Banking and Lending
Gov. Ned Lamont Sworn in for Second Term
By Susan Haigh | The Associated Press | January 4, 2023 | Reprints | Unlock LinkAs Connecticut Gov. Ned Lamont embarks on a second term in office Wednesday, he faces a larger majority of fellow Democrats in the General Assembly and a rosier state budget picture compared to when he first took office in 2019, given the state’s record cash reserves and a projected $1 billion operating surplus.
More CT Credit Unions Look to Merge
By Diane McLaughlin | January 4, 2023 | Reprints | Unlock LinkConnecticut’s credit union consolidation continues with three more deals in the works, including one involving the state’s smallest credit union.
SBA Lending Ticked Up in CT Last Year
By Diane McLaughlin | January 3, 2023 | Reprints | Unlock LinkWhile the number of U.S. Small Business Administration loans increased slightly in Connecticut, the total amount of lending fell during the most recent fiscal year.
O’Donnell Retires from Thomaston Savings Bank
January 3, 2023 | Reprints | Unlock LinkNancy O’Donnell, Thomaston Savings Bank’s senior vice president and chief risk officer, retired from the bank last week.
CT Credit Unions Returns Among Top in U.S.
By Diane McLaughlin | December 30, 2022 | Reprints | Unlock LinkWhile credit union membership has declined, Connecticut’s credit unions had one of the highest returns on average assets in the U.S., according to data released last week by the National Credit Union Administration.
Mortgage Rates-Bond Yield Gap Perplexes Economists
By Alex Veiga | The Associated Press | December 30, 2022 | Reprints | Unlock LinkIf the normal spread between the interest rates on 10-year Treasury notes and mortgage bonds existed today, the average 30-year mortgage rate could be as low as 5.7 percent.
American Eagle Donates to Pediatric Care, Social Services Organizations
By Diane McLaughlin | December 28, 2022 | Reprints | Unlock LinkAmerican Eagle Financial Credit Union recently made donations to social service and pediatric care organizations.
Spending Bill Aids Retirees, Boosts Financial Industry
By Fatima Hussein | The Associated Press | December 28, 2022 | Reprints | Unlock LinkA section of the $1.7 trillion spending bill passed Friday has been billed as a dramatic step toward shoring up retirement accounts of millions of U.S. workers. But the real windfall may go to a far more secure group: the financial services industry.
Thomaston Savings Bank Employees Give to United Way
December 27, 2022 | Reprints | Unlock LinkThomaston Savings Bank’s employees donated more than $45,000 to the United Way’s annual workplace campaign.
Patriot Bank Takes Steps to Maximize Shareholder Value
By Diane McLaughlin | December 27, 2022 | Reprints | Unlock LinkStamford-based Patriot Bank could decide to sell itself if other strategies for maximizing shareholder value do not pan out.
Holiday Sales Up 7.6 Percent Despite Inflation’s Squeeze
By The Associated Press | December 27, 2022 | Reprints | Unlock LinkHoliday sales rose this year as American spending remained resilient during the critical shopping season despite surging prices on everything from food to rent, according to one measure.
Market Conditions Drove Demise of Proposed CT De Novo
By Diane McLaughlin | December 22, 2022 | Reprints | Unlock LinkDeteriorating market conditions led the team looking to open Connecticut’s first new bank in more than a decade to voluntarily abandon those plans.
Jewett City Savings Bank Awards $12K in Grants
December 22, 2022 | Reprints | Unlock LinkJewett City Savings Bank’s charitable foundation awarded $12,450 in grants to local healthcare and social services organizations.
Consumer Confidence Bounces Back, Ending Year on High Note
By Matt Ott | The Associated Press | December 22, 2022 | Reprints | Unlock LinkThe confidence of American consumers rebounded this month to end the year on a high note despite high inflation, rising interest rates that have made credit cards and mortgages more expensive, and growing anxiety about a possible recession.
The Good, The Bad and The Confusing
By James Sanna | December 22, 2022 | Reprints | Unlock LinkThe last year has had Connecticut’s real estate brokerages, banks, developers and real estate investors on a roller-coaster ride. Here’s who won, who lost and what that might mean for 2023.
MBA Sees ‘Pockets of Weakness’ in Forbearance Data
December 21, 2022 | Reprints | Unlock LinkWhile the number of homeowners in forbearance remained unchanged last month, the Mortgage Bankers Association said it saw signs of weakness in November’s data.
Application Withdrawn for New Canaan De Novo Bank
By Diane McLaughlin | December 21, 2022 | Reprints | Unlock LinkConnecticut will not have a de novo bank in the near future after organizers of a planned bank in New Canaan withdrew their application.
Wells Fargo to pay $3.7B over consumer law violations
By Ken Sweet | The Associated Press | December 20, 2022 | Reprints | Unlock LinkConsumer banking giant Wells Fargo agreed to pay $3.7 billion to settle a laundry list of charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.
Q&A: Mat Ishbia, CEO of United Wholesale Mortgage
By Alex Veiga | The Associated Press | December 20, 2022 | Reprints | Unlock LinkMat Ishbia, CEO of Michigan-based United Wholesale Mortgage, talks about how the company became the nation’s biggest lender and what next next year holds.
Survey: National Banks See Customer Satisfaction Drop
December 19, 2022 | Reprints | Unlock LinkCustomer satisfaction at the nation’s largest banks has declined, with customers younger than age 40 driving lower satisfaction.
