Elevated Need Prompts Change in Giving
2023 hasn’t just been a lean year for Massachusetts banks, but also the foundations, organizations and nonprofits that rely on their support to help communities in need.
Photos: 2023 in Philanthropy
The developers, banks, construction companies, credit unions, real estate brokerages, property managers and others in Massachusetts’ real estate and banking industries had a busy year when it came to giving.
BankFive Hires Away Hometown Mortgage’s Westport Team
Fall River-based community bank BankFive has added a new five-member team of loan officers previously with Hometown Mortgage, expanding the bank’s mortgage lending presence in the South Coast.
Liberty Bank Opens First Mass. Branch in East Longmeadow
After opening a loan office in downtown Springfield in October, Connecticut-based Liberty Bank officially opened its first bank branch in Massachusetts following successful expansion of its business lending in the Pioneer Valley this year.
Webster Bank Launches First Special Purpose Credit Program
Webster Bank launched its first special purpose credit program Tuesday, which is aimed at helping low- to moderate-income first-time homebuyers who might not be qualify for traditional home loans.
Citizens Leans Into Green Branding with All-Recycled Cards
Citizens Bank announced that it fully converted its Mastercard debit and ATM cards to plastic made from 90 percent recycled PVC and will start reissuing cards in January 2024.
With Lower Mortgage Rates 2024 Can Be a ‘Fine Year’ for Residential Lending
The increase in conforming loan limits for 2024 set by the Federal Housing Finance Agency, will make it easier for homebuyers to take on the higher mortgage loans needed to buy a home in a highly priced market like Massachusetts.
Stepping Up Through Digital Banking
As the East Cambridge Savings Bank’s new chief executive, Bombard is setting his sights on deploying more digital solutions to the $1.6 billion-asset lender’s product offerings.
The Village Bank Opens New Waltham Branch
The Village Bank, headquartered in Newton, has opened its ninth branch in Waltham after years of serving the residents and businesses there from branches outside of town.
New Mass. Fintech Report Highlights Need for Diversity and Inclusion
A new report found that funding and employment in the financial technology sector in Massachusetts improved from 2020 to 2022. However, there is still room for improvement in diversity and inclusion, collaboration between industry stakeholders and partnership with regulators.
KeyBank’s New Boston President: Small Business, Private Banking on Horizon
Despite not having a retail branch in Boston, KeyBank’s new local market president is aiming to grow its roster of commercial banking clients and establish small business banking and private banking groups in the area in the next few years.
BofA Looks to Add Three Mass. Branches After Closing Seven
Bank of America is investing $100 million in its branch network in Massachusetts from 2023 to 2025, for new branch establishments and renovations.
New CRA Rules Could Make Banks More Careful with Growth
After the release of the new Community Reinvestment Act rules last month, community groups say banks must be careful in expanding too fast, and instead should focus on improving lending and investments in low- to moderate-income communities in areas they already serve.
Citizens Bank, BofA Close Some MA Branches in November
Bank of America is closing three of its branches in Greater Boston while Citizens Bank continues to replace branches in grocery stores with video teller-enabled interactive teller machines.
FDIC-Insured Banks Saw Decline in Combined Net Income in Q3
The nation’s FDIC-insured banks saw a decline in their aggregate net income in the third quarter versus the prior quarter due to lower non-interest income and higher losses on securities.
Pentucket Bank Hits $1B in Assets
Haverhill-based community bank Pentucket Bank has reached $1 billion in assets, as it grew in its Massachusetts and New Hampshire markets with the help of its recent holding company merger with Newburyport Bank.
CFPB Orders Bank of America to Pay $12M for False Reporting of Mortgage Data
The Consumer Financial Protection Bureau has ordered Bank of America to pay a $12 million penalty for falsely reporting mortgage applicants’ data from 2016 to 2020.
SBA: Biz Lending in Mass. Increased 11.9 Percent
More small businesses in Massachusetts were able to get loans backed by the U.S. Small Business Administration for 2023, increasing by 11 percent from last year.
Santander Launches Checking Account to Support the Underbanked
Amid the call to banks to offer bank accounts that could help low-income households, Santander Bank has started offering a consumer checking account to serve the underbanked and help them achieve their financial goals.
Are Small Banks Right to be Optimistic in This Economy?
Worcester’s $534 million-asset community bank Bay State Savings Bank announced a new team of executives this month, with bullish ambitions for growth, but are these dreams warranted given an interest rate environment that’s pressuring banks?
