Four years after selling its online student loan refinancing business, DR Bank still works in the financial technology space. But for Chief Banking Officer John Barbalaco, the term “old fashioned” often comes to mind when describing the community bank’s approach to doing business.
Following criticism that KeyBank has not improved lending to Black homeowners and homebuyers, the bank’s parent company has commissioned a racial equity audit.
While JPMorgan Chase wants to retain much of the wealth management business it acquired following First Republic Bank’s failure, the bank does not plan to continue First Republic’s low-pricing model on jumbo mortgages.
Regulators seized troubled First Republic Bank early Monday. But despite having only one Connecticut branch, it was still among Fairfield County’s top residential mortgage lenders.
Even as 2022’s mortgage activity fell from the record levels of the pandemic’s first two years, some of Connecticut’s top loan originators still maintained a demanding pace last year as homebuyers faced rising mortgage rates, economic uncertainties and a limited supply of houses for sale.
Norwich, New York-based NBT Bancorp had first quarter net income of $33.7 million, or $0.78 per diluted common share, compared to $39.1 million, or $0.90 per diluted share, in the first quarter of 2022.
Boston-based Berkshire Bank saw deposits drop by 2.5 percent during the first quarter, but some of those lost deposits moved to money market products in the bank’s wealth management division.
Even though the Community Reinvestment Act does not apply to independent mortgage banks, these nonbank lenders provide a higher share of their mortgages in minority and low- and moderate-income neighborhoods than banks do, according to a new report from the Urban Institute.
Buffalo-based M&T Bank saw deposits decline during the first quarter, a shift the bank expects to stabilize in the coming quarters.
The Washington Trust Co. is known as the oldest community bank in the United States, but no woman has ever held the title of president and chief operating officer of the bank. Until Mary Noons takes the job this month, that is.
Lakeville-based Salisbury Bank and NBT Bank face two lawsuits challenging their proposed merger and have disclosed additional information about the deal in response to the litigation and requests from other shareholders.
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.
Windsor Locks Federal Credit Union has changed its name to Riverbank Federal Credit Union.
Industry trade groups are criticizing a final rule released yesterday by the Consumer Financial Protection Bureau that will require financial institutions to collect data on their small business lending.
As mortgage rates drove down refinance activity last year, some of the state’s top lenders saw their long-term strategies bear fruit as they competed for a limited number of homebuyers still in the market.
More than 80 percent of Connecticut’s credit unions had positive net income in 2022, and a majority had double-digit loan growth last year, according to data released this month by the National Credit Union Administration.
The Federal Reserve has launched a review of its own supervision of Silicon Valley Bank following the bank’s failure.
Some banks that charged multiple nonsufficient funds fees on a single item plan to refund the fees to consumers, and most of these institutions supervised by the Consumer Financial Protection Bureau have decided to eliminate nonsufficient funds fees altogether, the CFPB said in a statement Wednesday.
