Needham Bank and BankProv Merger Receives Approval
Needham Bank now has official approval for its latest acquisition: Amesbury-based BankProv.
Big Costs Could Limit Small Banks’ Ability to Merge
This year started off looking like a bumper year for bank M&A in Massachusetts. But there’s an anchor out there that’s likely holding back more combinations.
Needham Bank to Acquire BankProv for $211M
Needham Bank will acquire Amesbury-based BankProv, representing its first foray outside of Massachusetts’ borders.
Reading Coopertaive Bank Hires New CFO
Reading Cooperative Bank has hired Carol Houle as its new chief financial officer just days after announcing a plan to combine with nearby Wakefield Cooperative Bank.
After Disastrous Crypto Foray, BankProv Rebounds with CRE Loans
Two years after being hit with a disastrous $35 million loss in its cryptocurrency mining loan portfolio, the Amesbury-based bank is flying high as New Hampshire’s fastest-growing CRE lender.
Personnel File – No. 343
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.
BankProv joins Mass Fintech Hub
Amesbury-based BankProv has recently joined Mass Fintech Hub together with seven other new members to support the advancement of financial technology in the state.
Higher Deposit Costs Drag Profits at Four Mass. Banks
BankProv, HarborOne, Westfield Bank and Colonial Federal Savings all suffered from lower profit margins in the second quarter amid the high interest-rate environment and tight competition for deposits.
Personnel File – No. 335
Who’s on the move? From new VPs to fresh project managers, see who’s been hired, promoted and honored: It’s the latest issue of Banker & Tradesman’s Personnel File.
BankProv’s Specialty Products Drove First Quarter Deposit Growth
Amesbury-based BankProv saw deposits increase 9 percent during the first quarter, with much of that increase tied to its banking-as-a-service products and considered volatile by the bank.
Community Good Works
Monson Savings Bank recently gave $2,500 to to Girls Inc. of the Valley, a nonprofit based in Holyoke that offers a “pro-girl environment based on mutual respect” to Pioneer Valley youth ages 5 to 18. See who else gave back.
Personnel File – No. 325
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.
BankProv Joins Online Savings Platform
Months after one of its cryptocurrency-related products led to multimillion-dollar losses at BankProv, the Amesbury-based bank has a new financial technology partnership involving savings accounts.
BankProv Makes Interim Leadership Team Permanent
Following steep losses tied to a cryptocurrency-related lending product and the departure of its CEO, BankProv has made its interim leaders permanent co-presidents and co-CEOs.
BankProv Ends 2022 With $21M Loss
BankProv saw positive earnings in the fourth quarter after a review of impaired loans in its cryptocurrency mining portfolio led to a $35 million loss in the previous quarter.
BankProv Ended Third Quarter With $35M Loss
Amesbury-based BankProv had third quarter losses of more than $35 million and identified weaknesses in internal controls and procedures that affected one of its cryptocurrency-related loan portfolios, according to the bank’s third quarter report.
CEO Out After BankProv Buffeted by Crypto Losses
Dave Mansfield has resigned from his role as president and CEO of Amesbury-based BankProv in a move the bank called a mutual decision between him and the board of directors.
BankProv Not Exposed to FTX
Amesbury-based BankProv has more than $70 million in lines of credit secured by digital currencies but has no exposure to collapsed cryptocurrency exchange FTX, according to a recent securities disclosure.
Most of BankProv’s Crypto Mining Loan Portfolio Could Be Impaired
BankProv’s third quarter losses could exceed $27 million, and a majority of a cryptocurrency-related loan portfolio could be impaired, the bank said yesterday in a securities filing.
BankProv Suffers Likely Loss from $28M Loan Failure
Amesbury-based BankProv announced Tuesday that a soured $28 million loan to a bitcoin mining company will create a hit to its third-quarter earnings.
