Tri-Co FCU Hires Banking Veterans for New Business Lending Group

RANDOLPH, N.J. – Tri-Co Federal Credit Union has launched its Business Lending Group to cater to members who own small, home-based and mid-sized businesses. The $125 million credit union has hired Margaret Frey as vice president of lending/chief lending officer for the new division. Frey is a 35-year commercial banking veteran and a former Summit/Fleet and Commerce Bank executive. Gerald Reiner has also been hired as the division’s new assistant vice president/senior business lending officer bringing more than 30 years of commercial experience. He is a former business lender at Lakeland Bank here. “Our membership has been patiently waiting for member small business services for a couple of years,” said Michael Prettyman, Tri-Co’s president/CEO. “But we didn’t want to rush into something unprepared.” Tri-Co’s 15,000-member base consists mainly of employees of boards of educations and colleges in the tri-county area here as well as Morris, Sussex and Warren county employees. Prettyman said based on research conducted by the credit union, many of its members have small, home office businesses and so far, Tri-Co’s business banking products have sparked interest from more established firms that it serves. “It is a niche we’ve discovered that banks don’t always fill,” Prettyman said. “The response has been encouraging.” IRS, Treasury Picks Banking Industry for Tax Resolution Program WASHINGTON – The IRS and Treasury Department have selected the banking industry as a candidate for the Industry Issue Resolution (IIR) Program. The IIR reviews complex business tax issues to provide consistency and clarity for affected taxpayers, according to the IRS. The banking industry issue involves how lending institutions should determine interest income on “non-performing” loans. There are different book and tax accounting standards for when a loan becomes “non-performing” for purposes of determining interest accruals. The issue was submitted by the American Bankers Association and KPMG, according to the IRS. “These are issues that can be resolved up front for all affected taxpayers so that they do not become contested issues downstream during tax audits on a case-by-case basis,” said Deborah Nolan, IRS large and midsize business commissioner. Launched in 2000, the IIR has worked with a number of businesses to resolve tax laws including restaurants, gas stations, day-care providers, health-care providers, cable television and car dealerships.