Numerous local bank CEOs tried to allay depositors’ concerns this weekend that the collapse of Silicon Valley Bank could spell trouble for local lenders. They also had some extra help, in the form of Massachusetts’ own Deposit Insurance Fund.
As mortgage rates drove down refinance activity last year, some of the state’s top lenders saw their long-term strategies bear fruit as they competed for a limited number of homebuyers still in the market.
Some banks that charged multiple nonsufficient funds fees on a single item plan to refund the fees to consumers, and most of these institutions supervised by the Consumer Financial Protection Bureau have decided to eliminate nonsufficient funds fees altogether, the CFPB said in a statement yesterday.
Tools meant to protect consumer accounts helped cause the high-profile problems People’s United Bank customers faced during M&T Bank’s system conversion last year.
Months after one of its cryptocurrency-related products led to multimillion-dollar losses at BankProv, the Amesbury-based bank has a new financial technology partnership involving savings accounts.
Florida-based MV Realty must stop making mortgages in Massachusetts as part of a preliminary injunction granted last week by Suffolk Superior Court.
Banks are becoming less and less satisfied with the vendors providing their core banking technology even after four years of work by industry leaders to bridge gaps in how each side sees the other.
Higher net interest income helped drive near-record earnings at Massachusetts banks last year, according to FDIC data.
Rob Cozzone, Rockland Trust Co.’s chief operating officer, has been named the next president and CEO of Hudson-based Avidia Bank.
Rob Cozzone, Rockland Trust Co.’s chief operating officer, plans to leave the bank in the coming weeks “to pursue other opportunities,” the bank’s parent company said in a securities filing today.
William M. Crozier Jr., the longtime leader of what was once one of Massachusetts’ largest bank holding companies, has died at age 90.
Over 20 years, Christopher Oddleifson piloted Rockland Trust through careful, but opportunistic acquisitions that turned the institution into a survivor, instead of a statistic.
Older adults are more likely to see their mortgage applications rejected compared to applicants in other age groups, according to recent research, but the rejections might not point to lender discrimination.
As layoffs send fintech workers out into the job market, community banks and credit unions could see a longstanding disadvantage in landing talent evaporate.
While mortgage rate-lock volumes increased nationwide for the first time in nine months, volumes remained down compared to 2022.
By putting its name on everything from hockey rinks to opera houses, lenders big and small are hoping they can expose their brands to consumers across a wide range of ages and social groups.
Even after more than 40 years in the banking industry, John Galvani has no plans to retire. He just led Norwood Bank through the acquisition of Foxboro Federal Savings, and will lead it through a second change when it officially adopts the name “OneLocal Bank” in April.
Following President Joe Biden’s reference in the State of the Union address to reducing bank overdraft and credit card late fees, industry trade groups said the president had provided “misleading” information about the fees.
Massachusetts will see another credit union merger in the coming months as two institutions in the southeastern part of the state plan to combine.
The Hanover-based bank managed a second straight year of record new wealth management business while its major competitors suffered double-digit losses in 2022. And executives think they’re just scratching the surface of what’s possible.
