Banking and Lending
Liberty Bank Invests in Community Solar Projects
December 1, 2022 | Reprints | Unlock LinkMiddletown-based Liberty Bank has invested $2.5 million in a pool of funds to finance community-based solar projects across the United States.
Powell: Fed to Keep Rates Higher for Longer to Cut Inflation
By Christopher Rugaber | The Associated Press | December 1, 2022 | Reprints | Unlock LinkThe Federal Reserve will push rates higher than previously expected and keep them there for an extended period, Chair Jerome Powell said Wednesday, and economic data reported Thursday suggests the Fed will have little reason to pull back soon.
GSB’s Geelan Named CT Bankers Association Chair
November 30, 2022 | Reprints | Unlock LinkThe Connecticut Bankers Association has named Guilford Savings Bank’s President and CEO Timothy P. Geelan as its new board chairman.
Conforming Loan Limit Raised to $726K for All CT Counties
By Diane McLaughlin | November 29, 2022 | Reprints | Unlock LinkThe maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac will increase by 12 percent in 2023.
Two Fed Officials Want Rates at 5 Percent Through 2023
By Christopher Rugaber | The Associated Press | November 29, 2022 | Reprints | Unlock LinkTwo Federal Reserve officials said Monday that they favor raising the Fed’s key rate to roughly 5 percent or more and keeping it at its peak through next year – longer than many on Wall Street have expected.
Jewett City Savings Bank Donates to Food Pantries
November 28, 2022 | Reprints | Unlock LinkJewett City Savings Bank’s charitable foundation has awarded grants totaling $32,500 to eight local food pantries.
Most Fed Officials Backed Slower Rate Hikes at Last Meeting
By Paul Wiseman | The Associated Press | November 28, 2022 | Reprints | Unlock LinkMost Federal Reserve officials at their last meeting favored reducing the size of their interest rate hikes “soon” – just before raising their benchmark rate by a substantial three-quarters of a point for a fourth straight time.
Sikorsky Credit Union Plans Acquisition
By Diane McLaughlin | November 23, 2022 | Reprints | Unlock LinkTwo more Connecticut credit unions plan to merge, as Stratford-based Sikorsky Credit Union looks to acquire a small municipal institution.
CT Gets Another Credit-Rating Increase
November 23, 2022 | Reprints | Unlock LinkGov. Ned Lamont’s fiscal policies got a vote of confidence from Connecticut residents in this month’s gubernatorial election. Now, a major credit rating agency has given its backing, too.
Unemployment Claims Rise to 240k, Highest Since August
By Paul Wiseman | The Associated Press | November 23, 2022 | Reprints | Unlock LinkThe number of Americans applying for unemployment benefits rose to the highest level since August but still remains low by historic standards.
Washington Trust Co. Opens CT Commercial Lending Office
By Diane McLaughlin | November 22, 2022 | Reprints | Unlock LinkWesterly, Rhode Island-based The Washington Trust Co. has expanded its Connecticut presence with a new commercial lending office in New Haven. The new location is at 265 Church St. in an office adjacent to Washington Trust’s wealth management office. “With the opening...
MBA: Mortgage Forbearances Increase for First Time Since 2020
November 22, 2022 | Reprints | Unlock LinkThe number of homeowners in forbearance increased last month for the first time in more than two years, partly thanks to Hurricane Ian’s hit to Florida homebuyers.
OECD Forecast: High Rates, Inflation to Slow World Growth
By Paul Wiseman and David McHugh | The Associated Press | November 22, 2022 | Reprints | Unlock LinkHobbled by high interest rates, punishing inflation and Russia’s war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023.
Three Bankers Added to CBIA Board
November 21, 2022 | Reprints | Unlock LinkBankers from M&T Bank, TD Bank and Wells Fargo have been named to the board of directors for the Connecticut Business & Industry Association, the state’s largest business organization.
Survey: Buyers Research Cars, Vacations More than Their Mortgage
November 21, 2022 | Reprints | Unlock LinkMost homebuyers spend about as much time researching their next television purchase as they do their mortgage lender, compounding mortgage lenders’ struggles standing out from their competitors.
Supply Chain Under Threat as Unions, Railroads, Clash
By Josh Funk | The Associated Press | November 21, 2022 | Reprints | Unlock LinkRailroad engineers accepted their deal with the railroads that will deliver 24 percent raises but conductors rejected theirs, threatening the health of the economy just before the holidays.
Freedom Credit Union Opens First CT Office
By Diane McLaughlin | November 18, 2022 | Reprints | Unlock LinkSpringfield, Massachusetts-based Freedom Credit Union has opened its first location in Connecticut. The office at 115 Elm St. in Enfield is only for mortgage and business lending “for the time being,” Freedom Credit Union said in a statement. “We are excited to expand...
Salisbury Bank Partners With Data Analytics Company
November 17, 2022 | Reprints | Unlock LinkLakeville-based Salisbury Bank is one of five banks to recently sign on with technology company KlariVis, which offers enterprise dashboard and analytics services for the financial services industry.
Purchase Mortgage Activity Continues Amid Rising Rates
By Diane McLaughlin | November 17, 2022 | Reprints | Unlock LinkWhile lenders might have started the year expecting some rate hikes, the size and speed of rising mortgage rates had significant effects on the spring and summer mortgage markets.
American Eagle Promotes 10 AVPs
November 16, 2022 | Reprints | Unlock LinkEast Hartford-based American Eagle Financial Credit Union has promoted 10 employees across several business units to the role of assistant vice president.
