Study: Massachusetts Most Innovative State in the Country
It may not surprising to those who live here, but Massachusetts has been named the most innovative state in the country by a recent study.
Profits at Eastern Bank Swell in 2018
Eastern Bank reported another very profitable year, reporting annual earnings in 2018 that exceeded those of similarly-sized peers such as Berkshire Bank and Rockland Trust.
Rockland Trust’s Parent Company Issues $50M in Subordinated Notes
The parent company of Rockland Trust is raising a private placement offering to help fund general corporate activities.
Construction Employment Up in Boston Area Year Over Year
Construction employment in the Greater Boston area in January was up by 2.69 percent over January 2018.
Berkshire Bank’s Chief Human Resources Officer Resigns
Since taking over at the end of last year, Berkshire Bank’s President and CEO Richard Marotta has made it clear he wants to focus on workplace culture, diversity and inclusion.
Boston Woman Sentenced for $2.7M Bank Fraud Scheme
A Boston woman was sentenced last week in federal court in Boston for her role in a scheme to embezzle more than $2.7 million from Bank of America using fraudulent donations to non-profit organizations.
Investment Firm Expanding In Seaport
AEW Capital Management is expanding at the Seaport East office tower after signing a new 12-year lease.
Personnel File
Members of the banking and real estate industries were on the move this week. See who got promoted and hired.
Fintechs Face Lack of Coordination Among Regulators
Various agencies in Massachusetts have begun to take different – and often independent – steps to provide further clarity on fintech regulation.
The Case for Narrow Banking
When the Federal Reserve began paying interest on reserves, James McAndrews saw an unmet demand in the institutional investor marketplace for a safe deposit service that would pay a more competitive interest rate. From this has sprung McAndrews’ latest venture, TNB USA Inc.
‘Slow and Steady’ Not Enough on Diversity
A new report from the Eos Foundation offers a damning critique of many organizations that serve as the public face of Massachusetts’ leading industries.
Lynn Man Indicted For Money Laundering and Visa Fraud
A Lynn man was arrested and charged earlier this week in federal court in Boston in connection with money laundering and visa fraud.
Recipients of Financial Literacy Education Grants Announced
More than 40 high schools across the commonwealth will receive a total of more than $123,000 in funding to expand or establish financial education programs, including eight first-time applicants.
Community Good Works
Two banks made major contributions to organizations in their community this week.
Massachusetts’ Business Leaders Still Overwhelmingly White, Male, Report Finds
Organizations representing Massachusetts’ business community, including the banking industry, have come in for criticism from a new report on leadership diversity in the state from the Boston-based Eos Foundation.
Lender Buys Commercial Parcels at Union Point
A lender that provided a mortgage for 220 acres of development sites at Union Point took possession from master developer LStar Ventures on Wednesday, submitting the high bid of $18 million at a public auction.
Radius Bank Decides Not to Pursue State Charter
Radius Bank is reversing course on a prior decision to switch charters.
MA Private Equity CEO Named in Sweeping College Admissions Conspiracy
Celebrities are not the only people being charged in yesterday’s bombshell report alleging cheating and bribery in the college admissions process.
CCUA Hires New York Credit Union Association Exec as Next Leader
After a lengthy search, the Cooperative Credit Union Association has found its next leader.
New CEO Sets Berkshire Bank on Different Strategic Path
With former CEO Michael Daly’s departure now months in the past, the path forward for Berkshire Bank is beginning to come into focus.
This Week’s Newspaper
