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									     A lower court dismissed the              including restrictions on bankers’
complaint, but an appellate panel             salaries and a requirement to pay a                                             ECONOMIC INDICATORS
reinstated it. But the state’s highest        special dividend to the federal
court, ruling only on the CFA compo-          Department of the Treasury. As
nent, unanimously concluded that
securities are not included within
                                              a result, some banks started to
                                              rebel against the conditions earlier                              New Jersey Class B Office Vacancy
CFA’s definition of “merchandise.”            this year.
     There are no plans to appeal,                  Valley is paying about $75.2 mil-       13.4%
according to Lee’s lawyer. – Martin C. Daks   lion, including accrued and unpaid
                                              dividends, to repurchase the shares.          13.2%
                                                                                                                                                                                           13.0%                13.0%
Another bank                                        In April, Vineland-based Sun
                                              Bancorp Inc. paid $89.9 million to
                                                                                            13.0%                                                                      12.9%
backs out of TARP                             buy back shares the bank sold to              12.8%                                                   12.7%
                                              Treasury under TARP; in late May, the
Perhaps history books will someday            bank paid another $2.1 million to             12.6%                               12.5%
call it “The Folding of the TARP.”            buy back stock warranties that were                           12.4%
      Valley National Bancorp last            sold to Treasury.
week repurchased more than $75                      In March, Franklin-based Sus-           12.2%
million of the $300 million in                sex Bancorp announced it would not
preferred stock it earlier issued to          sell $9.9 million of preferred stock to       12.0%
the U.S. Treasury under the federal           Treasury, despite being approved to                          2008 Q1             2008 Q2            2008 Q3             2008 Q4             2009 Q1              2009 Q2*
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