Banking and Lending
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.
Lamont Touts 2024 Tax Relief
By James Sanna | December 21, 2023 | Reprints | Unlock LinkSeveral tax cuts passed by legislators in the General Assembly earlier this year are set to go into effect in less than two weeks, and Gov. Ned Lamont wants to remind everyone about them.
Study Flags Big Value Declines at Mortgaged U.S. Office Properties
By Nika Cataldo | December 21, 2023 | Reprints | Unlock LinkA recent academic paper published by the National Bureau of Economic Research suggests that nearly half of all mortgages secured by American commercial office properties are in trouble, raising questions about financial risks at some of the nation’s banks.
Introducing the Winners of This Year’s CR’s Best
December 21, 2023 | ReprintsWinners in our annual reader’s choice poll aren’t determined by who conducts the most business, who has the most revenue or serves the most customers. Instead, it measures the loyalty and satisfaction our readers have with vendors in the real estate and banking fields.
How the Economy Surprised Everyone in 2023, By the Numbers
By Stan Choe and Alex Veiga | The Associated Press | December 20, 2023 | Reprints | Unlock LinkIn a year full of big numbers, with strong gains for stocks and even more fantastic flights for crypto, it was one shrinking number that superseded all.
Webster Unlocks Fresh Medical-Related Deposit Source via Acquisition
By Nika Cataldo | December 19, 2023 | Reprints | Unlock LinkWebster Bank has acquired medical funds custodian Ametros Financial Corp. for $350 million in cash, which will give the bank access to a source of low-cost and long-duration deposits.
Two CT Banks Make Big Donations
December 15, 2023 | Reprints | Unlock LinkA pair of Connecticut banks announced big donations to their communities totaling nearly $90,000 this week.
Federal Reserve Foresees Three Rate Cuts Next Year
By Christopher Rugaber | The Associated Press | December 14, 2023 | Reprints | Unlock LinkThe Federal Reserve kept its key interest rate unchanged Wednesday for a third straight time, and its officials signaled that they expect to make three quarter-point cuts to their benchmark rate next year.
Liberty Bank Opens First Mass. Branch in East Longmeadow
By Nika Cataldo | December 14, 2023 | Reprints | Unlock LinkAfter opening a loan office in downtown Springfield, Massachusetts in October, Middletown-based Liberty Bank officially opened its first bank branch in Massachusetts following successful expansion of its business lending in the area this year.
Webster Bank Launches First Special Purpose Credit Program
By Nika Cataldo | December 13, 2023 | Reprints | Unlock LinkWebster Bank launched its first special purpose credit program Tuesday, which is aimed at helping low- to moderate-income first-time homebuyers buy homes, as well as homeowners who seek to refinance their mortgages in historically underserved areas.
Woman Sentenced for 2022 West Hartford Bank Robbery
December 12, 2023 | Reprints | Unlock LinkFederal prosecutors say one of the two people behind a hold-up at what was then a People’s United Bank branch in West Hartford has been sentenced to 30 months in prison and three years of supervised release.
Rate-Cut Speculation Rises, But Fed Set to Leave Rates Unchanged
By Christopher Rugaber | The Associated Press | December 12, 2023 | Reprints | Unlock LinkWith inflation edging closer to the Federal Reserve’s 2 percent target, its policymakers are facing – and in some cases fueling – hopes that they will make a decisive shift in policy and cut interest rates next year, possibly as soon as spring.
National Iron Bank Appoints New Chair, Vice Chair of the Board
By Nika Cataldo | December 11, 2023 | Reprints | Unlock LinkNational Iron Bank, a $298 million-asset community bank based in Salisbury, has appointed its new chairman and vice chairman of the board.
Megabank CEOs Warn New Regulations Could Harm the Economy
By Ken Sweet | The Associated Press | December 8, 2023 | Reprints | Unlock LinkThe heads of Wall Street’s biggest banks used an appearance on Capitol Hill on Wednesday to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated.
Inflation Eased in 2023. That’s Given Investors Hope for a Gentler Fed
By Damian J. Troise | The Associated Press | December 7, 2023 | Reprints | Unlock LinkInflation gradually loosened its grip on Wall Street and the economy in 2023, raising hopes for a gentler Federal Reserve and solid gains for the market next year.
Mass. Firm Plans Bridgeport Battery Factory
By James Sanna | December 5, 2023 | Reprints | Unlock LinkMassachusetts-based Nanoramic Laboratories plans to build an electric car battery factory in Bridgeport that will employ around 200 people, but it’s unclear just where the new development will rise from the ground.
Fed’s Powell Tries to Tamp Down on Rate-Cut Hype
By Christopher Rugaber | The Associated Press | December 4, 2023 | Reprints | Unlock LinkInflation is slowing steadily, but it’s too early to declare victory or to discuss when the Federal Reserve might cut interest rates, Chair Jerome Powell said in a speech Friday.
FDIC-Insured Banks Saw Decline in Combined Net Income in Q3
By Nika Cataldo | December 1, 2023 | Reprints | Unlock LinkAround 4,614 banks insured by the Federal Deposit Insurance Corp. across America saw a decline in their aggregate net income in the third quarter versus the prior quarter due to lower non-interest income and higher losses on securities.