Just Opened: NJM Bank's new Hammonton location follows the value philosophy of its parent company

Business: NJM Bank

Location: 840 12th Street (Route 54), Hammonton

Owner: New Jersey Manufacturers Insurance Co.

Phone: 877-NJM-BANK

Employees: Five

NJM Bank is a federal savings bank that provides many services for consumers and business, said Patrick Breslin, director of corporate communications for the bank's

parent company, New Jersey Manufacturers Insurance Co. For consumers, there is checking, savings, certificates of deposit, home mortgages and home equity loans, while for businesses there are also commercial real estate loans.

"The value provided by NJM Bank is similar to what the insurance company offers," Breslin said. "Over a long period of time, we maintain low expenses and quality service, and the banking and insurance services are delivered in the same way."

He said NJM Bank, like the insurance company, will only have the three offices it now has with the Hammonton location. The others are in Parsippany and Trenton.

"For insurance and banking, most customers will be serviced by Internet, telephone and mail, but with offices people can come to if they wish," he said.

Deposit and loan rates are very competitive "over the long haul ... although people could shop around and at any given moment find something better," he said.

"And we still have a real, free checking account and no plans to change it," Breslin said.

One reason NJM Bank can keep fees low, he said, is because it doesn't have an expensive network of ATMs. "We rebate to our customers the ATM fees they would pay by using other banks' ATMs, up to $8 a month," a cost-effective solution for NJM Bank and customers, Breslin said.

NJM got into banking in 1999 with the goal of extending that service to its existing insurance customers, but others are welcome as well, he said.

Breslin said the company doesn't expect to open additional branches, but will hold a grand opening celebration featuring Philadelphia Flyers legendary goaltender Bernie Parent, left, from 10 a.m. to 2 p.m. May 14.

Free refreshments, Camden Riversharks ticket giveaways and drawings will complete the festivities.

Business editor Kevin Post