Banking and Lending
Fed Officials Now Predict Only One Rate Cut This Year
By Christopher Rugaber | The Associated Press | June 13, 2024 | Reprints | Unlock LinkThe projections have significant implications for real estate developers and lenders who had earlier in the year been hoping for multiple rate-cuts that could bring the cost of development financing down.
Coffee, Sculptures and Advice: Banks Try to Make Branches Less Intimidating
By Ken Sweet | The Associated Press | June 13, 2024 | Reprints | Unlock LinkAfter years of closing or mostly neglecting physical bank branches across the U.S., the nation’s largest banks are spending hundreds of millions of dollars on refurbishing old locations or building new ones, and in the process changing the look, feel and purpose of the local bank branch.
KeyBank Employees Spend Day Volunteering Across CT
June 12, 2024 | Reprints | Unlock LinkConnecticut KeyBank employees joined roughly 4,600 of their peers for a company-wide volunteer day during the week of June 3 that saw them complete projects at charities, local parks and schools across the state.
Report: New Haven Office-Lab Conversion Nets New Tenants
By James Sanna | June 12, 2024 | Reprints | Unlock LinkA New Haven office block converted into small lab suites has landed three new tenants despite the nationwide slowdown in life science tenant demand.
First County Bank Makes $511K in Donations
June 11, 2024 | Reprints | Unlock LinkFirst County Bank announced grants totaling $511,500 last week, which it said its foundation will donate to over 100 Fairfield County nonprofits through its annual CommunityFirst Grant Program.
Last-Minute Inflation Data Could Help Determine Fed’s Timetable for Rate Cuts
By Christopher Rugaber | The Associated Press | June 10, 2024 | Reprints | Unlock LinkThe government’s latest snapshot of U.S. inflation will be released Wednesday morning, just before the Fed begins the second day of its policy discussions.
Online-Only Banks Experience Decrease in Customer Satisfaction
By Erin Delaney | Special to The Commercial Record | June 4, 2024 | Reprints | Unlock LinkA recent analysis by J.D. Power reveals an overall decline in customer satisfaction for online-only banks due to issues with customer service and efficient problem resolution.
More Women Made List of Top-Paid CEOs in 2023, But Numbers Still Small
By The Associated Press | June 3, 2024 | Reprints | Unlock LinkMore women are attaining the top job at companies in the S&P 500, but their numbers are still minuscule compared to their male counterparts.
Windsor Federal Hires Ex-Berkshire Bank CIO
By James Sanna | May 31, 2024 | Reprints | Unlock LinkWindsor Federal Bank has picked up a new top executive from one of New England’s biggest regional banks.
Savings Bank of Danbury Rebrands as Ives Bank
By James Sanna | May 29, 2024 | Reprints | Unlock LinkThe 175-year-old Savings Bank of Danbury is rebranding while planning “future growth.”
Fed Minutes: Policymakers See Longer Path to Rate Cuts
By The Associated Press | May 28, 2024 | Reprints | Unlock LinkAfter several unexpectedly high inflation readings, Federal Reserve officials concluded at a meeting earlier this month that it would take longer than they previously thought for inflation to cool enough to justify reducing their key interest rate, now at a 23-year high.
Mortgage Rates Dip Below 7 Percent
By Alex Veiga | The Associated Press | May 24, 2024 | Reprints | Unlock LinkThe average rate on a 30-year mortgage dipped this week to just below 7 percent for the first time since mid April, a modest boost for home shoppers navigating a housing market dampened by rising prices and relatively few available properties.
Ion Bank to Join with New Jersey Mutual Lender
By James Sanna | May 23, 2024 | Reprints | Unlock LinkNaugatuck’s Ion Bank has agreed to merge with New Jersey-based mutual bank NVE Bank, making the second New Jersey bank Ion as acquired in two years.
NBT Bank, with Growing CT Presence, Gets New CEO
By James Sanna | May 23, 2024 | Reprints | Unlock LinkNew York State-based NBT Bank has formally completed its CEO transition, with Scott A. Kingsley succeeding John H. Watt Jr.
Texas Bank Finances $60M Nursing Home Portfolio Sale
By James Sanna | May 22, 2024 | Reprints | Unlock LinkiCare Health Network, a Manchester-based nursing home operator, has paid over $60 million for a portfolio of eight nursing homes in the Hartford area, according to public records.
Mastercard Hopes AI Will Find Compromised Cards Before Criminals Use Them
By Ken Sweet | The Associated Press | May 22, 2024 | Reprints | Unlock LinkMastercard said Wednesday that it expects to be able to discover that your credit or debit card number has been compromised well before it ends up in the hands of a cybercriminal.
FDIC Chairman to Step Aside After Report on Toxic Workplace
By Ken Sweet | The Associated Press | May 21, 2024 | Reprints | Unlock LinkThe White House said Monday that Martin Gruenberg will step down, a departure that follows the release earlier this month of a damning report about the agency’s toxic workplace culture.
Top Dem Calls for FDIC Head’s Replacement Over ‘Toxic Culture’
By Ken Sweet | The Associated Press | May 20, 2024 | Reprints | Unlock LinkThe most powerful Democrat in Congress on banking and financial issues called for President Joe Biden to replace the chairman of the Federal Deposit Insurance Corp. on Monday, saying the agency is broken and there must be “fundamental changes at the FDIC.”
Changes from Visa Mean Americans Will Carry Fewer Credit, Debit Cards
By Ken Sweet | The Associated Press | May 17, 2024 | Reprints | Unlock LinkVisa has announced major changes to how credit and debit cards will operate that will make the 16-digit number printed on every card increasingly irrelevant.
Inflation Report ‘Keeps Alive’ Possibility of Fed Rate Cut
By Christopher Rugaber | The Associated Press | May 15, 2024 | Reprints | Unlock LinkLed by lower food and auto prices, inflation in the United States cooled slightly last month after three elevated readings, likely offering a tentative sigh of relief for officials at the Federal Reserve and some borrowers.
