Banking and Lending
Gov. Ned Lamont’s latest transportation improvement proposal limits new tolling to 14 specific bridge, interchange and highway projects, and sets in motion a possible fully functioning airport in south-central Connecticut. It also invests millions in new commuter rail cars and public buses.
While the 2020 presidential election is still a year away, some business owners see their customers already becoming more cautious because of the unknowns about who will be the next president, and which party will control the Senate.
At an economic forum in Greenwich Tuesday, star hedge fund manager and Greenwich resident Ray Dalio said the world’s bedrock economic system was “broken.”
Not long after completing a four-year prison term for credit card fraud and identify theft, a Rhode Island man began stealing credit cards from Connecticut residents, making $48,000 in fraudulent payments.
American workers were less efficient in the July-September quarter, pushing down productivity for the first time since late 2015.
Norwich, New York-based NBT Bank plans expand into Connecticut by establishing a regional office in the Greater Hartford area.
Bridgeport-based People’s United Financial Inc., the holding company for People’s United Bank, acquired United Bank and its holding company, United Financial Bancorp Inc., in an all-stock transaction on Nov. 1.
Savings Bank of Danbury held a 170th-anniversary celebration and customer appreciation event on Oct. 22 at the Amber Room in Danbury.
U.S. employers added a solid 128,000 jobs in October, a figure that was held down by a now-settled strike against General Motors that caused tens of thousands of workers to be temporarily counted as unemployed.
The cost of deposits and lower loan balances drove third-quarter earnings down 16 percent for Bankwell Financial Group Inc., compared to the same period last year.
Despite reducing the number of toll gantries in his soon-to-be-released plan to fund much-needed repairs to the state’s transportation, Gov. Ned Lamont appears not to have been able to quench the fires of opposition that doomed his last plan.
While community banks have seen their profits come under pressure this year as the spread between what’s paid on deposits and earned on loans continued to flatten, Wednesday’s decision by the Federal Reserve to cut interest rates for the third time this year could help reverse that trend.
The Federal Reserve cut its benchmark interest rate Wednesday for the third time this year to try to sustain the economic expansion in the face of global threats. But it hinted that it won’t likely cut again this year.
The Mortgage Bankers Association announced Tuesday that it expects purchase originations to increase 1.6 percent to $1.29 trillion in 2020. After a surge in activity in 2019, MBA anticipates refinance originations will slow next year, decreasing by 24.5 percent to $599 billion.
Berkshire Hills Bancorp Inc., the holding company for Berkshire Bank, announced that Bill Ryan will step down as board chairman. J. Williar (“Bill”) Dunlaevy will take over as board chair on Dec. 1. chairing Berkshire Bank’s board as well.
Connecticut Gov. Ned Lamont has signed an executive order that creates an entity charged with coming up with a plan for better coordination between state government agencies and the business community.
Economists and investors who are trying to get a fix on what the Federal Reserve may do in the months ahead have zeroed in on a single phrase in the statement it has issued after its most recent policy meetings.
Police say they have arrested two men who stole hundreds of personal checks from more than 200 victims in two states.
Choyce Peterson Inc., a commercial real estate brokerage based in Norwalk, announced it has promoted Charlene S. O’Connell to vice president after spearheading the firm’s marketing and operations for the past four years.
Democratic Gov. Ned Lamont says he’s meeting privately with legislative leaders all week to discuss his preliminary transportation plan.