Banking and Lending
Jewett City Savings Bank Elects New Chairman and Vice Chairman
April 25, 2024 | Reprints | Unlock Link
Jewett City Savings Bank announced the names of its new board chair and vice chair following the lender’s annual meeting last month: Diane Manning and Brian Andstrom.
Wells Fargo, Webster Rank at Bottom in Study of Tri-State Area Bank Satisfaction
By James Sanna | April 24, 2024 | Reprints | Unlock LinkA new analysis by J.D. Power has found that Wells Fargo and Webster Bank have the least satisfied customers of the major national and regional banks active in Connecticut, New York and New Jersey.
Liberty Bank Votes in New Chairman
April 19, 2024 | Reprints | Unlock LinkLiberty Bank’s board of directors unanimously elected a new chair last month, the bank said, after longtime Chairman Mark Gringras unexpectedly passed away March 7.
Citizens Reports Private Bank Deposits Up $1.2B in Q1
By James Sanna | April 18, 2024 | Reprints | Unlock LinkCitizens Financial Group’s move to seize market share among the Northeast’s rich is gathering pace, executives said during the bank’s first-quarter earnings call Wednesday.
Powell: Elevated Inflation Will Likely Delay Rate Cuts
By Christopher Rugaber | The Associated Press | April 17, 2024 | Reprints | Unlock Link“If higher inflation does persist,” he said, “we can maintain the current level of [interest rates] for as long as needed.”
M&T Keeps Cutting Exposure to CRE Lending
By James Sanna | April 16, 2024 | Reprints | Unlock LinkIn its first earnings call after a major credit ratings agency downgraded its out look for the lender, M&T Bank announced progress in reducing its book of commercial real estate loans.
Top Fed Official Opens Door to Keeping Rates High for Longer
By Christopher Rugaber | The Associated Press | April 16, 2024 | Reprints | Unlock LinkFederal Reserve Vice Chair Philip Jefferson suggested Tuesday that the central bank’s key rate may have to remain at its peak for a while to bring down persistently elevated inflation.
Big Banks Issue Mixed Profit Reports as JPMorgan Flags ‘Uncertain’ 2024
By Ken Sweet | The Associated Press | April 12, 2024 | Reprints | Unlock LinkJPMorgan Chase continued to warn investors Friday that it expects a “uncertain” year for markets and the global economy, citing stubbornly high inflation and ongoing geopolitical tensions.
Meet Connecticut’s Top Loan Originators of 2023
April 11, 2024 | ReprintsFor the ninth year in a row, The Commercial Record is recognizing the top loan originators throughout Connecticut. Ranked by dollar volume and number of loans completed, and representing banks, credit unions and mortgage companies, these originators are at the top of their game.
March Inflation Reading Means ‘Bad News’ for Mortgage Rates
By Christopher Rugaber | The Associated Press | April 10, 2024 | Reprints | Unlock LinkConsumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it weighs when and by how much to cut interest rates this year.
When Will Fed Cut Rates? As Economy Flexes Muscles, Maybe Never
By Christopher Rugaber | The Associated Press | April 9, 2024 | Reprints | Unlock LinkThe Fed typically cuts only when the economy appears to be weakening and needs help. But with economic data looking strong – the commercial real estate sector aside – will its policymakers see a need to even cut at all?
Jamie Dimon Warns of Potential Interest Rate Spike
By Ken Sweet | The Associated Press | April 8, 2024 | Reprints | Unlock LinkWith some investors and economists questioning whether the Federal Reserve can make good on interest rate cuts this year, the JPMorgan Chase CEO warned of the possibility of rates rising to 8 percent or higher.
Another Month of Robust Job Growth Points to Continued Economic Strength
By Paul Wiseman | The Associated Press | April 5, 2024 | Reprints | Unlock LinkAmerica’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates.
Powell Still Sees Room for Rate Cuts in 2024
By Christopher Rugaber | The Associated Press | April 4, 2024 | Reprints | Unlock LinkFederal Reserve officials will likely reduce their benchmark interest rate later this year, Chair Jerome Powell said Wednesday, despite recent reports showing that the U.S. economy is still strong and that U.S. inflation picked up in January and February.
Thomaston Savings Bank Elevates Ex-Tellers as New Execs
April 1, 2024 | Reprints | Unlock LinkThomaston Savings Bank promoted three new executives, including a new executive vice president, on Friday.
Powell Says Fed wants to See ‘More Good Inflation Readings’
By Paul Wiseman | The Associated Press | April 1, 2024 | Reprints | Unlock LinkFederal Reserve Chair Jerome Powell on Friday reiterated a message he has sounded in recent weeks: While the Fed expects to cut interest rates this year, it won’t be ready to do so until it sees “more good inflation readings’’ and is more confident that annual price increases are falling toward its 2 percent target.
Chase’s New England Head Leaves for Atlanta Post
By James Sanna | March 29, 2024 | Reprints | Unlock LinkCooke led Chase through a huge expansion in its New England branch footprint as it sought to convert many credit card customers to deposit and loan clients.
Meet Connecticut’s Top Lenders
By James Sanna | March 27, 2024 | Reprints2023 was a tough year for many kinds of real estate lending last year, but banks, credit unions and mortgage companies active in Connecticut put in a strong showing, with some even managing to increase their loan totals year-over-year.
Webster Bank CFO to Retire, Search Launched for Successor
March 27, 2024 | Reprints | Unlock LinkStamford-based Webster Bank announced this week that longtime chief financial officer Glenn MacInnes is planning to retire.
Fed Still Sees Three Rate Cuts in ’24, Fewer Next Year
By The Associated Press | March 21, 2024 | Reprints | Unlock LinkIn new quarterly projections they issued, Fed officials forecast that stronger growth and stubborn inflation would persist, meaning the central bank’s benchmark interest rate will stay higher for longer.
