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The Wall Street Journal quotes from a letter in which Menendez asks the Federal Reserve to approve the sale of First BankAmericano to JJR Bank Holding Co. of Brick. BankAmericano’s chairman was attorney Joseph Ginarte, who has contributed $30,000 to Menendez since 1999. The bank’s vice chairman was state Sen. Raymond Lesniak, a fellow Democrat from Union.
Menendez, the Union Hill, St. Peter’s College and Rutgers graduate, characterizes the request as a mistake.
His purpose, he said, was to support an Elizabeth-based community bank that mostly served Hispanics.
It was four years ago this month that Menendez ignited another firestorm after opponents showed that he rented property significantly below market value to North Hudson Community Action Corp., a nonprofit agency that they said he helped receive federal funds.
Federal prosecutors investigated the deal, subpoenaing records, but never revealed the outcome.
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