by Marie Browning
The New York Real Estate Journal named Richard Spengler, Chief Lending Officer of Investors Bank, as its Executive of the Month for March. Since joining the bank in 2004, Spengler made rapid, significant, and positive changes at Investors Bank, one of the first of which was guiding the bank’s entrance into the commercial real estate (CRE) and multifamily housing markets.
Today, Investor’s portfolio of CRE and multifamily housing loans is valued at $7 billion. Spengler established the bank’s CRE group wherein he hired experienced senior loan officers, underwriters, and other key personnel to create a solid team. Under Spengler’s leadership, Investors opened CRE/multifamily lending offices including in New Jersey, Long Island, Delaware, Connecticut, Pennsylvania and Maryland to serve its growing client base. The year 2013 showed in Investors’ CRE with 695 commercial mortgage transactions completed ranging from $1 million to over $50 million. In total, these financial agreements are valued at $2.37 billion. According to CRE news media, Investors consistently ranked among the “Top Ten” commercial mortgage lenders in the past year.
Spengler didn’t just focused in recruiting stellar members of the bank’s CRE group, he also prioritized building relationships with potential CRE borrowers. Investors Bank’s CEO Kevin Cummings and COO Domenick Cama showed their support by having regular meetings with commercial real estate developers, building owners, real estate investors, and firms in the multifamily housing industry. This gave an impression to clients that they have direct access to the bank’s top management people, making it easier for them to forge a relationship with the bank.
Aside from building a strong CRE lending portfolio, Spengler’s strong drive and passion helped Investors evolve from being a local savings bank with $5 billion in assets to become a regional growth company with $15.56 billion in assets. That’s more than 200% growth in a span of 10 years.