PeoplesBank has made three major announcements to the start of the year: reaching the $4 billion mark in assets, executive changes and promotions in its top leadership team and plans to open two more branches in Connecticut.
MountainOne Insurance, the insurance agency subsidiary of MoutainOne Bank, is expanding to the Southern Berkshire County market with a new office in downtown Stockbridge.
Both banks will continue operating independently from each other but say they will have the ability to support each other in taking on more of bigger loans.
Crestwood Advisors, a Boston-based investment advisory and wealth management firm, announced a new president to grow the company as more and more banks look to expand their wealth management presence in Boston.
Deniz Johnson shifted from healthcare technology to financial tech 24 years ago, and has been solving complex problems in the highly regulated industry ever since. She’s now the COO at Stratyfy an artificial intelligence company helping a high-profile effort to root out racial bias in loan underwriting.
Despite signals that the Federal Reserve will likely cut interest rates this year, banks will still find it tough to keep high deposit rates from eating into their profit margins, observers say.
Needham Bank raised half a million dollars more in funds than it had intended to raise during its Dec. 28 initial public offering due to healthy demand.
Rockland Trust has chosen a new regional executive to lead its commercial banking and overall business efforts in the area north of Boston.
Brookline Bank is planning to open two branches – one in Braintree and another in an unspecified location north of Boston – as the bank looks to expand in new markets.
The banks with the largest footprint in Massachusetts reduced numbers of their physical bank branches in 2023, as banking industry profits were challenged by the high interest rate environment.
Chief executives of Massachusetts-based banks expect further declines in profit margins as deposit costs will remain elevated, residential lending will stay “muted” and only commercial lending might present some opportunities in select sectors.
Customer satisfaction with national banks slightly improved this year, but a J.D. Power study found that depositors are attracted to higher interest rates at investment or wealth management and digital-only banks.
It was a relatively quiet month for bank branch activity in December, as JPMorgan Chase established one local branch while Bank of America closed an ATM location, according to the latest data from the OCC.
Needham Bank has secured all required approvals for its initial public offering and its conversion from a mutual bank to a stock bank. The bank’s shares will start trading on the Nasdaq Capital Market on Dec. 28 under the symbol NBBK.
Even if the Federal Reserve cuts its benchmark interest rate next year as predicted, banks may not in fact be able to realize lower deposit costs thanks to customer demand for high-yield products.
For 30 years, Anne Tangen had served wealth management clients at Fidelity and running a State Street Bank business unit that generated $90 million per year, until she found herself drawn to community banking.
The Federal Reserve Bank of Boston and its 11 fellow regional Federal Reserve banks released a common public records policy this week following pressure from Congress to be more transparent.
A new academic paper claims nearly 1 in 2 office real estate loans in America have negative equity, raising questions about some banks’ financial health. But the state banking trade group is pushing back against the latter idea.
Most banks are ignoring what could be a key tool to give equal credit access to people of color and narrow racial wealth gaps, a new report by the Boston-based nonprofit Partnership for Financial Equity argues.
BankFive is planning to open two full-service branches on Cape Cod and in Rhode Island next year after it saw the success its loan offices had in the area.
