First South Asian Community Bank Launched

L to R: Mayor Frank Pelzman, Anil Bansal, Co-Chairman, Mayor Jun Choi, Kevin Lenihan, CEO, and Consul General of India Neelam Deo cut the ceremonial ribbon to open the bank.

Iselin, New Jersey: Much to the enthusiasm of the community members, Indus American Bank, the first South Asian community bank in the United States, was formally launched with a grand opening on January 15, 2006.
Such was the turnout of the South Asian community in this Central, New Jersey locality that the grand weekend launch in itself resulted in new bank deposits of approximately $1 million.
In his opening remarks, Kevin Lenihan, CEO of Indus American Bank, who has over 30 years of community bank experience said, “The presence of hundreds of dignitaries and people at the inaugural function – despite adverse weather conditions – and dozens of people standing in queue to open the account itself indicate that the long felt need of the South Asian community for its own bank.”
The Mayor of Woodbridge, Frank Pelzman, formally opened the bank for the public in a ceremonial ribbon cutting ceremony, at its first branch located on Oak Tree Road, Iselin – the heart of the South Asian community in Central New Jersey.
“This is quite an auspicious occasion. It is a great opportunity for the community of the area specially the business people to have a bank they can call home,” said Pelzman.
Newly elected Mayor of Edison, Jun Choi, was simply amazed at the turnout of the community for the event. Praising the South Asian community, he said: “This is a community that brings so much entrepreneurship and values in terms of not only just in economics field but also culture and so many other areas that contributes so much to our regional economy.”
Addressing the gathering, the Mayor of Perth Amboy and NJ Assemblyman Joseph Vas said: “This in many ways reflect an important period of time in the Indus American community in the corridor of Edison and Woodbridge.” He said the arrival of community bank in an area tell a very important message that those dollars are going to stay within the community, which is recycled in creation of jobs in the community.
Vas appreciated the efforts of the Woodbridge Township and the Council in this regard.




Editor: Akhtar M. Faruqui
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