Banking and Lending
AG Tong Blasts M&T’s Bridgeport Layoffs
By Diane McLaughlin | August 3, 2021 | Reprints | Unlock Link
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.
Bankwell, Salisbury Increase Quarterly Dividends
By Diane McLaughlin | August 2, 2021 | Reprints | Unlock LinkNew 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.
Connecticut Minimum Wage Increased to $13 an Hour Sunday
By The Associated Press | August 2, 2021 | Reprints | Unlock LinkMinimum wage earners in Connecticut just got a raise.
Webster Bank Merger On Track
By Diane McLaughlin | July 30, 2021 | Reprints | Unlock LinkThe 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.
MA Bank Launches Insurance Subsidiary in Partnership with Insuritas
July 30, 2021 | Reprints | Unlock LinkMassachusetts-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.
Biden to Allow Eviction Moratorium to Expire Saturday
By The Associated Press | July 29, 2021 | Reprints | Unlock LinkThe Biden administration announced Thursday it will allow a nationwide ban on evictions to expire Saturday.
SBA to Launch PPP Forgiveness Portal for Smaller Loans
July 29, 2021 | Reprints | Unlock LinkThe 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 Bank Parent Reports Second Quarter Income of $1M
July 29, 2021 | Reprints | Unlock LinkPatriot 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.
Citizens Bank to Acquire NJ-Based Investors Bank
By Diane McLaughlin | July 28, 2021 | Reprints | Unlock LinkProvidence-based Citizens Financial Group Inc. has agreed to acquire New Jersey-based Investors Bancorp Inc. in a deal valued at $3.5 billion.
People’s United, M&T Merger to Bring Nearly 750 Layoffs in CT
By Diane McLaughlin | July 26, 2021 | Reprints | Unlock LinkM&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.
Report: New COVID Travel Restrictions ‘a Real Possibility’
July 26, 2021 | Reprints | Unlock LinkThe 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 On Track to Complete People’s United Deal
By Diane McLaughlin | July 23, 2021 | Reprints | Unlock LinkM&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.
US Jobless Claims Rise to 419K from a Pandemic Low
By The Associated Press | July 22, 2021 | Reprints | Unlock LinkThe 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.
Berkshire Bank Continues to See Positive Earnings
By Diane McLaughlin | July 22, 2021 | Reprints | Unlock LinkA 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.
OCC Drops Trump-Era CRA Reform
By Diane McLaughlin | July 21, 2021 | Reprints | Unlock LinkThe 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 Payveris Launches P2P Service
July 20, 2021 | Reprints | Unlock LinkCromwell-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.
People’s United Sees Earnings Increase 90 percent
By Diane McLaughlin | July 19, 2021 | Reprints | Unlock LinkIn 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.
FHFA Spikes Adverse Market Fee
By James Sanna | July 16, 2021 | Reprints | Unlock LinkThe 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.
Foster to Lead TD Bank’s Retail Market in Connecticut
July 16, 2021 | Reprints | Unlock LinkTD Bank has named Monté Foster as its new retail market president for Southern New England, including Connecticut.
Powell Takes Heat from Warren on Bank Regulations
By The Associated Press | July 16, 2021 | Reprints | Unlock LinkFederal 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.
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