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.
Lenders Look for Work-Life Balance
Facing challenges in staffing and hiring as loan volumes reached near or above record levels in 2020 and into 2021, mortgage lenders have had to manage evolving perspectives on work-life balances more than 18 months into the pandemic.
Internet Banks Give Local Lenders National Stage
When Holyoke-based PeoplesBank launched a digital-only bank earlier this year, it wanted to find customers – not in its local market, but in Alaska and Wisconsin.
Mutual Banks Eye Growth Options After Eastern Conversion
Now that Eastern Bank has become a stock bank, giving up its status as the nation’s oldest and largest mutual bank, the Massachusetts banking landscape could see even more changes in the years ahead.
Methuen Man Charged with Four Bank Robberies
A Methuen man has been charged with robbing four Middlesex County banks in August and September, escaping each time on a motorcycle.
New Fintech Launches to Help Banks Optimize Branches
A new fintech in Quincy that helps community banks solve critical challenges like growing core deposits, improving branch network performance, increasing business relationships and managing performance has formally announced its launch.
Salem Five Hires New Chief Information Officer
Salem Five has a new chief information officer.
State Street Leaps Ahead in Market Deposit Share in MA
State Street Bank and Trust Company broke away from the pack this year, adding a huge amount of assets to its business to grab a commanding lead in market deposit share in Massachusetts.
Salem Five Completes Acquisition of Sage Bank
The parent company of Salem Five Bank has completed its acquisition of Lowell-based Sage Bank. The acquisition was announced in April and Salem Five expects a full conversion this fall.
Salem Five to Acquire Georgetown Insurance Company
Salem Five seems to have taken a liking to the Georgetown market.
