Everett Bank to Open New Branch in Woburn
Everett Bank plans to open a new branch in Woburn, the bank’s third location.
Homepoint to Sell Wholesale Mortgage Channel
Michigan-based wholesale lender Homepoint plans to stop originating mortgages and sell its wholesale channel.
The Wait for RON Goes On
Before Massachusetts mortgage borrowers get to use newly legalized remote online notarization, they’ll have to wait the rest of the year for state officials to create guidelines for these transactions.
Bank’s New Approach to Risk
As chief risk officer at The Cooperative Bank of Cape Cod, Scott Kwarta wants staff to see risk not as an obstacle but as an opportunity for the bank and its customers.
Survey: Community Bankers Pessimistic About Profits
Community bankers, particularly in the Northeast, continue to have dim expectations for bank profitability, according to the Conference of State Bank Supervisors’ latest community bank survey.
Everett Bank’s Assets Grew 60 Percent in 2022
Everett Bank saw its total assets increase nearly 60 percent to more than $1 billion last year, its first year as a stock bank.
Remote Notarizations Legalized in Massachusetts
Massachusetts’ mortgage industry can expect to see documents notarized virtually in the years ahead as the process known as remote online notarization becomes permanent in Massachusetts.
Citizens Customers Tied Up in Fraud Case
A $2 billion insurance fraud case has affected some Citizens Bank customers who purchased annuity products through Citizens Financial Group’s securities division, which reportedly is now being investigated in Massachusetts.
Mass. Credit Unions Saw Double-Digit Loan Growth Last Year
A majority of Massachusetts credit unions had double-digit loan growth last year, but the state’s credit unions continued to see one of the lowest returns on average assets in the U.S., according to data released this month by the National Credit Union Administration.
First Citizens Expects to Bring Back Some SVB Customers
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.
Bank Holding Company Merger Brings Benefits
While the failures of two U.S. banks had no impact on the decision by Dedham Savings and Weymouth-based South Shore Bank to merge their holding companies, the bank’s leaders see some benefits from the timing of their announcement.
A New Leader at Rockland Trust
In his first month since taking the reins from the bank’s longtime CEO, Jeffrey Tengel has had to steer Rockland Trust Co. through tumultuous waters churned up by the failure of Silicon Valley Bank and Signature Bank.
Santander to Close 16 Massachusetts Branches
Santander Bank plans to close at least 16 Massachusetts branches this year, driven by customers increasingly opting for online banking instead of in-person banking.
FDIC to Sell Ex-Boston Private Separately from SVB
The FDIC plans to sell the legacy Boston Private business separately from the rest of Silicon Valley Bank through a new process announced this morning.
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.
Bond Portfolios Could Complicate Local Banks’ Finances
Silicon Valley Bank wasn’t the only lender active in Massachusetts that turned to bonds to manage deposit growth. What are their options, now?
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.
Parent Companies of Dedham Savings, South Shore Bank to Merge
The mutual holding companies of Dedham Savings and South Shore Bank plan to combine without merging the two banks.
Fed to Review Its Supervision of Silicon Valley Bank
The Federal Reserve has launched a review of its own supervision of Silicon Valley Bank following the bank’s failure. A top community bank group is urging the central bank to differentiate small and large banks in its response.
