Sussex Forms Residential Lending Unit

Sussex Bancorp, Franklin, N.J., has announced the formation of a residential lending division that will act as an originator for secondary market investors, selling "substantially all" loans it originates.Samuel M. Chazanow, who was most recently an assistant vice president for an unnamed national mortgage lender, has been hired to head the division. "The formation of our residential lending division is another step in our efforts to produce fee income and make our company less dependent on net interest margin," said Donald L. Kovach, Sussex's chairman and chief executive officer. The company said it plans to market its residential loans in New York, New Jersey, and Pennsylvania. Sussex, the parent company of Sussex Bank, can be found online at http://www.sussexbank.com.