Victor M. Richel Joins Board of CSI-NJ

The Common Sense Institute of New Jersey announced today that Victor M. Richel has been elected to its board. Mr. Richel is the Chairman, President, and CEO of the Richel Family Foundation. Additionally, he is Chairman, President & CEO of Dominion Partners, a financial investment, real estate partnership, and consulting organization that provides consultation to banks and companies throughout the world; and Chairman of Westminster Properties, a development company and licensed New Jersey new home builder and property management group.

Earlier in his career, Mr. Richel held a number of positions in the banking industry. He was Vice Chairman of the Board at Independence Community Bank Corp., before its sale to Sovereign Bank in June of 2006. Previously, he served as Chairman of the Board and Chief Executive Officer of Statewide Savings Bank. Subsequently, he was appointed Chairman of the Board, President, and Chief Executive Officer of Statewide Financial Corporation upon its formation as the holding company for the bank. He served on the Board of Directors of the bank from 1985 on and its predecessor beginning in 1974. Mr. Richel was appointed to the Banking Advisory Board of the New Jersey Department of Banking and Insurance in 1996 - nominated by then Governor Christine Todd Whitman. He has also served on the board of Thrift Institutions Community Investment Corporation of New Jersey (TICIC), as well as the Board of the New Jersey Savings League.

In addition to CSI•NJ, other philanthropic commitments include serving as Chairman of the Board of Trustees at Trinitas Regional Medical Center, and its parent organization Trinitas Health. Mr. Richel is also currently the Chairman of the Board at Union County College a position which he had held since 1995.

“Vic’s vast experience in non-profit management combined with his business acumen and passion for improving New Jersey’s economy make him a great addition to our growing team of board members and trusted advisors,” notes Jerry Cantrell, President and Chief Executive Officer of CSI•NJ.