Wakefield Man Sentenced in Mortgage Fraud Scheme
A Wakefield man was sentenced last week for his role in a decade-long mortgage fraud scheme that led to $4.3 million in losses for lenders.
Loan Growth Boosts Enterprise’s, HarborOne’s Earnings
Loan growth in a rising rate environment helped drive earnings at several Massachusetts stock banks.
BankProv Ends 2022 With $21M Loss
BankProv saw positive earnings in the fourth quarter after a review of impaired loans in its cryptocurrency mining portfolio led to a $35 million loss in the previous quarter.
Acquisition Delay Saves Brookline Bancorp Some Revenue
By waiting longer than expected to receive regulatory approval for its recent bank acquisition, Brookline Bancorp now has an additional year before the Durbin Amendment takes effect.
Eastern Bank to Reduce Operating Expenses
After a record year for commercial loan originations, Boston-based Eastern Bank expects slower loan growth in 2023 and plans to make broad-based reductions in operating expenses.
One Bank’s Approach to Hybrid Work
For Amy Roberts, PeoplesBank’s chief human resources officer, implementing a hybrid schedule has provided a tool to help recruit and retain staff, even as it challenges managers to rethink how they do their jobs.
Banks Face Talent Development Struggles
Staffing remains a key priority for community banks and credit unions heading into 2023, and the industry’s ongoing digital transformation and economic uncertainties have started to change how financial institutions look at staffing needs, according to industry experts.
Berkshire Bank Expects Loan Growth in 2023
Berkshire Bank expects to see double digit loan growth despite economic uncertainties in the year ahead.
Colonial Federal Savings Sees CRE Loan Growth
The parent company of Quincy-based Colonial Federal Savings Bank has seen three straight quarters with positive income after recording a loss of $828,000 in the first quarter of 2022, when the bank had a partial initial public offering and used some of the proceeds for a donation to its new charitable foundation.
Cambridge Trust: No Strategy Change Amid Exec Changes
Recent retirements among Cambridge Trust Co.’s senior executives do not signal a coming strategic change at the bank, according to the bank’s CEO.
Rockland Trust CEO: ‘Time to Pass the Baton’
On his last earnings call, Rockland Trust CEO Christopher Oddleifson delved into why he decided to retire next month, and what it means for the bank’s strategy.
Marijuana Still a Growth Business for Banks, Credit Unions
Massachusetts’ banks and credit unions continue to enter the cannabis banking field. The draw: existing customers now serving the marijuana industry and perceptions of an underserved market for cannabis business lending.
M&T Sees Loan Growth Ahead in 2023
Buffalo-based M&T Bank expects to see loan growth in 2023 and plans to build it its small business banking services in its newly acquired New England market.
BankProv Ended Third Quarter With $35M Loss
Amesbury-based BankProv had third quarter losses of more than $35 million and identified weaknesses in internal controls and procedures that affected one of its cryptocurrency-related loan portfolios, according to the bank’s third quarter report.
Two More Credit Union Mergers Planned
St. Jean’s Credit Union plans to make another acquisition, and two New Bedford-based credit unions also plan to merge.
Survey: Community Bankers Concerned About Profits
After two quarters with a positive outlook on their profits, more community bankers, particularly in the Northeast, expect bank profitability to decline, according to the Conference of State Bank Supervisors’ latest survey.
Lenders Compete, Who Wins?
The prospect of a spring mortgage market with fewer homes available for sale has Massachusetts lenders preparing for a challenging and competitive 2023.
Prepare Now for FedNow
At some point between May and July, the Federal Reserve plans to launch its real-time payments system FedNow, and EasCorp’s Cynthia Nelson wants credit unions to get ready.
LoanDepot Settles with State for $1M Over Servicing License
California-based mortgage company loanDepot has agreed to a $1 million settlement with the Massachusetts Division of Banks over allegations that it acted as a third-party mortgage servicer without registering with the state.
Jeffrey Tengel Named Rockland Trust’s Next CEO
Rockland Trust Co.’s long-time CEO Christopher Oddleifson plans to retire next month, and People’s United Bank’s former president has been named his successor.
