Patriot Bank Takes Steps to Maximize Shareholder Value
Stamford-based Patriot Bank could decide to sell itself if other strategies for maximizing shareholder value do not pan out.
Market Conditions Drove Demise of Proposed CT De Novo
Deteriorating market conditions led the team looking to open Connecticut’s first new bank in more than a decade to voluntarily abandon those plans.
Application Withdrawn for New Canaan De Novo Bank
Connecticut will not have a de novo bank in the near future after organizers of a planned bank in New Canaan withdrew their application.
Fairfield County Homebuyers Face Need for Jumbo Loans
While most U.S. counties, including in Connecticut, will see a double-digit increase next year to the conforming loan limit, Fairfield County will no longer qualify as a high-cost area, a move that caught the industry by surprise.
Net Interest Income Drives Bank Earnings
Net interest income has helped drive earnings at Connecticut banks through the first three quarters of 2022, according to FDIC data.
Steward of a 175-Year-Old Bank
National Iron Bank may be small, with only $270 million in assets, but President and CEO Steven Cornell says the bank’s size is one of its strengths.
Salisbury Bank to Merge into NBT Bank
The parent company of NBT Bank, which has two branches in Connecticut, has agreed to acquire Lakeville-based Salisbury Bank in a deal that will see Salisbury’s CEO join NBT Bank.
Conforming Loan Limit Raised to $726K for All CT Counties
The maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac will increase by 12 percent in 2023.
Sikorsky Credit Union Plans Acquisition
Two more Connecticut credit unions plan to merge, as Stratford-based Sikorsky Credit Union looks to acquire a small municipal institution.
Washington Trust Co. Opens CT Commercial Lending Office
Westerly, Rhode Island-based The Washington Trust Co. has expanded its Connecticut presence with a new commercial lending office in New Haven. The new location is at 265 Church St. in an office adjacent to Washington Trust’s wealth management office. “With the opening...
Freedom Credit Union Opens First CT Office
Springfield, Massachusetts-based Freedom Credit Union has opened its first location in Connecticut. The office at 115 Elm St. in Enfield is only for mortgage and business lending “for the time being,” Freedom Credit Union said in a statement. “We are excited to expand...
Purchase Mortgage Activity Continues Amid Rising Rates
While lenders might have started the year expecting some rate hikes, the size and speed of rising mortgage rates had significant effects on the spring and summer mortgage markets.
Patriot Bank Hires Chief Credit Officer
Patriot Bank has hired Thomas E. Slater to be its next chief credit officer.
Movement Mortgage to Acquire Mortgage Network
South Carolina-based Movement Mortgage plans to acquire Massachusetts-based Mortgage Network Inc. in a deal that Movement Mortgage said would expand its East Coast market share.
Patriot Bank Saw Third Quarter Earnings Increase
Stamford-based Patriot Bank saw third quarter earnings increase by 75 percent year-over-year as the bank has seen its loan portfolio grow nearly 17 percent in 2022.
Sound Federal Credit Union Taking on Two Mergers
Stamford-based Sound Federal Credit Union has completed one merger this month and plans to acquire another credit union that has made multiple merger attempts in recent years.
Nutmeg State FCU’s Ramos Named NACUC Chair
Luis Ramos, Nutmeg State Financial Credit Union’s chairman, has been named board chair for a national trade group for credit union board members. The National Association of Credit Union Chairs has elected Ramos as chair for the 2022-23 term, the organization said in...
Berkshire Bank Increases Shareholder Dividend
Berkshire Bank’s parent company has increased its quarterly dividend for the first time since cutting it in half more than two years ago.
Promontory MortgagePath to Close
Citing the effects of the current economic environment on the mortgage industry, Danbury-based mortgage technology company Promontory MortgagePath has decided to shut down.
M&T Bank Continues to See Conversion Effects
M&T Bank expects to see lingering effects of the People’s United Bank acquisition into the fourth quarter as the bank continues to work with customers affected by the system conversion.
