Banking and Lending
High Funds Costs Drag NBT’s Gains from Latest Merger
By Nika Cataldo | January 24, 2024 | Reprints | Unlock LinkNBT Bank saw its quarterly profits dragged down by higher funding costs as customers continue to seek higher-yield deposits, despite the bank’s gains in loans and deposits from its August acquisition of Salisbury Bank.
Webster Bank Q4 Profit Down on One-Time Charges
By Nika Cataldo | January 23, 2024 | Reprints | Unlock LinkStamford-based Webster Bank’s fourth-quarter net income declined due to the one-time charges from the FDIC special assessment restocking the nation’s deposit insurance fund, expenses on the merger with Sterling National Bank and securities repositioning.
NBT CEO to Step Down in May
By Nika Cataldo | January 23, 2024 | Reprints | Unlock LinkNorwich, New York-based NBT Bank, has announced its succession plan for the company and the bank, with the firm’s president and CEO stepping down on May 21.
Fannie Mae Predicts Mortgage Rates Below 6 Percent This Year
January 22, 2024 | Reprints | Unlock LinkEconomists at government-owned mortgage-buying giant Fannie May say they think residential mortgage rates might drop below 6 percent this year, sometimes seen as a critical horizon to get home sellers back on the market.
Bristol, Rocky Hill-Based Credit Unions to Merge
January 18, 2024 | Reprints | Unlock LinkNutmeg State Financial Credit Union, based in Rocky Hill, and First Bristol Federal Credit Union announced Thursday they plan to seek regulatory approval to merge their two institutions into a single, 48,000-member institution.
Top Fed Official Says Inflation Nearly Won, Rate Cuts Coming
By Christopher Rugaber | The Associated Press | January 18, 2024 | Reprints | Unlock LinkA top Federal Reserve official said this week that he is increasingly confident that inflation will continue falling, but provided few hints of the likely timetable for Fed rate cuts.
Overdraft Fees Could Drop to as Low as $3 Under Biden Proposal
By Ken Sweet and Cora Lewis | The Associated Press | January 17, 2024 | Reprints | Unlock LinkThe cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.
With DEI Under Legal Attack, Companies Quietly Alter Programs
By Alexandra Olson, Haleluya Hadero and Anne D'Innocenzio | The Associated Press | January 16, 2024 | Reprints | Unlock LinkDiversity and inclusion experts say the legal backlash is already having a chilling effect over corporate efforts to address workplace inequality at a time when investment and interest in such initiatives have slowed following the post-Floyd surge.
Megabank Profits Mostly Fall in Q4 Amid Upbeat CEO Messaging
By Ken Sweet | The Associated Press | January 12, 2024 | Reprints | Unlock LinkThree of the nation’s biggest banks said Friday that their profits fell last quarter, as JPMorgan Chase, Bank of America and Citigroup deal with the lingering effects of higher interest rates and the industry costs of last year’s banking crisis that caused the collapse of Silicon Valley Bank and Signature Bank.
S&P: U.S. Banks Will Still ‘Perform Well’ Amid Slow Economy
By Nika Cataldo | January 12, 2024 | Reprints | Unlock LinkS&P Global Ratings is expecting that American banks will still perform well this year and build capital as they face a slowed economy and tighter regulatory landscape in 2024.
From Housing to Energy to Food, US Inflation Picks Up
By Paul Wiseman | The Associated Press | January 11, 2024 | Reprints | Unlock LinkHigher energy and housing prices boosted overall U.S. inflation in December, a sign that the Federal Reserve’s drive to slow inflation to its 2 percent target will likely remain a bumpy one.
Northeast Has Nation’s Most Pessimistic Bankers
By Nika Cataldo | January 11, 2024 | Reprints | Unlock LinkCommunity banks in the Northeast are the most pessimistic about the economy of anywhere in the nation, according to a new survey.
PeoplesBank Hits $4B Assets, Plans to Open Two CT Branches
By Nika Cataldo | January 10, 2024 | Reprints | Unlock LinkPeoplesBank has made three major announcements to the start of the year: reaching the $4 billion mark in assets, executive changes and promotions in its top leadership team and plans to open two more branches in Connecticut.
Guilford Savings Bank CEO to Retire
January 9, 2024 | Reprints | Unlock LinkTimothy Geelan, the president and CEO of Guilford Savings Bank, is stepping down after 10 years on the job and a year of chairing the Connecticut Bankers Association.
Fed Minutes Show Now Clear Timeline on Rate Cuts
By Ken Sweet | The Associated Press | January 4, 2024 | Reprints | Unlock LinkFed officials concluded last month that inflationary pressures were easing, minutes from their most recent meeting say, but they also felt the economic outlook was uncertain enough that that further hikes were still “possible.’’
Stamford Bank Honors Locals with Award, Donations to Nonprofits
January 2, 2024 | Reprints | Unlock LinkStamford’s First County Bank announced its annual community service award, the Reyno A. Giallongo Community Legacy Award, was given to a local couple for their extensive volunteer work in the city.
All Bank Branches that Opened and Closed in Connecticut in 2023
By Nika Cataldo | December 29, 2023 | Reprints | Unlock LinkOnly one bank opened any new branches in the state this year, while several big brands moved to shutter physical locations.
J.D. Power: National Banks’ Deposits Vulnerable to Higher-Rate Offers
By Nika Cataldo | December 28, 2023 | Reprints | Unlock LinkCustomer satisfaction with national banks slightly improved this year, but a J.D. Power study found that depositors are attracted to higher interest rates at investment or wealth management and digital-only banks.
Americans Ramped Up Holiday Spending Despite Inflation, Anxiety
By Anne D'Innocenzio and Haleluya Hadera | The Associated Press | December 27, 2023 | Reprints | Unlock LinkHoliday sales rose this year and spending remained resilient during the shopping season even with Americans wrestling with higher prices in some areas and other financial worries, according to the latest measure.
Boston, NY Feds Upgrade Public Records Policies After Transparency Pressure
By Nika Cataldo | December 22, 2023 | Reprints | Unlock LinkThe Federal Reserve Banks of Boston and New York, and their 10 fellow regional Federal Reserve banks released a common public records policy this week following pressure from Congress to be more transparent.