Banking and Lending
Connecticut Attorney General William Tong has written a letter to the CEOs of M&T Bank and People’s United Bank requesting information about the layoffs expected from the banks’ upcoming merger.
New Canaan-based Bankwell Bank and Lakeville-based Salisbury Bank saw second quarter earnings improve compared to the same quarter last year, and both banks increased their quarterly shareholder dividend.
Minimum wage earners in Connecticut just got a raise.
The merger-of-equals between Waterbury-based Webster Bank and New York-based Sterling National Bank remains on track, and the banks expect to complete the transaction early in the fourth quarter.
Massachusetts-based Martha’s Vineyard Bank this month partnered with East Windsor-based digital insurance platform Insuritas to launch Vineyard Sound Insurance, offering personal, commercial and ancillary insurance services to the bank’s customers.
The Biden administration announced Thursday it will allow a nationwide ban on evictions to expire Saturday.
The U.S. Small Business Administration will launch a portal next week that will let borrowers with Paycheck Protection Program loans of $150,000 or less apply for forgiveness directly through the SBA.
Patriot National Bancorp Inc., the parent company of Stamford-based Patriot Bank, reported net income of $1 million in the second quarter of 2021, compared to a net loss of $1.3 million in Q2 2020.
Providence-based Citizens Financial Group Inc. has agreed to acquire New Jersey-based Investors Bancorp Inc. in a deal valued at $3.5 billion.
M&T Bank’s acquisition of Bridgeport-based People’s United Bank will result in nearly 750 layoffs in Connecticut that will begin in October and continue for the next seven months, according to a notice filed with the state of Connecticut.
The state could bring back some travel restrictions to help curtail the spread of the highly contagious Delta variant of the coronavirus, Gov. Ned Lamont said.
M&T Bank’s acquisition of Bridgeport-based People’s United Bank remains on track, and M&T expects the transaction to close in the fourth quarter.
The number of Americans seeking unemployment benefits rose last week from the lowest point of the pandemic, even as the job market appears to be rebounding on the strength of a reopened economy.
A year after a multimillion-dollar goodwill impairment charge marked a period of turmoil at Berkshire Bank, the Boston-based bank had another quarter with positive earnings, as executives remain optimistic that a new plan to transform the bank will lead to growth.
The yearslong effort to update the Community Reinvestment Act will continue, this time with the three federal banking regulators working together, a move supported by both banks and community organizations.
Cromwell-based financial technology company Payveris has launched a peer-to-peer payment feature that the company said is a rival to Zelle, Venmo, PayPal and Cash App.
In the first full quarter since announcing in late February its sale to Buffalo-based M&T Bank, People’s United Bank saw earnings almost double compared to the same quarter last year.
The Federal Housing Finance Agency is offering a weekend present to loan originators looking for refinance business this summer by announcing the end to its Adverse Market Fee.
TD Bank has named Monté Foster as its new retail market president for Southern New England, including Connecticut.
Federal Reserve Chair Jerome Powell received strong criticism last week from two top Senate Democrats for policy decisions that they said loosened regulations on the largest U.S. banks.