U.S. banks increased deposit costs in the second quarter to protect core funding and have seen slowed deposit outflows, but that “defensive posture” and its lower net interest margins are likely to continue in the coming years.
Webster Bank was the only bank in the top 10 deposit-holders in Connecticut that registered an increase in deposits as bank customers scurried to spread their money around after the bank failures this spring, according to the latest FDIC deposit data.
The US Small Business Administration reported an increase in the number and share of SBA-backed 7(a) and 504 loans going to Black-owned businesses.
The president of the Federal Reserve Bank of Boston believes that inflation still remains too high and that policymakers are keeping an eye on price stability.
Citizens Bank is setting a $50 billion target to finance both “green” and “social” initiatives and projects by 2030.
With the interest rate hikes expected to persist, U.S. small businesses are still optimistic while still being alert to the impacts that the current economic pressures, according to two bank surveys.
The commercial real estate lending environment may be a tough one right now, but a Massachusetts community bank is making headway in Connecticut as one of the year’s fastest-growing commercial real estate lenders.
The new chief financial officer of M&T Bank has four focus areas he intends to work on to polish operations in the regional bank.
Real estate markets in southwest Connecticut will be seeing considerable maturities in Class B office loans between 2023 and 2026, but still at lower rates than other metros around the country.
The Consumer Financial Protection Bureau is warning that Apple and Google restrictions on banking and other payment apps on mobile devices could hurt the growth of digital banking and payments in the US.
Boston Federal Reserve President and CEO Susan M. Collins is expecting interest rates to remain at restrictive levels, hinting that the Fed may have to further increase key rates, depending on economic data to come.
Berkshire Bank is launching a cannabis banking unit as it tries to take advantage of an “underserved” market in Massachusetts, New York, Connecticut and Rhode Island.
KeyBank, an Ohio-based $195 billion-asset regional bank with a presence in Massachusetts and Connecticut, reported it funded more than $1 million for its special purpose credit program for homebuyers.
M&T Bank announced it will open a new bank branch in Bridgeport’s East End neighborhood, which is expected to be operational by early 2024 pending regulatory approval.
Smaller regional banks like NBT Bank won’t be covered, but its big competitors like M&T and Citizens will be.
Danbury-based Union Savings Bank has announced that a former Salisbury Bank official joined its wealth management team.
Boston-based Berkshire Bank has acquired yet another former First Republic staffer, part of a campaign the bank said aims to produce more deposits for the bank over the long term.
An S&P survey says bank executives are getting less optimistic as they expect to pay more to continue keeping deposits and to rely more on deposit rate specials.
KeyBank’s credit rating was downgraded by Standard & Poors, from BBB+ to BBB, citing “constrained profitability” amid higher interest rates.
Massachusetts-based PeoplesBank is set to open “at least” four units of its video and virtual assistant-enabled teller machines or interactive teller machines, also known as ITMs, in the Hartford metro area.
