Santander to Exit U.S. Home Lending
Santander Bank’s parent company plans to discontinue U.S. home lending and review some of its commercial and industrial lending segments as part of a strategy to accelerate profitable growth.
Local Lenders Likely to Find Opportunities in Marijuana
From retail stores and growers to delivery and transportation services, Connecticut’s incipient recreational marijuana industry will soon need somewhere to bank.
Webster Bank Completes Merger With Sterling National Bank
Webster Bank has completed its merger with New York-based Sterling National Bank, creating a bank with about $65 billion in assets. The banks’ parent companies, Webster Financial Corp. and Sterling Bancorp, said in a joint statement today that they had completed the...
Bankwell, Salisbury Saw Record Earnings in 2021
Two of Connecticut’s publicly traded stock banks have reported record net income for 2021.
Trade Groups Call CFPB Fee Initiative ‘Misguided’
Citing billions of dollars that households spend annually on “exploitative junk fees,” the Consumer Financial Protection Bureau launched an initiative Wednesday to reduce the fees charged by banks, credit unions and other financial companies.
Citizens Bank Moves Toward National, Digital-First Bank
Providence-based Citizens Financial Group plans to use its upcoming acquisitions, including HSBC’s digital bank, to help fuel its expansion nationally.
Berkshire Bank Ends 2021 With $118M in Earnings
After ending 2020 with more than $500 million in losses, Boston-based Berkshire Bank finished 2021 with $118 million in earnings and approved a share repurchase program that the bank said would return a significant amount of excess capital to shareholders.
Commercial Lenders See Opportunities in Hartford County
Even with the omicron variant adding another layer to the challenges presented by the pandemic, banks have entered 2022 looking at potential growth in their commercial lending portfolios.
States Settle With LOs Accused in Education Scheme
The Connecticut Department of Banking has joined more than 40 other regulatory agencies nationwide in settling with hundreds of mortgage loan originators who allegedly participated in schemes to avoid taking required classes to maintain mortgage licenses.
Survey: Community Banks Increasingly Concerned About Profits
While community bankers in December had a slightly more optimistic outlook about future business conditions and the economic outlook compared to the end of 2020, bankers are expressing more concerns about future profitability, according to the Conference of State Bank...
CT’s First Community Bank in a Decade Proposed
As the banking landscape continues to change amid factors ranging from mergers and branch closings to fintech competition and consumer behaviors, a group in Fairfield County sees an opportunity to open a new traditional brick-and-mortar community bank.
Redfin Moves into CT Mortgage Market with Acquisition
Discount brokerage Redfin has agreed to acquire mortgage lender Bay Equity Home Loans in a move Redfin said would increase its scale and efficiency while giving customers more lending options.
McWilliams Resigns as FDIC Chairman in Surprise Move
Weeks after a conflict arose between the FDIC chairman and board members, FDIC Chairman Jelena McWilliams has announced her resignation.
Mortgage Lending on Pace to Exceed 2020 Levels
While November single-family mortgage activity dropped off compared to last year, Connecticut remains on pace to exceed both 2020 and 2019 levels.
Afragola Part of Group Looking to Open New Bank
A longtime New Canaan banking executive has joined a group looking to open a new state-chartered bank.
COVID-Related EIDL Program Ends on Friday
The Economic Injury Disaster Loan program for small businesses affected by COVID-19, a key financing option throughout the pandemic, will close on Friday.
Community Bank Alliance Launches Payments Network With Payrailz
A group of 10 U.S. community banks has partnered with a Connecticut financial technology company to launch an open payments network that the banks say will benefit consumers and community banks.
Webster Plans to Complete Merger in February
Waterbury-based Webster Bank plans to complete its merger with Sterling National Bank in February after receiving regulatory approval for the deal.
McWilliams Calls FDIC Board Members’ Move a ‘Hostile Takeover’
The controversy over proposals to review bank merger regulations continues to play out publicly, with Federal Deposit Insurance Corp. Chairman Jelena McWilliams saying that FDIC board members are attempting a “hostile takeover” of the FDIC.
Ion Seeks Survival Through Mutual Mergers
David Rotatori does not want to be Ion Bank’s last president and CEO. The Naugatuck-based bank made big moves this year that will help the $1.7 billion-asset institution commit long-term to mutuality.
