fund the inventory
needed to ramp-up a business or rehire
a workforce.
Equally important will be the need for banks
to serve as knowledgeable and trusted partners
to help businesses weather this storm. Many
businesses do not have access to the expertise
Getty Images/iStockphoto
Thomas J. Shara is the new chairman of the
New Jersey Bankers Association and president
and CEO of Lakeland Bank.
and guidance of a board of directors, but bankers
can help support their clients by maintaining
a constant and open dialogue. We can suggest
clients review business models, recommend the
need to diversify sales channels and help identify
ways to use digital banking channels to better
manage their cash flow.
New Jersey banks have a deep commitment to
helping our communities grow and prosper and
they will continue to support the non-profit sector
to help meet the overwhelming demand for
assistance. Lakeland Bank is proud to be a pillar
of strength in the community and will do whatever
we can to contribute to the well-being of those
that have been most impacted by the pandemic.
We strongly believe it is our duty to help build
neighborhoods that are healthy and vibrant.
Q. How did the Paycheck Protection Program affect
New Jersey banks?
A. Individually and collectively, New Jersey’s
banks have acted with leadership, compassion
and determination to protect the health and
Continued On Page 24
22 COMMERCE www. commercemagnj.com