Many banks and credit unions will have additional time to prepare for the new Current Expected Credit Loss accounting system after the Financial Accounting Standards Board recently voted to delay implementation for a select group.
Banking giant JPMorgan Chase has already launched a full retail branch strategy in Massachusetts and now another large bank may soon follow suit.
Most of the cost savings that People’s United will achieve when it completes its purchase of Hartford-based United Bank will be through staff and branch reductions.
People’s United Bank will cross the $50 billion asset threshold with its third bank purchase in a little more than a year.
Despite minimal loan growth and a slight uptick in nonperforming assets and loan loss allowances, Medford-based Century Bank had another quarter of record earnings.
Bills recently unveiled in the U.S. Senate and House of Representatives are threatening to yet again push the pause button on a key attempt to make sure the banking system is better prepared for the next recession. The decade-long initiative could impose costs on many banks by forcing to significant increases in their reserves.
U.S. consumer debt continued to climb at a steady pace in May, growing just slightly less than the prior month.
Digital Federal Credit Union has settled a class action lawsuit that alleged the $8.5 billion asset credit union unjustly charged overdraft fees under a policy that was unclear.
While uncommon in the industry, Unibank’s decision to hire a CEO with a nontraditional background – in this case, a former high school headmaster – is not the first for a community bank, and other institutions have had notable successes with the practice.
Winthrop Sargent has had many jobs throughout his career. He has worked as the owner of a consumer products company, a senior consultant at an accounting firm and a contract CFO. The head of Winthrop Capital Advisors is also a member of the South Shore Economic Development Corp. and is trying to raise the area’s profile.
One third of Bostonians live outside the traditional financial system, cutting them off from crucial financial tools like credit cards and savings accounts and helping to lock them out of economic mobility. To combat this Boston and Worcester, where numbers are similar, are partnering with financial institutions to offer checking accounts that are easier to access.
The industry has long been a vocal critic of the corporate tax exemption that credit unions enjoy, as well as what some might call an overreach when it comes to credit unions’ field of membership expansions and some of the services they provide.
Needham Bank is planning to reorganize its corporate structure to add a mutual holding company.
Two community banks have gone fully public so far this year but going forward, mutual conversions in New England are likely to remain modest, according to experts, who say consolidation is the main culprit behind the new trend.
The first female commissioner of banks in nearly 45 years, and only the third ever since 1906, Mary Gallagher has an appreciation for regulation that provides a level playing field in an industry that demands consumer confidence and trust.
The longtime CFO of Lowell-based Enterprise Bank is retiring.
Another one of the state’s smallest banks is gone.
Since the abrupt departure of former President and CEO Michael Daly, and reports of a “toxic” workplace culture at Berkshire Bank last year, new CEO Richard Marotta has said diversity and inclusion would be one of his top priorities.
Depositors of the parent company of Brockton-based HarborOne Bank have approved the company’s plan to make a second-step conversion and reorganize into a fully public company.
Hudson-based Avidia Bank made a bold move last month, becoming the first community bank in the country to join The Clearing House’s real-time payments network and in the process showing how the relationship between fintechs and banks may soon start to shift.
