First Republic’s Connecticut Impact By the Numbers
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.
Salisbury Bank’s Year-Over-Year Earnings Down 14 Percent
Lakeville-based Salisbury Bank had first quarter net income of $3 million, or $0.52 per basic common share, compared to $4.1 million, or $0.71 per basic common share, in the fourth quarter of 2022 and $3.5 million, or $0.62 per basic common share, in the first quarter of 2022.
Fed Faults Silicon Valley Bank Execs, Itself in Bank Failure
Silicon Valley Bank failed due to a combination of extremely poor bank management, weakened regulations and lax government supervision, the Federal Reserve said Friday, in a highly-anticipated review of how the central bank failed to properly supervise the bank before it collapsed early last month.
FHFA Head: ‘Misconceptions’ Rife About Mortgage Pricing Changes
Federal Housing Finance Agency Director Sandra L. Thompson is pushing back against claims the agency’s recent changes to how Fannie Mae and Freddie Mac mortgages are priced will lead to buyers with better credit paying more than buyers with worse credit.
Bankwell Saw Year-Over-Year Earnings Increase 26 Percent
New Canaan-based Bankwell Financial Group had first quarter net income of $10.4 million, or $1.33 per share, compared to $8.2 million, or $1.04 per share, in the first quarter of 2022.
NBT Expects to Complete Salisbury Bank Merger This Quarter
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.
Fannie Mae Expects Nation’s Home Prices Will Keep Falling
The national economy is running out of steam and further declines in home prices are expected, economists at Fannie Mae forecast, but interest rates could start falling by year’s end.
First Republic Lost $100B in Deposits
Depositors at First Republic Bank pulled more than $100 billion out of the bank during last month’s crisis, as fears swirled that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.
Webster Bank Saw Deposit Growth in First Quarter
Stamford-based Webster Bank saw deposits increase by 2.3 percent during the first quarter.
Banks Paying Savers Again After Years of Low Rates
Americans are finally reaping some benefit from keeping their money in the bank.
Berkshire Bank Saw Deposits Fall in the First Quarter
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.
Proposal to Lower Income Tax Rates Advances in Hartford
Connecticut state lawmakers on Wednesday night advanced a Democratic proposal to reduce state income tax rates, but for some legislators the plan is not nearly enough.
Report: IMBs Lend More in LMI, Minority Neighborhoods
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.
Mongillo Joins Ion Bank Wealth Management Group
Ion Bank’s wealth management group, Ion Investments, has brought on Amanda Mongillo as vice president and life insurance director.
Liberty Bank Launches Digital Bank for Small Businesses
Owners Bank is currently available to small business owners in Connecticut and three other states, but it has national ambitions.
M&T Saw Commercial Deposits Drop $2.4B in the First Quarter
Buffalo-based M&T Bank saw deposits decline during the first quarter, a shift the bank expects to stabilize in the coming quarters.
Salisbury Shareholders Approve NBT Merger
The merger between Lakeville-based Salisbury Bank and NBT Bank has moved a step closer to completion after Salisbury’s shareholders voted in favor of the deal.
Top Fed Official Sees Need for More Interest Rate Increases
A senior Federal Reserve official said Friday that there has been little progress on inflation for more than a year and that more interest rate hikes are needed to get prices under control.
Fed Forecasters See ‘Mild Recession’ Caused by Lending Pullback
Turmoil in the banking system after two major banks collapsed led many Federal Reserve officials to envision fewer rate increases this year out of concern that banks will reduce their lending and weaken the economy.
CorePlus FCU Joins Upstart Personal Loan Network
Norwich-based CorePlus Federal Credit Union has started offering personal loans through Upstart, an artificial intelligence lending platform.
