Stuart Coven

Stuart Coven, who was a long-time banking and real estate entrepreneur in NJ passed away April 29, at his home in Boca Raton, FL. He had a wonderful life of 94 years.

He grew up in the city of Paterson, NJ during the Great Depression. After his graduation from Colgate University and the University of Pennsylvania School of Law, events changed his life goal of practicing law and he became a successful entrepreneur in the world of banking and real estate.

Stuart’s father died suddenly in his late 40s when Stuart was 24 years old and enlisted in Officer Candidate School with the US Air Force during the Korean War. He was discharged early as sole supporter of his family and with little experience, took over his father’s businesses, which at the time included a mortgage company, a savings and loan and a commercial bank as well as retail and residential real estate holdings. For his first task he finished construction and opened the Elmwood Stores shopping center in Elmwood Park, NJ, which was the first strip mall built on the east coast. During the course of his business career he surpassed his father’s legacy achieving many milestones including founding Suburban Savings and Loan Association which grew to become the second largest savings and loan in NJ until its merger with Anchor Savings; founding Suburban Coastal Corp. which became the nation’s fifth-largest mortgage banking company with 45 offices in 15 states until its sale to Chase Manhattan Bank and founding Residential Financial Corp, another mortgage banking company which later became a part of Valley National Bank (NJ). Along the way he also built Financial Computer Corp which sold banking branch automation systems and equipment to many of the Savings and Loans in NJ and was sold to ADP, continued to manage his father’s real estate holdings and developed new garden apartments and office buildings.

He was an avid golfer and a member of Boca Rio Golf Club in Boca Raton, FL for 48 years and was also a fixture at the Gin table.

He was an advocate of higher education and established the Stuart ‘48 and Lois Coven Scholarship Fund at Colgate University, which has funded the education of countless students who otherwise could not have attended Colgate. He was delighted that his grandchildren Eliza and Kyle graduated from his alma mater, Colgate University; his grandson Riley entered law school and his granddaughter Ava began her first year of college.

He was married to his beloved wife Lois for 66 years. They met by a chance introduction in Florida. They bought their first home in Upper Montclair, NJ where they lived for 50 years and made annual trips together to The Greenbrier, Dorado Beach and the Boca Raton Hotel.

He is survived by his wife Lois Coven of Boca Raton, FL, sister Roberta Pearlman of New York, NY and sons Robert Coven of Greenwich, CT who continues to manage the family Real Estate portfolio and wife Tricia Coven, Richard and Paula Coven of Tiburon, CA and grandchildren Kyle Coven of Washington, DC, Eliza Coven of New York, NY, Riley Coven of Dallas, TX and Ava Coven of Tiburon, CA.

Donations in his memory can be made to the Stuart ’48 and Lois Coven Scholarship Fund at Colgate University.

Fond memories and expressions of sympathy may be shared at www.riversidestanetsky.com for the Coven family.