Banking and Lending
KeyBank Foundation Awards $150K to Urban League of Greater Hartford
May 2, 2024 | ReprintsA $150,000 grant from KeyBank Foundation will fund two years of the Urban League of Greater Hartford’s Project Ready program.
Federal Reserve Declines to Cut Interest Rates, Cites Continued Inflation
By Cassidy Norton | Commercial Record Staff | May 2, 2024 | ReprintsAs expected, the Federal Reserve did not reduce the benchmark lending rate at its meeting yesterday, maintaining the rate at a 23-year high.
Berkshire Bank to Close 3 CT Branches
May 2, 2024 | ReprintsBoston-based Berkshire Bank has filed a notice with the Connecticut Department of Banking to close three of its branches in the Nutmeg State.
Rejected for a Home Loan? Don’t Give Up Yet
By Lew Sichelman | May 2, 2024 | ReprintsNothing is more devastating to homebuyers than to search for months and finally find the place they want, only to be rejected by their chosen lender. But it happens to 1 in 10 applicants.
Reclassification of Marijuana Could Build Momentum for Cannabis Banking Reform
May 1, 2024 | Reprints | Unlock Link
The U.S. Drug Enforcement Administration will move to reclassify marijuana as a less dangerous drug, a historic shift to generations of American drug policy that could have wide ripple effects across the country.
JPMorgan’s Dimon Says Stagflation Possible
By Ken Sweet | The Associated Press | April 29, 2024 | Reprints | Unlock LinkJPMorgan Chase CEO Jamie Dimon says he’s hopeful the Federal Reserve can bring down inflation without causing a recession but wouldn’t rule out more troubling possibilities, such as stagflation.
Jewett City Savings Bank Elects New Chairman and Vice Chairman
April 25, 2024 | Reprints | Unlock LinkJewett City Savings Bank announced the names of its new board chair and vice chair following the lender’s annual meeting last month: Diane Manning and Brian Andstrom.
Wells Fargo, Webster Rank at Bottom in Study of Tri-State Area Bank Satisfaction
By James Sanna | April 24, 2024 | Reprints | Unlock LinkA new analysis by J.D. Power has found that Wells Fargo and Webster Bank have the least satisfied customers of the major national and regional banks active in Connecticut, New York and New Jersey.
Liberty Bank Votes in New Chairman
April 19, 2024 | Reprints | Unlock LinkLiberty Bank’s board of directors unanimously elected a new chair last month, the bank said, after longtime Chairman Mark Gringras unexpectedly passed away March 7.
Citizens Reports Private Bank Deposits Up $1.2B in Q1
By James Sanna | April 18, 2024 | Reprints | Unlock LinkCitizens Financial Group’s move to seize market share among the Northeast’s rich is gathering pace, executives said during the bank’s first-quarter earnings call Wednesday.
Powell: Elevated Inflation Will Likely Delay Rate Cuts
By Christopher Rugaber | The Associated Press | April 17, 2024 | Reprints | Unlock Link“If higher inflation does persist,” he said, “we can maintain the current level of [interest rates] for as long as needed.”
M&T Keeps Cutting Exposure to CRE Lending
By James Sanna | April 16, 2024 | Reprints | Unlock LinkIn its first earnings call after a major credit ratings agency downgraded its out look for the lender, M&T Bank announced progress in reducing its book of commercial real estate loans.
Top Fed Official Opens Door to Keeping Rates High for Longer
By Christopher Rugaber | The Associated Press | April 16, 2024 | Reprints | Unlock LinkFederal Reserve Vice Chair Philip Jefferson suggested Tuesday that the central bank’s key rate may have to remain at its peak for a while to bring down persistently elevated inflation.
Big Banks Issue Mixed Profit Reports as JPMorgan Flags ‘Uncertain’ 2024
By Ken Sweet | The Associated Press | April 12, 2024 | Reprints | Unlock LinkJPMorgan Chase continued to warn investors Friday that it expects a “uncertain” year for markets and the global economy, citing stubbornly high inflation and ongoing geopolitical tensions.
Meet Connecticut’s Top Loan Originators of 2023
April 11, 2024 | ReprintsFor the ninth year in a row, The Commercial Record is recognizing the top loan originators throughout Connecticut. Ranked by dollar volume and number of loans completed, and representing banks, credit unions and mortgage companies, these originators are at the top of their game.
March Inflation Reading Means ‘Bad News’ for Mortgage Rates
By Christopher Rugaber | The Associated Press | April 10, 2024 | Reprints | Unlock LinkConsumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it weighs when and by how much to cut interest rates this year.
When Will Fed Cut Rates? As Economy Flexes Muscles, Maybe Never
By Christopher Rugaber | The Associated Press | April 9, 2024 | Reprints | Unlock LinkThe Fed typically cuts only when the economy appears to be weakening and needs help. But with economic data looking strong – the commercial real estate sector aside – will its policymakers see a need to even cut at all?
Jamie Dimon Warns of Potential Interest Rate Spike
By Ken Sweet | The Associated Press | April 8, 2024 | Reprints | Unlock LinkWith some investors and economists questioning whether the Federal Reserve can make good on interest rate cuts this year, the JPMorgan Chase CEO warned of the possibility of rates rising to 8 percent or higher.
Another Month of Robust Job Growth Points to Continued Economic Strength
By Paul Wiseman | The Associated Press | April 5, 2024 | Reprints | Unlock LinkAmerica’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates.
Powell Still Sees Room for Rate Cuts in 2024
By Christopher Rugaber | The Associated Press | April 4, 2024 | Reprints | Unlock LinkFederal Reserve officials will likely reduce their benchmark interest rate later this year, Chair Jerome Powell said Wednesday, despite recent reports showing that the U.S. economy is still strong and that U.S. inflation picked up in January and February.
