Banking and Lending
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.
WinnDevelopment Begins $55M Mill Housing Conversion
A $55.3 million adaptive reuse project will create 88 affordable senior apartments in a historic mill complex that’s sat vacant for decades in downtown Holyoke.
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?
To Combat Holiday Scams, Banks Must Give the Gift of Education
Online scams are especially prevalent this time of year. Trying to head them off by educating customers can help a bank’s balance sheet as well as earn it goodwill in the community.
Mortgage Lenders Get Creative with Services, Boosting Satisfaction
With average 30-year mortgage rates reaching 7.79 percent in October – the highest level since 2000 – lenders were forced to get creative financing homes, leading to high customer satisfaction in 2023. According to a J.D. Power mortgage origination survey, overall...
Retailers See Flat Spending This Holiday Season
Citing the impacts of high inflation and interest rates, Massachusetts retailers don’t expect a big bump in holiday season shopping sales this year.
Dedham Savings Adds Loan Financing to Cannabis Banking Products
Dedham Savings recently added loan financing to its cannabis banking product portfolio in Massachusetts, to support its growing portfolio of clients with cannabis-related businesses in the state.
Be Thankful for Equity Trailblazers
Three trailblazers this year showed what’s possible to increase access to capital for underrepresented consumers and entrepreneurs – not out of some sense of charity, but because it’s good for business and our community.
Bankers Say Deal Flow, Interest Rates to Blame for CRE Drop-Off
Some Massachusetts bankers say they’re still quite willing to lend – and it’s not any change in their lending standards that are to blame for a drop-off in construction and purchase mortgages.
Community Good Works
Hanover bank Rockland Trust Co. donated $150,000 through its charitable foundation to Brockton Hospital. The money will help modernize its emergency room to include a behavioral health section. See who else gave back.
Boston Fed President Says Low Unemployment Not Signal of ‘Full Employment’
“No one statistic can adequately characterize the labor market, since aggregate numbers do not show the wide range of experiences across people, sectors and places,” Susan Collins said.
Amid Competition, J.P. Morgan Launches Private Equity Banking Team
Boston will be one of the five hubs for J.P. Morgan Private Bank’s new, private equity fund banking group, being launched with the help of bankers acquired from JPMorgan Chase’s purchase of First Republic Bank.
CMG Mortgage Buys South Shore Mortgage Lender
California-based home lender CMG Mortgage is expanding its Massachusetts footprint with the purchase of Rhode Island-based Shamrock Home Loans.
Bay State Savings Reboots C-Suite Team
Worcester-based community bank Bay State Savings Bank is looking to strengthen its operations and gear up for long-term growth aspirations by appointing five C-suite executives, some coming from big banks and financial institutions.
Citizens to Wind Down Wholesale Lending Business
Rhode Island-based bank Citizens is exiting the wholesale mortgage lending business, five months after exiting the indirect auto lending business, as well.
First Citizens Pledges $6.5B to MA, CA Community Investments
Silicon Valley Bank’s buyer announced the grants and lending set-asides after community groups and housing advocates raised fears investments SVB promised before its failure would be lost.
Citizens, Eastern Donate to Train Boston Preschool Teachers
The Greater Boston YMCA is launching an early educator apprenticeship program with a $1 million donation from Rhode Island-based Citizens and additional money from the Eastern Bank foundation.
Cooperative Bank of Cape Cod Launches Debit Rewards
The Cooperative Bank of Cape Cod has unveiled a new program that offers rewards to debit card users.
Personnel File – No. 351
Who’s on the move? From new VPs to fresh project managers, see who’s been hired, promoted and honored: It’s The Personnel File.
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