Medford Lab Development Site Auctioned for $5.5M
A Medford life science development site once appraised at $52 million in 2022 was sold at a foreclosure auction to a car-wash holding company.
Auction Scheduled for Wellington Lab Development Site
A foreclosure auction is scheduled next month for a development site near Medford’s Wellington Circle approved for a $200 million life science tower.
Avidia Bank Raises Nearly $192M in Stock Offering
Avidia Bank announced that it’s raised nearly $192 million in its bid to become a publicly traded bank. The bank plans to boost its CRE and C&I lending, and invest in its operations.
Avidia Bank Plans to Convert to Stock Ownership
A MetroWest bank that came to prominence for its digital-forward thinking is taking a step to raise millions in cash – and potentially make it easier to acquire other banks.
Why Cambridge Savings Ditched Its Brand When Building Its Billion-Dollar Digital Bank
The landmark proves out Cambridge Savings Bank’s bet that its 190-year-old brand wouldn’t necessarily be the best fit for a nationally-focused digital bank.
Community Good Works
Eight Massachusetts banks banded together to raise $300,000 for the nonprofit Heading Home, which works to end homelessness. See who else gave back.
Fraud Fears Greet FedNow’s Launch
The Federal Reserve launched its instant payments system, FedNow, on July 20, but many local banks are taking a wait-and-see approach in the face of fraud concerns.
The Fed’s New Instant Payments System FedNow Goes Live
The Federal Reserve’s instant payments system launched today to support banks’ and credit unions’ immediate transfer of customer funds.
Cozzone Named Avidia Bank’s Next CEO
Rob Cozzone, Rockland Trust Co.’s chief operating officer, has been named the next president and CEO of Hudson-based Avidia Bank.
O’Connell to Retire from Avidia Bank Next Year
Mark O’Connell, the long-time leader of Hudson-based Avidia Bank, plans to retire next year after 35 years at the bank.
Avidia Bank’s O’Connell Named Mass. Banker’s Next Chair
The Massachusetts Bankers Association has elected a new chair and six members to its board of directors.
Lancaster Man Sentenced to 11 Years for Bank Robberies
A Lancaster man was sentenced last week to more than 11 years in prison for robbing two Avidia Bank branches and a Cornerstone Bank branch.
Personnel File
From new VPs to fresh project managers, see who’s been hired, promoted and honored: it’s The Personnel File.
High Demand in New PPP Round
Community banks have seen high demand for loans in the opening weeks of the Paycheck Protection Program’s latest round. Despite encountering a few struggles, lenders report a smoother process compared to the program’s initial launch last year.
Lancaster Man Pleads Guilty to Three Bank Robberies
A Lancaster man has pleaded guilty to bank robberies at two Avidia Bank branches and at Cornerstone Bank.
R.J. Kelly Buys Leased Framingham Office Property
A Framingham office building that’s 100-percent leased to tenants including Fidelity Investments and Liberty Mutual has been acquired by Burlington-based R.J. Kelly Co. for $12.4 million.
Pandemic’s Demands Reshape How Lenders Adopt Tech
Once a slow, even multi-year process, the speed at which financial institutions adopt new technology could be changing thanks to the tumultuous events of the last six months.
Financial First Responders
To process as many loans during the PPP’s first few weeks as they would typically do in a year – if not several years – community banks turned to all areas of the bank, while focusing on the small business customers behind the program.
Framingham Multifamily Project Lands $47M Loan
A proposal to convert a former shoe factory in Framingham to 258 market-rate and affordable apartments has landed construction financing.
More Bank Branches Close Throughout State
Massachusetts communities saw more changes at bank branches Tuesday as the spread of the coronavirus continued. Bank branches throughout the state have closed, with some offering services at drive-up windows only and others shutting down entirely.
