First Bank has announced that one of its community bankers has won the 2021 NJBIZ Forty Under 40 award as one of the state’s successful business leaders.
David J. DiStefano of Allentown, who is New Jersey Region President and First Senior Vice President, at First Bank, will be recognized during a virtual awards ceremony on Sept. 30, according to a press release.
He currently oversees all commercial banking activity in central and northern New Jersey, including 11 branches with approximately $1.5 billion in deposits and an additional $1.4 billion in commercial loans.
During DiStefano’s tenure, the commercial lender has delivered a 44% compound annual growth rate in total assets. It has been recognized as one of S&P Global Market Intelligence’s Best Performing Community Banks in the United States for its record of growth and profitability, according to the press release.
To promote growth, DiStefano reorganized his lending team, which includes 16 commercial relationship mangers, plus team members associated with the retail branch network. The decision flattened the structure and improved the bank’s “personal banker” model.
In 2020, his team increased net loan growth by $80 million and net deposit growth by $100 million in the New Jersey region, excluding any activity tied to the federal government’s Paycheck Protection Program, according to the press release.
DiStefano received the New Leaders in Banking Award from the New Jersey Bankers Association for his accomplishments and community service. He helped The Allentown Village Initiative with revitalization projects, created networking for other young professionals at various organizations and won the Top Fundraiser Award from Alex’s Lemonade Stand, where proceeds were directed to benefit research for children with Beckwith-Wiedemann Syndrome, according to the press release.