Hanscom FCU CEO Testifies Before U.S. Senate
Hanscom Federal Credit Union President and CEO Peter Rice called on lawmakers to not expand federal deposit insurance incautiously.
Webster Bank Picks Ex-First Republic Exec as New CFO
Webster Bank announced yesterday it had appointed William Holland as its next chief financial officer and the new executive vice president of finance for its holding company.
Leader Bank Hires Second Banker for Startup/VC Team
Leader Bank has added a second former First Republic Bank employee to its team focused on banking Greater Boston’s tech sector.
JPMorgan Chase Closes Two Mass. Branches, Opens Two
Local branches of Santander Bank, JPMorgan Chase and First Republic Bank closed down in September, according to OCC’s latest data.
JPMorgan, Cambridge Savings Vault into Ranks of Top Deposit-Holders
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.
SVB, First Republic Still Prove Fruitful Hunting Grounds
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.
Leader Bank Hires from First Republic to Build Startup Banking Unit
Arlington-based Leader Bank has become the second Boston-area community bank to intentionally pursue clients in the region’s tech economy with the hiring of eight-year First Republic Bank veteran Vitaliy Schafer.
Berkshire Bank Announces Another First Republic Hire
Boston-based Berkshire Bank has acquired yet another former First Republic staffer, part of a campaign the bank said aims to produce more deposits for the bank over the long term.
Citizens Bolsters Wealth Management Biz with Ex-First Republic Exec
After hiring around 50 wealth managers from the now-acquired First Republic Bank last month, Citizens Bank said on Monday that its team of wealth managers will be joined by their former leader.
JPMorgan Q2 Profit Jumps with Boost from First Republic Takeover
In the deal, JPMorgan acquired 84 First Republic branches, bringing it $92 billion in deposits and $203 billion in loans and other securities.
Cambridge Trust Hires Away SVB, First Republic Bankers
Cambridge Trust Co. has joined the ranks of local financial institutions recruiting Silicon Valley Bank and ex-First Republic Bank employees after picking up two business banking staffers.
Berkshire Bank Snags Ex-First Republic Wealth Manager
Former First Republic wealth manager Lewis Mai has joined Berkshire Bank’s wealth management team.
Citizens Hires Dozens of Former First Republic Wealth Managers
Citizens Bank scored a significant win in the local battles to capitalize on disruption caused by SVB’s and First Republic’s failures Monday when it announced it had hired about 50 wealth managers who used to work at the latter bank.
JPMorgan to Lay Off 1K First Republic Workers
JPMorgan Chase says it is laying off around 15 percent of First Republic Bank’s roughly 7,200 employees following its acquisition of the troubled bank in a regulator-brokered deal earlier this month.
CEO Pay in Focus as Failed Bank Heads Testify
The recent failures of a trio of midsize banks has once again raised questions about whether senior executives in the U.S. are being rewarded more for short-term gains – like rising stock prices – than for ensuring their companies’ long-term health.
Luxury Condo Sales Off to Slow Start
No real estate market is bulletproof. And the condominium market in downtown Boston, dominated as it is by multimillion-dollar luxury sales, is no exception.
Bank Failures Bring Turmoil, Opportunity
With the failure of First Republic Bank coming weeks after March’s unexpected bank failures, the banking industry will likely continue to see short- and long-term effects from the turmoil, local executives say.
JPMorgan to Ditch First Republic’s Low-Cost Jumbo Lending Model
JPMorgan Chase still wants to retain much of the wealth management business it acquired following First Republic Bank’s failure.
Local Banks Have Opportunity to Fill First Republic’s CRE Niche
But in the wake of JPMorgan Chase’s $10.6 billion acquisition of the now-failed lender, local real estate executives say First Republic filled roles in the industry ecosystem that will be hard to replace.
With First Republic, Boston Luxury Buyers Lost Popular Source of Financing
First Republic Bank was the dominant force financing Boston’s luxury real estate scene in the last 10 years, and its sudden failure is leaving questions lingering in the air.
