Banking and Lending
Citizens Closes Marijuana-Related Accounts; CA Proposes State Bank
Local news outlets are reporting that Citizens Bank last week told customers with connections to the marijuana industry that their accounts would be closed.
After Profitable Quarter, United Bank to Take More Conservative Approach
The parent company of Hartford-based United Bank reported strong profits in the first quarter of 2018, but is planning to take a more conservative approach for the rest of the year due to compressed credit spreads and a lower margin.
Freddie Mac Weekly Mortgage Rates
Treasury yields rose ahead of the release of the Fed’s Beige Book and speeches from New York Fed President William Dudley and Fed Governor Randal Quarles.
SI Bank & Trust Report Profits and Increase in Nonperforming Assets
The parent company of Willimantic-based Savings Institute Bank and Trust reported net income of $2 million, or $0.17 diluted earnings per share, for the first quarter of 2018, compared to $1.7 million, or $0.14 diluted earnings per share, for the first quarter of last year.
KeyBank Originates $47M in Mortgage Financing for Middletown Acquisitions
KeyBank Real Estate Capital originated a total of $47 million in Freddie Mac financing for the recent acquisition of Middletown Ridge and Middletown Brooke, a two-property multifamily portfolio.
Moody’s: Recent Federal Tax Legislation to Have Adverse Effect on CT
The recent federal tax legislation will have an adverse credit effect on local governments in the tri-state region of Connecticut, New York and New Jersey, according to a recent report from Moody’s.
Former Webster Bank CEO James Smith Will Not Run for Governor
Former Webster Bank CEO James Smith will not run for governor after his enrollment in the Republican Party missed the deadline to be considered a candidate in the August primary, according to The Hartford Courant.
CGB Foundation Invests in Multiyear Project to Revitalize Downtown Norwich
The Chelsea Groton Foundation will fund a multiyear project supporting the revitalization of Downtown Norwich through a Global City Initiative.
Citigroup Profit Beats on Strength in Consumer Banking, Equity Trading
Citigroup Inc. reported a higher-than-expected quarterly profit on Friday, driven by strength in its consumer banking business and a surge in equities trading.
Freddie Mac Weekly Mortgage Rates
Mortgage rates have been holding steady over the past two months.
Ion Financial Appoints Three to Board of Corporators
Ion Financial elected three new corporators.
JPMorgan Sued Over Fees for Cryptocurrency Purchases
JPMorgan Chase & Co. has been hit with a lawsuit in Manhattan federal court accusing it of charging surprise fees when it stopped letting customers buy cryptocurrency with credit cards in late January and began treating the purchases as cash advances.
SI Bank & Trust Hires New Manager
Savings Institute Bank & Trust recently welcomed Mary Conti as life insurance and annuity program manager.
Meet the New SBA Administrator of New England
Earlier this year, Wendell Davis became the new regional administrator for the New England region of the U.S. Small Business Administration.
No CT Banks or CUs Appear On List of Healthiest Institutions
Not one bank or credit union in Connecticut made DepositAccounts.com’s lists of the 200 healthiest banks and credit unions in the country.
US Senate Panel Plans to Repeal Auto Lending Rules
U.S. Senate Banking Committee Republican Pat Toomey said on Tuesday the panel plans to repeal the Consumer Financial Protection Bureau’s indirect auto lending and leveraged lending rules in the coming weeks.
PayPal Partnering with Small Banks to Offer Traditional Bank Services
Over the past few months, PayPal has been offering certain customers an opportunity to add basic banking features to their PayPal digital wallet, according to The Wall Street Journal.
First County Bank Celebrates Opening of Fairfield Branch
First County Bank kicked off the opening of its Fairfield branch with a ribbon-cutting ceremony.
Bridgeport Ranked as One of the Most Expensive Cities to Start a Business
Bridgeport has been ranked as the sixth most expensive city to start a business, with a new company needing just shy of $370,000 to launch, according to a new study by HowMuch.net.
Fintech Startups Raise $3.49B Globally in March
Fintech startups raised $3.49 billion in venture capital funding through 137 deals in the month of March alone, according to the latest report from MEDICI.
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