Kearny Financial in Fairfield, N.J., created a new business line to collect deposits.
The $7.8 billion-asset company said in a press release that, during the third quarter, it formed a nonprofit and independent education banking team. “This initiative broadens access to attractive relationship-based funding sources and further diversifies our deposit franchise,” Craig Montanaro, Kearny’s president and CEO, said in the release.
The company also said its quarterly earnings rose by 39% from a quarter earlier, to $10 million.