People’s United Execs to Receive Millions With Non-Compete Agreement
Two People’s United Bank executives will receive multi-million-dollar payments to ensure that they do not compete with M&T Bank for three years after the merger takes place.
Greater Watertown, FD Community Credit Unions to Merge
Another small Connecticut credit union plans to merge into a larger organization, as technology and an aging membership continue to challenge the industry.
M&T Bank to Acquire People’s United Bank
The parent company of Buffalo-based M&T Bank has agreed to acquire Bridgeport-based People’s United Bank for a deal valued at $7.6 billion.
GSB Wealth Management Acquires East Haven Firm
Guilford Savings Bank’s wealth management subsidiary has acquired the assets of CTMA Wealth Management, an East Haven-based registered investment adviser with $198 million of assets under management.
AFNCU Completes Merger with Groton Municipal
East Hartford-based America’s First Network Credit Union has completed its third merger in the past 12 months after acquiring Groton Municipal Employees Federal Credit Union last week.
Three Co-Owned CT Banks Join Together
Three co-owned banks in Litchfield County are becoming one bank.
Stamford-based cxLoyalty to Sell Card Loyalty Platform to JPMorgan
Stamford-based cxLoyalty Group Holdings Inc. plans to sell its Global Loyalty division to JPMorgan Chase & Co., a deal that JPMorgan said would give its credit card customers “enhanced travel experiences.”
Two More Credit Union Mergers Planned
With two mergers already completed this year, Connecticut could see two more credit unions join with larger organizations in the coming months.
AFNCU, CT Transit FCU Complete Merger
Trumbull-based America’s First Network Credit Union has completed its second merger this year after acquiring East Hartford-based Connecticut Transit Federal Credit Union.
BankMobile Merger Will Form New Fintech
BankMobile, which has an office in New Haven, offers a digital banking platform and is currently a subsidiary of Pennsylvania-based Customers Bank.
Mutual Security CU Withdraws Merger Application
A planned merger between two western Connecticut credit unions has been called off. Shelton-based Mutual Security Credit Union has withdrawn its application to merge with Merritt Federal Credit Union in Wilton.
Centreville Bank Completes Acquisition of Putnam Bank
Centreville Bank, a Rhode Island- chartered savings bank, announced it has completed its cash acquisition of PB Bancorp, the parent company of Connecticut’s Putnam Bank.
People’s United Sees $130M in Earnings, Grants Forbearance to 7.6K Loans
People’s United Bank had first quarter net income of $130.4 million, or $0.30 per common share. Before People’s United closed on two acquisitions last year, net income in the first quarter of 2019 was $114.6 million.
A Big Bank that Wants to Feel Small
As a regional bank with offices in 16 states and $145 billion in assets, KeyBank might seem more like a big institution than a community bank. To fight that perception, the bank has deployed a range of services and tools that are aimed at helping communities thrive.
Visa Buys Fintech Plaid for $5.3B
Visa is purchasing the fintech company Plaid for $5.3 billion, a major push by the payment processing giant into other types of money transfer systems outside of Visa’s traditional credit and debit card business.
The Most Popular Banking and Lending Stories of 2019
2019 ends today, and what a year it was for Connecticut lenders. Here are the five real estate stories that you, our readers, read the most this year.
Steady Pace of Bank Mergers a Product of Rising Costs, Interest Rates
After a seemingly quiet couple of years, bank mergers and acquisitions have picked up in Connecticut. And lenders are challenged to deal with the disruptions they cause in customers’ lives.
People’s United to Close 12 More Branches – in Massachusetts
People’s United Bank will close 12 branches in western and central Massachusetts as part of its branch consolidation following its acquisition of United Bank.
People’s United to Close 18 Connecticut Branches
People’s United Bank has announced the closing of 18 Connecticut branches.
Putnam Bank to Merge with Rhode Island Lender
Putnam-based Putnam Bank has agreed to merge with Centreville Bank, a Rhode Island-chartered savings bank.
