A group of local stakeholders is launching the first credit union in the country to lend exclusively to farmers and food entrepreneurs. Maine Harvest Credit Union is seeking a state charter in order to provide specialized loans and mortgages to boost Maine’s growing agricultural economy, which consists of over 8,000 farms, $3.8 billion in sales and 24,000 jobs.
The regulatory relief party may be over in Congress, but credit union trade groups do not seem terribly upset about the results of midterms.
Lowe’s Companies Inc. is closing its store in Orange along with 50 others in the U.S. and Canada, according to its website.
One Romanian national was sentenced and two Romanian nationals plead guilty earlier this week in federal court in Boston in connection with an ATM skimming scheme operating throughout Massachusetts and other states including Connecticut, New York and South Carolina.
While in college at the University of Pittsburgh, Robert Cerminaro wanted to become a professional baseball player. But after those dreams ended, he joined the big leagues of banking and didn’t look back.
Growth at the parent company of New Canaan-based Bankwell Bank was minimal in the third quarter, as the company reported net income of $4.9 million, or $0.62 per share, compared to $4.3 million or $0.55 per share for the same period in 2017.
Competitive pricing continued to slow growth at the parent company of Hartford-based United Bank in the third quarter of 2018.
Although preliminary numbers for September show a total loss of 500 jobs for that month, the August numbers were revised upwards from 1,100 jobs to a total gain of 3,300 jobs.
Strong growth in commercial and industrial loans and health savings accounts continued to bear dividends for the parent company of Webster Bank, which reported a profitable third quarter.
Perhaps the only state-chartered bank in Connecticut with a current African American CEO and president is being accused of discriminating against African-American and Latino residential mortgage applicants.
While Bank of America continued to increase its deposit market share in the state of Connecticut, other large banks lost ground on an annual basis, according to recent FDIC data.
The Connecticut Department of Banking is now wondering if one of the state’s recently passed requirements for consumer financial service providers is consistent with federal law.
Community banks in urban areas hold more assets and tend to be larger, but have consistently been out-performed by community banks in rural areas.
For the last three decades, Richard Welch has held a variety of roles in the insurance industry in Massachusetts and Connecticut.
Credit union trade groups are pushing back against proposed legislation from Sen. Elizabeth Warren (D-MA) that would potentially wrap some credit unions under the Community Reinvestment Act.
Ten years after the collapse of Lehman Brothers and the beginning of the financial crisis, the banking industry in Connecticut has changed dramatically.
Glastonbury-based fintech Payrailz has formed a major partnership with a top 20 credit union in the country.
Layoffs at Farmington Bank were only a matter of time after it was announced earlier this year that the bank would be acquired by People’s United Bank. But those layoffs are now much closer to reality.
Danbury-based Union Savings Bank is planning to reorganize into a mutual holding company, a move that could pave the way for a future merger or expansion of the bank’s offerings.
The new $1 billion MGM Resorts International casino opened in Springfield will be credit positive, Moody’s Investor Service said Tuesday.