Page 6 - CooperatorNews New Jersey Spring 2022
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6 COOPERATORNEWS NEW JERSEY   —SPRING 2022  NJ.COOPERATORNEWS.COM  Industry Pulse  PULSE  Events  CooperatorEvents NJ Expo Returns to   the Meadowlands  nj-expo.com  CooperatorEvents New Jersey Expo   returns to  the  Meadowlands Exposition  chairman and chief executive officer, says  leadership team and assumes the role of  board to transition to unit-owner major-  Center on Wednesday, June 8, 2022, from  of the merger, “This is a transformation-  10:00 a.m. to 4:00 p.m. We have an excit-  ing lineup of exhibitors eager to interact  brings together two companies with deep  chief credit officer with CIT.  in person, covering every aspect of mul-  tifamily living—from board governance,  not just creating a bigger bank—we’re cre-  financial planning,  and community  en-  gagement to roof repair, energy man-  agement, and landscape design. Like our  ens the communities we serve. Comple-  past in-person Expos, the CooperatorEv-  ents New Jersey Expo 2022 will include  many associates on our teams who have  financing, railcar financing, treasury and  corporation, or other planned real estate   a full day of free seminars, networking,  worked so diligently to get us here.”   and more. And as always, registration   and attendance are FREE to all! Visit  Bank’s retail franchise  and  full  suite of   www.nj-expo.com   to see who’s exhibit-  ing, get more information, and register  commercial lending and direct digital   as an exhibitor or an attendee. This will  banking, according to the release.   be a must-attend event for all condo, co-  op,  and  HOA  board  members,  property  will initially operate as divisions of First   managers, residents, and real estate pro-  fessionals in the Garden State! We look  stitutions will be able to continue to bank   forward to seeing you there!   Mergers &   Acquisitions  CIT & First Citizens Complete Merger  CIT Group Inc. announces via press  and operations will take place. “In the   release the completion of its merger with  long term, all our customers will get even   First Citizens BancShares Inc., parent  more services, more ways to manage their   company  of  First-Citizens  Bank  &  Trust  money, and more places to find us,” Hold-  Company. The combined  company now  ing adds.   operates under the First Citizens Bank   name.  Based in North Carolina, First Citizens  the role of vice chairwoman of First Citi-  also operates in New York; New Jersey;  zens (along with current First Citizens   Pasadena, California; Omaha, Nebraska;  vice chairwoman Hope Holding Bryant)   Phoenix, Arizona; Jacksonville, Florida;  and will serve on the First Citizens Board   and Columbia, South Carolin, among  of Directors. The board now consists of 11   other locations. With more than $100 bil-  lion in assets, according to the release,  current First Citizens directors and three  was when the statute of limitations would   First Citizens is now in the top 20 U.S.  former CIT board members—Alemany,  start running and it could not be tolled—  financial institutions based on assets and  Michael A. Carpenter, and Vice Admiral  or paused—until the time when unit own-  the largest family-controlled bank in the  John R. Ryan, USN (Ret.).  nation.   Frank B. Holding Jr., First Citizens  a member of the First Citizens executive  tial completion of a development for a   al milestone in our 124-year history. It  served as executive vice president and  against the clock for this type of litiga-  traditions of service and excellence. We’re   ating an even better bank—one that helps  in 22 states and a national direct bank  the six-year period had lapsed.   more people in more places and strength-  tion of the merger is a testament to the  market banking,  equipment and  vendor  a condominium association, cooperative   The merger combines First Citizens  and asset management.  banking products with CIT’s nationwide   CIT,  CIT  Bank, and  OneWest  Bank   Citizens Bank, and customers of these in-  as they normally do. For now, notes the   release, they will be served through their   current branches, websites, mobile apps,   bankers, and advisors.   Over the coming months, a series of   conversions to First Citizens’ systems   Ellen R. Alemany, former chairwoman   and chief executive officer of CIT, assumes   In addition, Marisa J. Harney is now   chief credit officer. Harney previously  ity, the ruling in   The release states that First Citizens  developers to stall sales of sponsor units   now operates more than 600 branches  in order to maintain board control until   while also offering commercial financing,   community association banking, middle  period of time for the filing of a claim by   payments services, and capital markets  development association against a devel-  Law & Legislation  Law Clarifies Statute of Limitations   Start for Construction Defect Claims   In  the   National Law Review  ,  attorney   Andrew J. Podolski of the Princeton of-  fice of law firm Stark & Stark writes that   Governor Phil Murphy signed a bill into   law that codifies the date at which the six-  year statute of limitations starts to run by   which a condo, HOA, or co-op can bring   a  construction  defect  claim  against  the   developer as the date of “Transition”—  i.e., the first election when unit owners   take majority control of the association or   corporation board.   While Transition had been considered   the traditional start date for the statute   of limitations to run, it was not “black   letter law”—or law that had been put in   the books, so to speak. The issue became   confused in 2017, Podolski writes, when,   in the case of   Palisades at Fort Lee Con-  do. Ass’n, Inc. v. 100 Old Palisade, LLC,  the New Jersey Supreme Court held that   substantial completion of construction   ers took control of the association board.   Since it often takes years after substan-  Palisades   created a race   tion. Moreover, it potentially encouraged   The new legislation provides that: “The   oper or any person acting through, on be-  half of, or at the behest of the developer    . . . shall be tolled until an election is held   and the owners comprise a majority of the   board….”  Podolsky notes that the law takes effect   immediately. While it applies to construc-  tion defect matters currently in litigation,   it does not apply to prior matters that   have already been dismissed based on the   statute of limitations. It also does not af-  fect the separate statute of repose, which   provides that all construction defect   claims must be brought within 10 years of   substantial completion. The statute of re-  pose cannot be tolled or extended under   any circumstance.  Awards &   Recognition  Magid Receives Hall of Fame Award   from CAI-NJ   As reported in   StreetInsider  , First-  Service Residential vice president James   Magid, CMCA®, PCAM®, is the recipient   continued on page 26   COOPERATOR EVENTS  EXPO  2021  WHERE BUILDINGS MEET SERVICES   EVERYTHING FROM “A”  (ACCOUNTING SERVICES)  TO “W”   (WINDOWS)   (Sorry, no zebra trainer this year.)  MEADOWLANDS EXPO CENTER, SECAUCUS — WEDNESDAY, JUNE 8, 10–4   FREE REGISTRATION: NJ-EXPO.COM


































































































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