Catherine Banbury
East Hartford-based American Eagle Federal Credit Union has re-elected Mark P. Allen, Catherine Banbury, Angela Bull, Michael W. Hawman and Kenneth D. Stevenson Jr. to each serve another three-year term on the credit union’s board of directors.
Banbury, who has been with the credit union the longest of the five, joined in 1979 and was elected to the board of directors in 1984.
In addition, American Eagle has reported its loan balances had a 12 percent year-over-year increase in 2007, climbing to $644.2 million. The credit union also reported that 2007 income climbed to $6.5 million versus $5.5 million in 2006. Reserves increased to $101.1 million, or 9.43 percent of assets.
American Eagle Federal Credit Union is a nonprofit financial cooperative. It has assets of $1 billion, 96,000 members and 17 retail offices. The credit union offers financial products and services to everyone who lives, works, worships or attends school in Hartford, Middlesex and Tolland counties.
GE Provides Financing
Norwalk-based GE Commercial Finance Corporate Lending recently provided $98.7 million in financing to Rand Logistics, a bulk freight shipping services provider.
The financing is earmarked for acquisition financing and working capital needs. GE Capital Markets arranged the transaction. GE also provided the company with interest-rate risk management.
Rand has operations based in Port Dover, Ontario, and Avon Lake, Ohio.
With $14 billion in assets, GE Commercial Finance Corporate Lending provides asset-based, cash flow, structured finance and other financial solutions for midsize and large companies.
Shaw Joins People’s
Jared Shaw has been hired by People’s United Bank as senior vice president of investor relations and mergers and acquisitions.
Shaw will serve as the liaison to the investment community and be part of the team that evaluates potential acquisitions. Shaw joins the bank from the Hartford office of Keefe, Bruyette & Woods, a New York-based investment banking firm, where he was an equity analyst covering community banks and thrifts in New England, New York and portions of the mid-Atlantic region.
People’s United Financial, a diversified financial services company with $21 billion in assets, provides consumer and commercial banking services through a network of more than 300 branches in Connecticut, Massachusetts, Vermont, New Hampshire, Maine and New York.
CMBA to Sponsor Event
The Connecticut Mortgage Bankers Association’s Social Affairs Committee will sponsor a half-day program called “Economic Outlook 2008” on Friday, April 25.
The event will be held at the McCue Mortgage Co., located in New Britain at One Liberty Square.
The scheduled speaker is John M. Clapp, professor of finance and real estate at the University of Connecticut. Clapp produces indices of the housing market that are widely used by government and business organizations. His work recently has been published in Real Estate Economics, the Journal of Urban Economics, and the Journal of Real Estate Finance and Economics.
The cost of the event is $25 for CMBA members and $35 for nonmembers. Registration and breakfast will be at 9:30 a.m. and the presentation will be from 10 a.m. to noon.
For further information and registration, contact the CMBA office at (860) 232-9141, via e-mail at info@cmba.org or online at www.cmba.org.
Reilly Promoted at NCB
Stephen P. Reilly has been promoted to executive vice president and chief operating officer of Winsted-based Northwest Community Bank.
Reilly joined the bank in August 1996 as assistant vice president and commercial lender. Named vice president in May 2000, he was promoted again in April 2005 to senior vice president and chief loan officer.
Established in 1860, the bank has offices in Avon, East Granby, Granby, New Hartford, Torrington and Winsted, and operates an academic branch at the Northwestern Regional High School.
