Mr. Mahoney currently serves as a Member of the Board of Directors and Chairman of the Audit Committee for Chimera Investment Corporation, an internally managed Real Estate Investment Trust (REIT), since 2010. To this role, he brings decades of financial experience in a number of significant roles. From 1994 to 2007, he served as Senior Vice President-Investment Services of Columbia Bank in Fair Lawn, NJ. During his time with the bank, he was responsible for the management, development and expansion of alternative investment products into the retail and commercial sales forces such as mutual funds, insurance products, and various brokerage and wealth management services. Mr. Mahoney was also responsible for the overall administration and coordination of the retail bank’s delivery system as well as implementing new and existing products with a focus on quality service within a sales culture environment. Additionally, he took the lead on research, analysis, and implementation of all new branch offices as well as the renovation of existing facilities. Due to his efforts, Columbia Bank increased its number of branch offices from 20 to 33, renovated 14 others and increased the ATM network from 3 to 33 within 6 years. While with Columbia Bank, he also served as a member of the Asset/Liability, Pricing, and Education Advisory committee.
From 1988 to 1991, Mr. Mahoney was Executive Vice President, Chief Operating Officer and a Member of the Board of Directors of First Atlantic Federal Savings in South Plainfield, NJ. Major highlights of his time as EVP-COO included recruiting to restructure the overall operations and profitability of the organization while remaining responsible for financial management, data information systems, consumer lending, retail banking, mortgage banking, human resources, marketing, and facilities management. Known for his affinity for openness of communication between management and employees, innovative ideas were nurtured and implemented. Additionally, he initiated a new organizational structure in order to create consolidated reporting lines in both directions, and implemented an effective cost accounting and budget system to maximize cost control and measure profitability in each product and servicing area. He is also credited with substantially reducing overall operating expenses to be more in line with profitable peer groups, and creating a strategic plan with cost center goals and objectives that were workable and duly accomplished. During this period, Mr. Mahoney also served as a Director of Cowger & Miller Mortgage Company in Louisville, KY.
Mr. Mahoney’s first professional role in the financial industry upon his graduation from Roanoke College in 1965 with a BA in economics and business administration was that of Executive Vice President/Treasurer and Chief Financial Officer of Carteret Savings Bank in Morristown, NJ. From 1965 to 1988, he was responsible for treasurer’s and controller’s duties which incorporated managing portfolio assets in excess of $4.3 billion or 71% of total assets and approximately $1.6 billion in wholesale liabilities or 26% of total assets. In addition, he managed all accounting, taxes, budgeting, cash management, hedging, asset/liability analysis, as well as all debt and equity financing. In his 23 years with Carteret, he was exposed to every area of responsibility within the organization with particular emphases on retail banking.
Mr. Mahoney’s skill set was further enhanced when he completed Fairleigh Dickinson University’s Financial Planning Program in 1992, the University of Illinois at Urbana-Champaign’s ABA Graduate School of Bank Investments in 1980, Southern Methodist University’s American Bankers Association’s School of Bank Investments in 1977, and the U.S. League of Savings Institutions’ Financial Management Program, in 1976. Mr. Mahoney also earned a Graduate Diploma from the American Savings and Loan Institute in 1970. He is a former member of the New Jersey Chapter of the National Association for Business Economics, the New York/New Jersey Chapter of the Financial Managers Society for Savings Institutions, Inc., and the Bond Club of New Jersey.
Born in Perth Amboy, NJ in 1941 to John (Jack) Mahoney and Clara S. (Ferretti) Mahoney, Dennis M. Mahoney has been married to Ellen Duschock since 1973. They have a daughter, Susan A., and a son, Dennis E.
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