Category: Financial Services

“When we decided to go in there, we felt that our approach to banking would serve us well competing in a highly competitive environment,” said Bob Annon, Webster’s regional president for Northern Conn. and Greater Springfield.

First Niagara Financial Group Inc. -- operator of Connecticut's former NewAlliance Bank network -- said Thursday that its fourth quarter earnings jumped 27 percent thanks to strong loan and deposit growth.

Congress didn’t renew the federal New Markets Tax Credit program at the end of last year, threatening a program that supporters say has added several thousand jobs.

Coburn stated, “This new investment partnership with NEP marks an exciting time for Savage. On behalf of our management team and employees, we look forward to working with the NEP team, exploring new business opportunities and advancing our business potential together.” Savage is headquartered in Westfield, Massachusetts, and has over 600 dedicated employees. Manufacturing facilities are located in Westfield; Lakefield, Ontario; and Eugene, Oregon.

United Financial Bancorp, Inc. (the "Company") (nasdaq global select market:UBNK), the holding company for United Bank (the "Bank"), reported net income of $3.0 million, or $0.20 per diluted share, for the fourth quarter of 2011 compared to net income of $2.7 million, or $0.18 per diluted share, for the corresponding period in 2010. For the year ended December 31, 2011, net income was $11.2 million, or $0.74 per diluted share, compared to net income of $10.0 million or $0.65 per diluted share, for the same period in 2010.

"Fourth quarter results cap a year of meaningful, across-the-board progress for Webster, with particularly strong improvement in credit metrics, said Webster Chairman and CEO James C. Smith.

Glenn Welch, the new president and COO of Hampden Bank, takes over with an informal philosophy of not trying to fix anything that isn’t broken — and this encompasses most all strategic initiatives at the nearly 160-year-old institution. For now, his primary focus is on seizing opportunities to grow the commercial portfolio presented by improving confidence among business owners and what Welch called “concern with larger-bank relationships and where they’re headed.”

Berkshire Bank, headquartered in Pittsfield, has promoted Shaun Dwyer of Feeding Hills to first vice president and commercial team leader for the Pioneer Valley.

Massachusetts Mutual Life Insurance Co. Massachusetts Mutual Life Insurance Co.Latest from The Business JournalsLawsuit: Mass Mutual duped on 0M investmentAround TownRaleigh apartment complex sells for MFollow this company has filed suit against five financial services companies alleging that $200 million in mortgage-backed securities that purchased for the Springfield-based company are worthless.

Springfield's Babson Capital Management LLC says it put up $24 million in mezzazine debt and equity financing to fund the purchase of a Dallas chain of hospice-care centers -- its second such transaction in a month.

When it comes to end-of-year business planning, Kevin Vann said, every company is different. “If you’re an accountant, obviously tax planning is critically important,” he said. “If you’re a business advisor, consultant, or whatever, other things are critical, like long-term strategic planning.” But he has one piece of advice that crosses all sectors: business planning is not just a year-end exercise. At least, it shouldn’t be. “We look at it as an ongoing thing,” said Vann, a principal with the Springfield-based Vann Group

The Western Massachusetts Enterprise Fund has been able to loan $1.1 million to small businesses across the four counties of Western Massachusetts in 2011. Those loans were able to leverage $2.4 million in funding from other sources. Its offices are in the Open Square Complex in Holyoke.

The agency is celebrating its 185th anniversary next year, making it one of Springfield’s oldest companies, said Robert A. Stewart Jr., agency president. It was chartered at about the same time as the former Springfield Institution for Savings, now part of TD Bank.

Berkshire is the parent of Berkshire Bank, which currently has more than $4 billion in assets and more than 60 branches in Massachusetts, New York, and Vermont.

  The EDC commissioned CWS Consulting Group to assess ten regional industry sectors for growth and investment potential. CWS used the western Mass section of a 2008 statewide study by Moran Stahl & Boyer commissioned by the Massachusetts Alliance for Economic Development (“MassEcon”) as its starting point and assessed changes and opportunities that have arisen since then. This study achieved two objectives for us. It addressed our competitiveness against a regional peer group and it helped us improve our understanding of the internal workings of the sectors as part of our Homefield Advantage program. The study identified regional competitive advantages in the ...