John Allen, President & CEO, Ascendia Bank

In an interview with Invest:, John Allen, president and CEO of Ascendia Bank, said that strategic growth and personal relationships are at the heart of Ascendia’s mission in a rapidly evolving economic and digital landscape. “It’s clear that digital transformation is no longer optional. Banks of all sizes must adopt digital tools to stay competitive, especially when they operate in markets with national or global banks that have vast marketing and tech budgets,” Allen added.

How has the last year been for the company?

Ascendia Bank is positioning itself for substantial growth. We’re a five-branch bank located in northern New Jersey – a highly advantageous market given its concentration of wealth, income, and population diversity. It’s also the most densely populated state in the nation, so we see plenty of opportunity here. Ascendia Bank has locations in three counties: Bergen, Passaic, and Essex. Last year was quite strong for us, and I believe this upcoming year has the potential to be even better.

What trends, either among your clients or across the industry, stand out to you right now?

In general, our customers are seeking a combination of good value and firm community ties. They’re looking for banking partners who can offer a broad set of solutions at reasonable prices – and who know their market extensively. And of course, they want this market savvy to coincide with access to capital that suits their specific needs. Interest rates and employment conditions also continue to be top-of-mind for many customers. They want to grow their businesses and support their employees, but there’s still concern about inflation.

How will New Jersey’s economy perform moving forward, and what role will community banks play in supporting local economic resilience?

It’s difficult to paint New Jersey’s economy with a broad brush, especially considering its multi-factor diversity. We have everything from large corporations to small mom-and-pop shops, comprising a wide range of income levels, industries, and demographics across cities and towns. That said, overall, New Jersey’s economy remains strong, especially when compared to other regions.

Community banks like Ascendia are uniquely positioned to support small and midsized businesses. We offer not only ample capital but grounded guidance, investment tools, and a variety of deposit products. As businesses grow, we help them access the ideal financial tools to manage their broadening operations. We also work directly with individuals. 

What’s rewarding about this work is the close connection we have with the leaders shaping the local economy. We see the impact firsthand when we help someone secure an optimal loan or find a savings product that best suits their needs.

How have factors like high interest rates, tariffs, and shifting borrowing patterns impacted the broader banking environment?

Starting with tariffs, they’ve increased the cost of imported goods, so consumers are getting less for their money. Even some companies that produce goods domestically have raised prices, compounding the cost crunch.  

However, over the past few years, inflation has caused the most adverse economic effects. While tariffs can have some economic offset – such as generating revenue to reduce national debt – inflation erodes the purchasing power of the dollar, which hits lower- and middle-income families the hardest.

Inflation has outpaced wage growth for many, and that’s a real challenge for consumers and businesses alike.

Have you seen any shifts in the mortgage space in recent months?

The purchasing power of the dollar has dropped across nearly every goods and services category – and housing is certainly no exception. Home prices rose sharply during COVID,  and there continues to be a dearth of affordable housing throughout much of New Jersey.

Community banks can play a role in addressing this by offering more favorable mortgage rates, as well as assisting customers with government programs that support down payment assistance or cater to income-qualified buyers. These initiatives can help more people access homeownership, even in a tight market.

As more consumers adopt a digital-first mindset, what trends are you seeing, particularly in New Jersey?

Digital transformation is no longer optional. Banks of all sizes must adopt digital tools to stay competitive, especially when competing with national or global banks who have vast marketing and tech budgets. Community banks like Ascendia are partnering with financial technology firms and IT providers to expand our offerings while ensuring efficiency and security.

We’ve also seen increased use of artificial intelligence, mobile banking, and cloud-based services. That said, our competitive edge remains in the personal touch. While larger banks lean heavily on automation, we can offer the human element — meeting customers face-to-face, understanding their long-term goals, and providing them with tailored solutions. When a customer calls our bank, a real person answers the phone and having local branches in the communities we serve both highlight this human element.

How is Ascendia approaching cybersecurity and educating customers about potential risks in this digital environment?

Safety and soundness remain our top priority.  We partner with IT experts to safeguard all digital infrastructure. At every meeting, we touch upon cybersecurity to various degrees. And when selecting vendors, one of our first questions concerns their security protocols.

We also participate in programs from the American Bankers Association, like the “Banks Never Ask That” campaign, to educate consumers about potential scams. Our staff regularly guides our customers to help them avoid fraud and manage their finances safely – especially if they’re unsure about a suspicious email or phone call.

How is Ascendia investing in employee development?

I’m glad you used the word “investing.” I used that exact term when talking about our team. During my first month, I held one-on-one meetings with every employee to learn about individual goals, challenges, and ideas. I also shared my own background and vision.

At Ascendia Bank, education is a recurring theme – a literal work in progress. Managers are instructed to look for and share training opportunities with their team members. We offer to fully or partially cover educational programs that help our employees grow, and focus on timely feedback, fair compensation, and open communication.

Hiring is challenging across all industries right now, given slow population growth and demographic shifts. When we have openings, we rely heavily on our employees’ networks, which works well for us. It’s about being proactive, responsive, and continually investing in our people.

How involved is Ascendia in local initiatives or outreach?

Ascendia Bank is highly active in the community. For example, we participate in local events like Glen Rock Day, which we either sponsor or set up a table to share information about our services. I recently spoke to a former colleague who lives in Glen Rock and mentioned a job opening. We’re always looking to connect people through our network.

We also support various causes, including the arts, through financial donations. Giving back is part of who we are as a community bank.

Over the next three to five years, what are Ascendia’s top priorities, and how do they align with a sustainable vision for community banking in New Jersey?

The biggest challenge, and priority, is navigating inflation. While it’s come down recently, it will always be a factor. Our goal is strategic, smart growth. That means attracting robust depositors and building relationships with reliable borrowers.

We want to grow our balance sheet in a sustainable way so we can absorb rising costs, whether that’s for insurance, IT, or regulatory compliance. As we grow, we create more job stability for our employees while offering more products and services to our customers.

That said, we are not looking to unnecessarily take on long-term risk to satisfy short-term financial goals.  Being a lending institution, credit quality always matters, regardless of the economic environment. 

All in all, we’ll always focus on making sound decisions that benefit both the bank and the communities we serve.