Coming from the world of government administration, Rafia Zahir-Uddin has helped JPMorgan Chase to provide $1 million in community investments in Connecticut in 2023 as its vice president for corporate responsibility.
The Federal Reserve Bank of Boston has named Karen A. Pennell its new first vice president and chief operating officer. She will replace Kenneth C. Montgomery, who will retire this spring.
While credit conditions are still expected to weaken compared to their strong position in the last few years, bank economists have come to view the situation with more optimism due to better economic growth.
The fourth quarter earnings calls of regional banks with branches in Connecticut revealed an increasing share of troubled office loans, a trend that may continue in the next few quarters.
M&T Bank’s charitable foundation has now distributed 80 percent of the bank’s $25 million Amplify Fund to 173 nonprofits in its New England markets, most of them in Connecticut.
Deposits are stabilizing and interest rate cuts are in the offing. That could spell opportunity, local bankers say.
Sixteen percent said in a new survey that they may lower small business lending due to anticipated higher costs from the rule.
Berkshire Bank suffered a net loss on a securities sale during the fourth quarter of 2023, the bank reported, dragging it down to a net loss of $1.4 million compared to last quarter’s net profit of $19.5 million.
NBT Bank saw its quarterly profits dragged down by higher funding costs as customers continue to seek higher-yield deposits, despite the bank’s gains in loans and deposits from its August acquisition of Salisbury Bank.
Stamford-based Webster Bank’s fourth-quarter net income declined due to the one-time charges from the FDIC special assessment restocking the nation’s deposit insurance fund, expenses on the merger with Sterling National Bank and securities repositioning.
Norwich, New York-based NBT Bank, has announced its succession plan for the company and the bank, with the firm’s president and CEO stepping down on May 21.
S&P Global Ratings is expecting that American banks will still perform well this year and build capital as they face a slowed economy and tighter regulatory landscape in 2024.
Community banks in the Northeast are the most pessimistic about the economy of anywhere in the nation, according to a new survey.
PeoplesBank has made three major announcements to the start of the year: reaching the $4 billion mark in assets, executive changes and promotions in its top leadership team and plans to open two more branches in Connecticut.
Only one bank opened any new branches in the state this year, while several big brands moved to shutter physical locations.
Customer satisfaction with national banks slightly improved this year, but a J.D. Power study found that depositors are attracted to higher interest rates at investment or wealth management and digital-only banks.
The Federal Reserve Banks of Boston and New York, and their 10 fellow regional Federal Reserve banks released a common public records policy this week following pressure from Congress to be more transparent.
A recent academic paper published by the National Bureau of Economic Research suggests that nearly half of all mortgages secured by American commercial office properties are in trouble, raising questions about financial risks at some of the nation’s banks.
Webster Bank has acquired medical funds custodian Ametros Financial Corp. for $350 million in cash, which will give the bank access to a source of low-cost and long-duration deposits.
