Connecticut Gov. Ned Lamont announced Monday his new two-year budget plan will include the state’s first personal income tax rate reduction since 1996, one of several tax relief proposals he will officially unveil to the General Assembly on Wednesday.
Economic conditions, costs and ongoing difficulties with payment processing technology have driven a drop in small business satisfaction with merchant services providers.
Naugatuck-based Ion Bank has hired Cesar Abreu as an assistant vice president and branch manager for its Wallingford Branch.
Berkshire Bank’s parent company has appointed a former Massachusetts lieutenant governor to its board of directors.
Danbury-based Union Savings Bank has named a new president ahead of CEO Cynthia Merkle’s retirement later this year.
The Federal Reserve extended its fight against high inflation Wednesday by raising its key interest rate by a quarter-point, its eighth hike since March. The Fed signaled that even though inflation is easing, it remains high enough to require further rate hikes.
Following its merger with New York-based Sterling National Bank to start 2022, Webster Bank ended the year with earnings of more than $600 million.
Inflation is cooling, and parts of the economy appear to be weakening. But Chair Jerome Powell is likely Wednesday to underscore that the Federal Reserve’s primary focus remains the need to fight surging prices with still-higher interest rates.
Bankwell Financial Group had record fourth quarter and full-year loan growth, with 2022 earnings up 40 percent.
Pay and benefits for America’s workers grew at a healthy but more gradual pace in the final three months of 2022, a third straight slowdown, which could help reassure the Federal Reserve that wage gains won’t fuel higher inflation.
Lakeville-based Salisbury Bank and Trust continued to see loan growth in the fourth quarter, while year-over-year quarterly earnings fell slightly.
The Federal Reserve Board has denied a Wyoming cryptocurrency bank’s application for Federal Reserve System membership, officials announced Friday, dealing a setback to the crypto industry’s attempts to build acceptance in mainstream U.S. banking.
Berkshire Bank expects to see double digit loan growth despite economic uncertainties in the year ahead.
Boston-based Berkshire Bank has hired David Rosato, previously with People’s United Bank, as its next chief financial officer.
Waterbury-based Skyline Financial Federal Credit Union has partnered with a Meriden-based technology company to provide small businesses in New England with banking and merchant services.
Nearly a year into the Fed’s drive to quash inflation by hiking interest rates at a blistering pace, investors still don’t seem to fully believe what the Fed warns is coming next: Higher rates through the end of the year, which could sharply raise unemployment and slow growth.
Norwich, New York-based NBT Bank had net income for the full-year of 2022 of $152 million, or $3.52 per diluted common share, compared to $154.9 million, or $3.54 per diluted share, in 2021.
East Hartford-based Finex Credit Union will keep First Connecticut Credit Union’s indirect lending business under the FCCU name when the two credit unions complete their proposed merger this year.
Progressive Connecticut lawmakers are proposing a higher tax rate on capital gains earnings for wealthy taxpayers and higher personal income tax rates for millionaires.
