Client Review on 1st Colonial Bancorp, Inc.

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This bank is the most unprofessional financial institution that I have ever dealt with in my 17-years of entrepreneurship. Paul S. Chafchun was hired Nov2018; he is the most arrogant, sarcastic, condescending individual that you would ever expect to be working in a loan department of a bank. He pressured me into closing out my Business Line of Credit (LOC) to instead open a Home Equity Line of Credit (HELOC); Under his guidance we closed the Business Line of Credit. When I expressed frustration in having to complete another application he said, “I will fill out the application for you. Please sign and e-mail it to me.” That sounded extremely unprofessional and concerning that he wanted me to sign a blank financial document and he would later insert data. Instead, I completed the application and submitted the application for the Home Equity Line of Credit only to learn that the Bank would not provide the HELOC due to the fact that the property was owned by a Limited Liability Company (LLC). The bank already knew the property was owned by an LLC and so should have Mr. Chafchun. Due to Mr. Chafchun’s inadequacies and inattentiveness, to our specific situation, resulted in our company being left in limbo. When this issue was brought to his attention, he basically stated he could care less and told us that we could find another bank. When we inquired about using another property as collateral to secure a HELOC Mr. Chafchun repeatedly ignored my emails and phone calls, all of which I have documented. When I pressed the issue, I finally received a phone call at which time he told me that he had spoken to the Directors within the bank and they decided to “take a pass” on providing us loans. Now keep in mind, not only have we never missed a payment but just in the calendar year 2018 we paid an estimated $52,000 in interest, and this was the treatment we received. I wanted to share my experience with the President, Gerard Banmiller; I left a message but he never returned my call. From the onset there were warning signs which I should have heeded but instead I settled and tolerated it only because my accountant had referred this institution. Some examples are: the hours are terrible, they demanded that I open checking accounts with their bank and they charge not only a $10 a month Maintenance fee but also a fee for each transaction made; its not the amount that was charged but just the principle. The online banking features are absolutely horrible and so frustrating to say the least; the website is antiquated and far from user friendly. They required a 2nd Property Appraisal despite the fact that they had already obtained one just two years prior. Their appraisals come in MUCH lower than other lenders. We had appraisals from other lenders which were considerably higher and in fact the appraisal they obtained even came in much lower than the appraised value of the County Tax Assessors Office. So, if you are looking for a bank to yield you the highest value for your property then clearly this bank will not do you any justice. This bank also likes to nickel and dime you by inserting hidden fees so be sure that you read all the fine print. Their rates are variable and, in my assessment, tend to be ¼ % higher than their competitors. In summary, with my Credit Score, my history of making on time payments, my projected future earnings, multiple businesses you would think this small community bank would be salivating for my business. However, Mr. Chafchun literally laughed me off the phone and told me to find another lender. His pure arrogance and disdain for my due diligence of fully understanding the internal and federal policies was too much for him to handle. In the end, his lack of intellect and his lack of people skills resulted in not only me finding a new Lender but also my Accountant, which is a very large South Jersey firm, has decided to pull all of their business from this lender because they too have reached their threshold and instead will be referring their customers to other lenders. Buyer Beware!