FOR IMMEDIATE RELEASE: April 23, 2002
FOR FURTHER INFORMATION: MARY CAFFREY or MARY COZZOLINO (609) 292-5064

TRENTON- Holly C. Bakke, Commissioner of Banking and Insurance, announced today that corporate and regulatory attorney H. Robert Tillman is her designee for the post of Director of Banking for the Department.

"Today, I am proud to announce Robert Tillman as my choice to be New Jersey’s Director of Banking. Robert, a celebrated corporate and regulatory attorney and founder of the New Jersey Urban Bankers Association, brings a wealth of knowledge and enthusiasm to the post."

The Commissioner noted Tillman’s private sector experience as a valuable asset to the Department. "Through his corporate experience, Robert learned first hand the challenges and opportunities for New Jersey banks. For nearly two decades, he has successfully met these challenges and capitalized on those opportunities. I am pleased that he has decided to share his expertise with our State and agreed to assume the helm at the Division of Banking."

In addition to his extensive corporate experience, Tillman also brings with him a deep dedication to community, Bakke said. "As one of the founders and a former president of the New Jersey Urban Bankers Association, he has worked tirelessly to ensure that investment in New Jersey’s urban centers remains strong. His experience with public-private partnerships will certainly contribute to the Governor’s efforts to build a vibrant urban economy in our state."

Speaking about his own expertise and commitment to urban revitalization, Tillman added. "I share our Commissioner’s determination to spark investment and grow opportunities in our state’s cities," he said. "Through my work with the New Jersey Urban Bankers Association, I have seen the power of what investment can do in our urban communities to revitalize neighborhoods and build a healthy economy. One of my chief objectives will be to forge these partnerships statewide."

Speaking about the current economic climate, Commissioner Bakke said, "In these tough economic times, when New Jersey’s state-regulated banks are working to remain competitive, it is essential to pursue innovative strategies to encourage competition, while maintaining consumer protection standards. Robert Tillman is uniquely suited to that charge. In the private sector, Robert has developed an impressive track record of implementing systems and developing policies that serve the New Jersey consumer."

Tillman is a former vice president of Merrill Lynch, where he helped increase deposits eight-fold within one year and implemented community development strategies meeting corporate and regulatory objectives. He previously served as vice president of Summit Bancorp, where he developed policies to prevent money laundering and protect consumer privacy.

He remains an advisory member of the New Jersey Urban Financial Services Coalition, formerly known as the New Jersey Urban Bankers Association, and also serves as an advisor to the Metropolitan Trenton African American Chamber of Commerce. Tillman has also served as a director of the American Corporate Counsel Association NJ Chapter, chair of the State Bar High School Mentor program, co-chair of the New Jersey Economic Opportunity Conference, a member of the New Jersey Supreme Court Task Force on Minority Concerns, and a member of the Banking Law Section of New Jersey State Bar. He is a graduate of Boston University and Cornell Law School.