Borough to award contract to lease finance building to Investors Savings Bank

Carteret, NJ – Mayor Reiman and Borough Councilman & Finance Chair Jorge Diaz have announced that a contract to lease a portion of the municipal finance building will be awarded to Investors Savings Bank.


According to the pending agreement, the Borough will receive $30,000 a year in lease payments from the corporate bank, who will offer its financial services from its new offices at the Borough “Annex.”


In the first local ordinance of the New Year, Mayor Dan Reiman and the Carteret Borough Council authorized the lease of a portion of the town’s municipal tax office for use by a commercial bank, subsequently issuing bid documents for distribution to interested financial institutions.


According to Reiman, the Memorial Municipal Annex will be a suitable location for many reasons, having first been constructed for use as a bank in the 1934, and subsequently housing Carteret Savings & Loans and then United County Trust, until the latter was bought out by a larger corporation. The property and structure were purchased by the Borough and in 1997 was opened for public use as the Municipal Tax Office, housing offices for property and sewer tax collection, Accounts Payable and Receivable, the Tax Assessor, Tax Collector, and Chief Financial Officer, all of which had formerly been located in Borough Hall.


The “trial” lease of 600-700 square feet to the highest bidder, including enough office space for 4-5 employees with 2 teller windows, a management area, and an ATM machine.


“We’re pleased to announce that such a reputable financial institution has foreseen the mutual benefits to their business and the Borough,” Mayor Reiman said, “and the conveniences that will become available to our residents. The potential benefits to the community were clear – we had substantial unutilized space in a structure intended for use as a bank, and the opportunity to further expand our commercial tax base. Having a financial institution and our tax services under the single roof will prove immensely convenient for Carteret residents.”

“We believe this to be the first such agreement in the state,” Councilman and Finance Chair Jorge Diaz added. “This contract will represent the kind of non-traditional thinking that generates additional revenue for the Borough, and which establishes lasting partnerships that will enhance living standards in Carteret.”

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