Home>Campaigns>Bank hasn’t sought to collect judgment, but Gilmore says he’s reached a settlement on defaulted loan

OceanFirst Bank offices in Toms River, New Jersey. (Photo: OceanFirst Bank).

Bank hasn’t sought to collect judgment, but Gilmore says he’s reached a settlement on defaulted loan

OceanFirst Bank hasn’t asked for sheriff’s sale to collect money ex-Ocean County GOP chairman owes

By David Wildstein, July 05 2022 2:38 pm

OceanFirst Bank does not appear to be in a rush to collect a judgment they obtained against former Ocean County GOP Chairman George Gilmore for an unpaid loan, even though a judge signed an order to help them seize some of his personal assets more than three months ago.

The Toms River-based regional bank obtained a $1.4 million judgment against Gilmore and his former law partner, Thomas Monahan, in January 2021.  Gilmore paid back a little more than $1 million, but still owes $359,236 to the bank.

OceanFirst has not filed the Writ of Execution signed by Superior Court Judge Robert Brenner on March 24 with the Ocean County Sheriff to begin a sheriff’s sale.

The sheriff who would move to sell Gilmore’s property is Michael Mastronardy.  The two are facing off in the July 7 election for Republican county chairman.

According to Gilmore,  after Brenner issued the writ, “settlement negotiations started and a tentative settlement has been reached.”

“Although (retiring Ocean GOP Chairman) Frank Holman is on the advisory board for the bank, he should not use bank information to try to further his political objectives,” Gilmore said.

But Holman pushed back on Gilmore’s statement.

“If George knows one thing well, it’s how to lie about his debts.  George knows members of an advisory board have no involvement or influence over debt disputes like the one he is in now.” Holman said.  “He owes the money, he spent it, he should pay it back.”

The president of the New Jersey Region, George Destafney, told the New Jersey Globe he was didn’t know why the writ hasn’t been executed.

“I don’ know anything about that,” Destafney said.

Another bank director, former New Jersey Lt. Gov. Kim Guadagno, did not respond to a text message on her cell phone seeking comment.  Gilmore endorsed Guadagno for the Republican gubernatorial nomination in 2017.

Guadagno was not the only OceanFirst official to decline to talk about the Glilmore loan./

“I have no comments about anything,” said Nicos Katsoulis, a member of the OceanFirst board of directors.

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