LAKEWOOD, N.J. — Dime Community Bank opened the first branch in its 162-year history located outside New York State in Lakewood, following Apple Bank into one of the fastest-growing markets in New Jersey.

Dime, founded in 1864, opened at 500 Boulevard of the Americas. Apple Bank opened its Lakewood branch in April 2025 at 140 East Kennedy Boulevard, its third location in New Jersey. Both now operate alongside national lenders already established in the township, including TD Bank and JPMorgan Chase.

More banks may soon follow.

“More banks are flirting with Lakewood now and looking to open up here as well,” said Duvi Honig, founder and CEO of the Orthodox Jewish Chamber of Commerce. “We are proud of our achievements.”

The draw is a population growing faster than anywhere else in the state. Lakewood recorded the largest population increase of any municipality in New Jersey between 2010 and 2020, expanding 45.6%, according to U.S. Census data. The Census Bureau estimated the township’s population at 141,985 residents in 2024, making it the fourth-most-populous municipality in New Jersey. Ocean County has also ranked among the nation’s faster-growing counties.

Behind that growth is one of the highest birth rates in America. Lakewood posted a birth rate of 36.1 births per 1,000 residents in 2023, the highest of any municipality in New Jersey and more than three times the statewide average of 10.9. The township recorded 5,420 births in 2024, more than any municipality in the state and approximately 5.3% of all births in New Jersey, exceeding Newark’s 3,895 births and Jersey City’s 3,842 births. Nearly half of Lakewood’s residents are under age 18.

That young and expanding population sits atop a substantial commercial economy. According to federal economic data, Ocean County generated approximately $31.7 billion in economic output during 2024, up from roughly $24 billion in 2020.

The Lakewood Industrial Park, one of the largest industrial complexes in New Jersey, spans more than 2,000 acres and approximately 200 buildings. The complex is associated with more than 10,000 jobs and approximately $2 billion in annual business activity, while serving as Lakewood’s largest commercial taxpayer.

Commercial growth has accelerated alongside residential expansion. Steven Reinman, Lakewood’s director of economic and industrial development, has described the township’s transformation into a major corporate and professional hub fueled by substantial Class A office development. Commercial real estate brokerage Avison Young reported that Ocean County maintained a 5.8% office availability rate, among the lowest in New Jersey.

Major employers continue to anchor the local economy, including Church & Dwight, which manufactures household brands such as Nair and Orajel at its Lakewood facility.

For banks, the attraction is straightforward: a rapidly growing population, large families, active real estate development, thousands of small businesses, and a significant nonprofit sector generate ongoing demand for deposits, mortgages, commercial lending, and treasury management services.

Dime, a New York State-chartered bank with approximately $15 billion in assets, cited Lakewood’s expanding commercial base in selecting the township for its first location outside New York. Apple Bank similarly pointed to the area’s growing residential and business communities when it entered the market last year.

State leaders have also recognized the region’s economic importance. In 2018, State Senator Robert Singer introduced legislation designating the second Monday of May as New Jersey Economic Development Day. The initiative originated with the Orthodox Jewish Chamber of Commerce and Duvi Honig and was signed into law in 2019, creating an annual statewide focus on economic growth, business expansion, and job creation.

Local officials expect the expansion to continue, pointing to an Ocean County population that could eventually surpass one million residents, with Lakewood serving as a principal driver of that growth.

For now, Dime’s arrival — following Apple Bank’s move into the township last year — reinforces what an increasing number of financial institutions already see: Lakewood has become one of New Jersey’s most attractive banking markets, and the next bank announcement may not be far behind.

JBizNews Desk

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