Many Loan Products Make the Difference for Top Lenders
This year’s top bank lenders said having sizable suites of loan products were key to meeting homeowners’ needs, and gaining greater wallet-share down the line.
Salem Five Provides $27.7 Million For Charter School Expansion
MassDevelopment issued a $27.72 million tax-exempt bond, enhanced with a mortgage insurance guarantee and the tax-exempt bond was purchased by Salem Five.
As Consumers Get Stretched, Financial Institutions Adapt
Consumers financial health is hitting new lows, and Massachusetts financial institutions are developing new products and rethinking their operations to adapt.
Salem Five Launches Private Banking Team with Ex-Enterprise Banker
Count Salem Five among the local banks now looking to high-touch, always-on customer service to generate more revenue from their best clients.
Hot Property: Vesa
Preleasing has started for Vesa, a 140-unit apartment complex in Marlborough that’s scheduled for completion in September.
Local Bank Employees Named Rising Mortgage Stars
Aidan Sullivan, secondary market analyst at The Cooperative Bank of Cape Cod, has been named the 2024 “Rising Star of the Year” by the Massachusetts Mortgage Bankers Association.
Bank Marketing Beyond Interest Rates
Last year’s hope for lower cost of deposits may have given way to uncertainty, but banks are still looking for ways to compete beyond the interest rate they offer.
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.
Boston Mortgage Payments Are Outstripping Income Gains
While home prices continue to rise, first-time buyers are finding that more pressure is being put on their pocketbooks even though incomes rose region-wide during the pandemic.
Winners in a Bad Year
Massachusetts banks, credit unions and mortgage companies all took major hits in residential lending, but there were a few brights spots that helped some lenders come out on top.
Salem Five Acquires Lynnfield Insurance Group
Salem Five Insurance, the insurance arm of Salem Five...
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.
Bank Crisis Buffets Mass. Lenders
During a week when two bank failures roiled the financial world, Massachusetts’ bank CEOs found themselves racing to reassure nervous customers while also striving to take advantage of the growth opportunities the crisis created.
Recent Years Have Seen Community Banks Exit DIF
Massachusetts’ own Depositors Insurance Fund was a key tool in helping local banks reassure customers of the safety of their deposits while Silicon Valley Bank melted down last week. But its also lost some of the biggest names in local community banking in recent years.
Silicon Valley Bank Asks Depositors to Return
The CEO of the bridge bank created following Silicon Valley Bank’s failure is fighting a tide of deposits that have flowed out of the bank in recent days.
Methuen Man Sentenced for Robbing Salem Five Branch
A Methuen man was sentenced to more than seven years in prison for armed bank robbery.
Mortgage Lenders Grapple with Interest Rate Jumps
While lenders might have started the year expecting some rate hikes, the size and speed of rising mortgage rates had significant effects on borrowers’ behaviors during the spring and summer mortgage markets.
Banks Seek Solutions to Support Online Customers
Even as banks and credit unions look to enhance online and mobile banking tools to adapt to customers’ expectations and demands, some are finding it challenging to keep pace with how customers want to interact.
This Month in History: The Panic of 1893
One of the most destructive financial crises in American history hove into the public eye on Feb. 26, 1893, when a vital railroad went bankrupt and set off a four-year depression.
