
Devens Biotech Project Gets $75M Construction Loan
Boston-based King Street Properties received nearly $75 million in construction financing for the fourth building at its Pathway Devens campus.
Boston-based King Street Properties received nearly $75 million in construction financing for the fourth building at its Pathway Devens campus.
A partnership between Camber Development and Wheelock Street Capital has begun construction of a 238,000-square-foot warehouse and distribution facility in Wilmington.
Silicon Valley Bank recorded lower deposits and loans in the fourth quarter of last year as the nation’s innovation economy continues to suffer under the weight of higher interest rates and investor expectations.
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.
Leader Bank has added a second former First Republic Bank employee to its team focused on banking Greater Boston’s tech sector.
Seven out of the top 10 banks in terms of deposits gathered in Massachusetts saw declines in deposits as of the end of June according to FDIC data released this week.
First Citizens Bank is moving to reaffirm innovation banking arm SVB Commercial’s presence in tech hubs around the country through a new advertisement campaign as local competitors look to challenge SVB’s dominance in the tech and biotech sectors.
It’s been almost six months since Silicon Valley Bank and First Republic Bank failed but Massachusetts banks are continuing to hire top-tier talent away from the two failed banks’ successors with the intent of bringing in more business to their books.
First Citizens Bank is combining its existing wealth management unit and SVB Private, the former private banking and wealth management business of now-defunct Silicon Valley Bank, under a shared management structure.
A full quarter after acquiring of Silicon Valley Bank, Raleigh, North Carolina-based First Citizens Bank said SVB’s deposits have stabilized, and that it believes SVB’s product offerings remain relevant to the innovation economy.
Following its collapse and subsequent acquisition by First Citizens Bank, hundreds of SVB employees were laid off yesterday.
With affordable housing developers nervous about losing what was a key source of financing thanks to the collapse of Silicon Valley Bank, nearly the entire Massachusetts congressional delegation is urging the bank’s buyer to follow through on SVB’s commitments to affordable housing projects.
This town ain’t big enough for two banks with nearly the same name.
While only about one-third of Silicon Valley’s deposits remained at the bridge bank following the bank run and its aftermath, North Carolina-based First Citizens Bank & Trust Co. expects to bring back some of those former deposits and customers.
The major North Carolina bank has agreed to take over the remnants of Silicon Valley Bank, two weeks after the latter failed sending waves of concern rippling through the banking sector.