Under Deposit Pressure, Some Banks Fail and Some Thrive
The battle over deposits has grown intense as interest rates continue to rise, especially in metro markets like Boston where the demand for loans is still robust.
IOLTA Commitee Celebrates Banking Partners
The Massachusetts Interest on Lawyers’ Trust Accounts Committee is launching a new public education campaign, “Bank on Justice,” to celebrate the contributions of the banking community in preserving access to justice by providing foundational funding for programs that provide civil legal assistance to low income Massachusetts residents.
Fannie and Freddie Offer Options to Retirees Seeking Home Loans
It’s a common problem for retirees seeking to refinance or get a new mortgage: After their regular employment earnings stop flowing, their monthly incomes drop.
Direct Federal Credit Union Partners with Needham Public Schools
Needham-based Direct Federal Credit Union has formed a new partnership with Needham Public Schools.
Two Rhode Island Men Face Bank Robbery Charges
Two Rhode Island men appeared in federal court in Boston earlier this week to face charges in connection with two bank robberies – one in Brockton and one in Abington – that resulted in high-speed chases.
Three MA Credit Unions Receive Federal Grants
Three credit unions in Massachusetts recently received grants from the NCUA.
Community Good Works
The holiday season is in full swing, and banks, credit unions and construction firms are already giving it all they’ve got.
Romanian National Sentenced, Two Others Plead Guilty in ATM Skimming Scheme
One Romanian national was sentenced and two Romanian nationals plead guilty earlier this week in federal court in Boston in connection with an ATM skimming scheme operating throughout Massachusetts and other states including Connecticut, New York and South Carolina.
SEC Targets Alleged $165M Microcap Fraud Scheme
The Securities and Exchange Commission has obtained a preliminary injunction and continued asset freeze against two individuals and their companies involved in a scheme that generated more than $165 million of illegal sales of stock in at least 50 microcap companies.
Bigger Whole Foods Market, 270 Apartments Proposed in Brighton
Another supermarket property owner is seeking to maximize the value of its real estate in Boston by replacing surface parking with multifamily housing.
Second Time’s the Charm: MVCU and BCU Approve Merger
Nearly eight months after first applying, the merger between Merrimack Valley Credit Union and Bridgewater Credit Union has finally passed. The deal will still require regulatory approvals and is not expected to be complete until early 2019.
Freddie Mac Reports Third Quarter 2018 Financials
Freddie Mac today reported its third quarter 2018 financial results.
Massachusetts Retirement Readiness Survey Reveals Hopes, Fears and Planning Gaps
In the state where it costs the most to live a comfortable retirement, 24 percent of Massachusetts residents say they don’t know what they’ll need to live on when the time comes to retire.
Main Street Bank CEO to Retire
Rick Bennet, CEO of Marlborough-based Main Street Bank will retire at the end of the year, and current bank president Wally Dwyer will succeed him.
Belmont Savings Bank Announces REBA Premier Banking Sponsorship
Belmont Savings Bank has a new partner: The company announced earlier this week that it will become the Real Estate Bar Association’s exclusive premier banking partner.
Atomic Coffee Roasters Outfits New Production Facility with Help from MassDevelopment Loan
Atomic Coffee Roasters LLC, a family-owned coffee company on Boston’s North Shore, will use a $350,000 loan from MassDevelopment to buy equipment for its recently opened coffee roasting and cold brew production facility in Danvers.
CU Membership Grew at Record Level in August
Credit union membership is up 4.7 percent year over year, the fastest growth rate in the industry’s history, according to CUNA Mutual Group’s latest Credit Union Trends Report. In August alone, credit union memberships rose a record 706,000, or 0.6 percent.
Vega Turns Down Top Post at CCUA
In a surprising turn of events, Sarah Vega has decided to forego the top job at the Cooperative Credit Union Association and return to her position as chief of staff to NCUA Board Chairman J. Mark McWatters.
Personnel File
Promotions and hires in the financial industry dominate this week’s Personnel File.
Lynn Man Arrested in Multimillion-Dollar Lottery Scam
A Lynn man was arrested last week on tax fraud charges in connection with a “10-percenting” scheme, in which he purchased millions of dollars’ worth of winning Massachusetts state lottery tickets at a discount in order to help the ticket holders avoid taxes on the winnings.
This Week’s Newspaper
