Industry News
Banks, Cores Increasingly at Odds Over Service
By Diane McLaughlin | March 16, 2023 | Reprints | Unlock Link
Banks are becoming less and less satisfied with the vendors providing their core banking technology, but few are looking to switch providers. The share of banks reporting satisfaction with their core technology provider fell 12 percentage points in two years according...
Hartford HealthCare Ditches Downtown Offices for Farmington
By James Sanna | March 15, 2023 | Reprints | Unlock LinkOne of downtown Hartford’s major office tenants is decamping for the suburbs.
Report Shows Wide Divergence Between Hartford, Suburbs’ Housing Production
By James Sanna | March 15, 2023 | Reprints | Unlock LinkDespite the growing number of apartments in downtown Hartford, the region’s multifamily development scene remains firmly a suburban phenomenon.
Fed Criticized for Missing SVB Red Flags
By Christopher Rugaber and Fatima Hussein | The Associated Press | March 15, 2023 | Reprints | Unlock LinkThe Federal Reserve is facing stinging criticism for missing what observers say were clear signs that Silicon Valley Bank was at high risk of collapsing into the second-largest bank failure in U.S. history.
Lab Developer Buys Coliseum Tower Site for $11M
By James Sanna | March 14, 2023 | Reprints | Unlock LinkA planned life science tower took a significant step forward last week when lab developer Ancora bought a 0.78-acre slice of the former New Haven Coliseum site from the project’s master developer.
Australia to Buy American Submarines, Giving CT a Boost
By James Sanna | March 14, 2023 | Reprints | Unlock LinkCould the already-hot New London-area housing market get even more demand from an expanding Electric Boat Co. shipyard?
Fed to Review Its Supervision of Silicon Valley Bank
By Diane McLaughlin | March 14, 2023 | Reprints | Unlock LinkThe Federal Reserve has launched a review of its own supervision of Silicon Valley Bank following the bank’s failure.
Most of CT at Low Risk of Home Price Drops, Report Says
By James Sanna | March 13, 2023 | Reprints | Unlock LinkMost of Connecticut appears fairly well-insulated from home price declines should a market downturn take hold, a new analysis says, save for one region.
Will SVB Crisis Lead to Interest Rate Cut?
By Stan Choe | The Associated Press | March 13, 2023 | Reprints | Unlock LinkWith bank stocks cratering Monday as investors in regional banks like First Republic Bank and now-defunct Silicon Valley Bank worry about what lender may be next to topple, some investors are calling for the Fed to make cuts to interest rates soon to stanch the bleeding.
Biden Urges Confidence in Banking System After Two Collapses
By Ken Sweet, Christopher Rugaber, Chris Megerian and Cathy Bussewitz | The Associated Press | March 13, 2023 | Reprints | Unlock LinkDespite message of reassurance from the White House, investors continued to dump shares in bank stocks Monday morning. Shares of First Republic Bank plunged more than 70 percent even after the bank said it was accessing emergency funding from the Federal Reserve.
FDIC Seizes $209B-Asset Bank as Investors Pull Cash
By Ken Sweet | The Associated Press | March 10, 2023 | Reprints | Unlock LinkThe FDIC seized the assets of Silicon Valley Bank Friday morning, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis.
CFPB Touts NSF Fee Wins vs. Banks
By Diane McLaughlin | March 10, 2023 | Reprints | Unlock LinkSome banks that charged multiple nonsufficient funds fees on a single item plan to refund the fees to consumers, and most of these institutions supervised by the Consumer Financial Protection Bureau have decided to eliminate nonsufficient funds fees altogether, the CFPB said in a statement Wednesday.
Bankwell Adds CBRE Exec to Board
March 10, 2023 | Reprints | Unlock LinkNew Canaan-based Bankwell Financial Group Inc. has added CBRE’s Jeffrey Dunne to its board of directors.
Powell Says ‘No Decision’ on Fed’s Next Rate Move
By Christopher Rugaber | The Associated Press | March 9, 2023 | Reprints | Unlock LinkFederal Reserve Chairman Jerome Powell appeared to be trying to quell any assumption that the Fed has already decided to raise rates more aggressively based on a recent string of data that pointed to strong economic growth and still-high inflation.
East Hartford Mayor Has ‘Strong Preference’ for Silver Lane Plaza Project
By Steve Adams | Commercial Record Staff | March 9, 2023 | Reprints | Unlock LinkThe town of East Hartford has a new role as shopping center landlord following its acquisition of the blighted Silver Lane Plaza for $4.5 million.
M&T CEO Assesses Conversion; Bill to Investigate Banks Moves Ahead
By Diane McLaughlin | March 8, 2023 | Reprints | Unlock LinkA bill that Connecticut’s attorney general said would give his office authority to investigate possible violations of consumer laws, including at banks like Buffalo-based M&T Bank, has moved forward in the state legislature. But some committee members want more input from Connecticut’s banking commissioner on the bill.
Branford Biotech-Leased Property Fetches $5M
By James Sanna | March 8, 2023 | Reprints | Unlock LinkA Branford flex/office building has secured a $5 million price in its sale to a New London investor.
Fed Urges Crypto Caution for Banks
By Christopher Rugaber | The Associated Press | March 8, 2023 | Reprints | Unlock LinkWhile the biggest news to come out of Fed Chair Jerome Powell’s regular testimony before Congress was his willingness to make aggressive interest rate hikes to cool the economy, he also revealed that the central bank is worried about American financial institutions’ work in the crypto space.
Powell: Bigger Rate Hikes Coming If Economy Stays Strong
By Christopher Rugaber | The Associated Press | March 7, 2023 | Reprints | Unlock LinkThe Federal Reserve could increase the size of its interest rate hikes and raise borrowing costs to higher levels than previously projected if evidence continues to point to a robust economy and persistently high inflation, Chair Jerome Powell said Tuesday in prepared testimony to a Senate panel.
Rentschler Field Project Lands Wayfair, Lowe’s
By Steve Adams | Commercial Record Staff | March 7, 2023 | Reprints | Unlock LinkThe first phase of redevelopment at Rentschler Field will be anchored by Wayfair and Lowe’s, which have leased a combined 2.5 million square feet of distribution space.
