Business notebook: Money to loan

Warwick - Although there has been a daily drum beat by the national media about mortgage delinquencies, a rash of foreclosures, credit tightening and dwindling home sales, Rick Jones, Executive Vice President, Business Services for Provident Bank, believes the news is definitely not all that bad for the Hudson Valley. And despite the doom and gloom headlines, Provident Bank is ready and willing to help local businesses and residents make responsible decisions. “We’ll make more loans this year than last year and we plan to approve even more loans in 2008 than we did in 2007,” said Jones. “Our economy is strong, mortgage delinquencies in this area are very low and local developers did not make the mistake of building an oversupply of speculative homes. Besides, Provident, like most community banks in our area, has always avoided risky loans.” Jones explained that some of the current problems in the financial and home mortgage markets occurred because many large banks and mortgage lenders made more than a few poor decisions and then bundled and sold their loans to other institutions and Wall Street firms now holding financial instruments that have questionable value. “We keep and service our own mortgages,” said Jones. “When we approve a loan, we’re forming a long-term relationship and we have a vested interest in making sure the borrower has the right loan for his or her circumstances.” Jones explained that his bank is anxious to help local businesses and home buyers but it has always had a conservative policy. “We simply want to determine if you can make the payment now and also down the road if it’s an adjustable loan. We’re here to serve our community and we do not want to have unhappy customers.” On another positive note, Jones believes the Hudson Valley will escape the real estate problems experienced in other parts of the Country, especially the Sunbelt, where speculative activity drove up home prices to unrealistic levels. “This region has a strong underlying economy,” he said. “Job growth, especially in the high-tech sector, has been robust. Stewart International Airport is becoming a shipping hub and there has been a continuing economic boom in nearby New York City.” Headquartered in Montebello down in Rockland County, Provident Bank is an independent full-service community bank with 33 branches serving the Hudson Valley region, including the Village of Florida, the Village of Warwick and Warwick ShopRite. The bank offers a complete line of commercial, retail and investment management and trust services. “We are the largest lender of loans under one million dollars in Orange, Rockland, Ulster and Sullivan counties,” said Jones. “And we have plenty of credit available for those who qualify.” Café du diable It’s become a tradition for the staff at La Petite Cuisine, 20 Railroad Ave., Warwick, to entertain patrons this time of year by donning costumes for Halloween. Two years ago the theme was “Flower Children” and last year it was characters out of “Aunt Flo’s Diner.” On Sunday, October 28, however, the managers and staff were “devils.” Dressing up for fun doesn’t change the fact that La Petite Cuisine is one of the most popular restaurants in the Hudson Valley. When the weather is warm, day-trippers as well as local residents can sit outside and enjoy a French style breakfast with freshly baked croissants or a light lunch with a choice of soups, salads, sandwiches, crepes and homemade desserts. On cooler days, the indoor seating is comfortable, warm, cozy, and in full view of the kitchen. La Petite Cuisine is open Tuesday through Saturday from 10 a.m. to 4 p.m. and on Sundays from 9 a.m. to 4 p.m. Call 988-0988. Official grand opening The Country Life, 40 Main St., Warwick, has been open since this past August when it opened the doors just in time for “Ladies Night Out.” But on Saturday, Oct. 27, the new country home furnishings store held its Official Grand Opening. The well-attended affair was catered by The Landmark Inn serving wines from Warwick Valley Winery. The ribbon-cutting ceremony was held with Mayor Michael Newhard doing the honors along with Chamber of Commerce Executive Director Michael Johndrow. Reminder: Home for the Holidays This year’s all season event will kick off next Sunday, Nov. 18, with a downtown festive celebration from noon until 5 p.m. Visitors will find downtown shops decorated for the holidays and offering “open house” events with free refreshments and special offers. To make sure everyone is in the holiday spirit, there will be various fun events throughout the downtown area including music and Christmas caroling.