Articles in category: Financial Services
Berkshire Bank's timing for entering Connecticut at least 18 months ahead of a fresh wave of out-of-state bank investment, including from a Massachusetts competitor, couldn't have been better, its chief says. The Pittsfield, Mass., bank bought out former Hartford lender, Connecticut Bank & Trust Co., in mid-2012, cementing its beachhead in the Nutmeg State ahead of West Springfield rival United Financial Corp.'s December declaration of its $369 million pending merger with Glastonbury's Rockville Bank.(Read Full Article)
When the Sovereign Bank signs suddenly came down across Massachusetts last fall, replaced by the Santander Bank name, it was … well, anything but sudden.(Read Full Article)
“We branded as Santander on Oct. 17, but as you can imagine, a lot of work went on behind the scenes prior to the rebranding,” said David L’Heureux, Santander’s market manager of Commercial Banking for Massachusetts and New Hampshire, as he explained why the international banking giant, based in Spain, made the name change almost four years after acquiring Sovereign. “We’ve been preparing for the rebranding for the past year and a half ...
The deal, which would create a $4.8 million community institution with more than 50 branches in Massachusetts and Connecticut, is similar to others consummated in recent months in that the banks are of similar size (United has $2.5 billion is assets, Rockville has $2.2 billion), there has been considerable give and take in the negotiations, and the ‘selling’ bank — United, in this case — is actually the one keeping its name, because those involved believe it will ultimately travel better.(Read Full Article)
But in some respects, this transaction is resetting the bar when it comes to the MOE. Indeed, expectations ...
Chicopee Bancorp, the holding company for Chicopee Savings Bank, declared a cash dividend of 7 cents per share for the recently-completed quarter . This is an increase of 2 cents per share paid in the same time period last year. The company reported net income of $670,000, or 14 cents per share, for the three months ended December 31, 2013, compared to $993,000, or 20 cents basic earnings per share, for the three months ended December 31, 2012.(Read Full Article)
(NASDAQ Global Select Market: UBNK), the holding company for United Bank (the "Bank"), reported net income of $4.0 million, or $0.20 per diluted share, for the fourth quarter of 2013 compared to net loss of $4.7 million, or $0.28 per diluted share, for the corresponding period in 2012. Excluding merger-related expenses of $598,000 ($449,000 net of tax benefit) resulting from the Company's agreement to merge with Rockville Financial, Inc. and gains from sales of securities totaling $277,000 ($164,000 net of tax expense), net income would have been $4.3 million, or ...(Read Full Article)
MassMutual board of directors honored by National Association of Corporate Directors New England Chapter
MassMutual's 13-member board, made up of some of the top business minds in the region, has contributed greatly to the company's success, the association said in awarding its Private Company Board of the Year award for 2014. In recent years, MassMutual recorded many new achievements: in 2012, the company acquired The Hartford Retirement Plans, nearly doubling the number of retirement participants served across the country, and its assets under management reached a record high of $508 billion. MassMutual is currently one of only two Fortune 100 companies located within Massachusetts (the other is Boston-based Liberty Mutual).(Read Full Article)
People's United Bank has lured a regional commercial lending executive away from Citibank to help grow the Bridgeport, Conn.-based bank's private banking business in Boston. People's said in a statement that as senior vice president and senior private banker, Lisa Hudson will be responsible for growing the $32 billion bank's private banking business in metro Boston.(Read Full Article)
In an effort to help local small businesses expand and create new jobs, Hampden Bank, in conjunction with the office of the State Treasurer, is participating in the Small Business Partnership Program. The program is a special funding initiative launched by State Treasurer Steven Grossman to promote small business loans, according to a news release.(Read Full Article)
Doug Bowen, PeoplesBank president and CEO, admits that the bank may not see a return on the added investment through energy savings for “seven to eight years from now” at the earliest, but that timetable certainly isn‘t deterring him from such endeavors. Indeed, what interests him most is that PeoplesBank continues to be an industry leader in developing sustainable branch offices, fostering an environmentally friendly corporate culture, and investing in projects that will be energy-efficient. This is a mission that PeoplesBank staked out a couple of years after Bowen took over the leadership of the bank in 2006, and ...(Read Full Article)
Hampden has countered that trend, Welch said, with the strong recent performance of its commercial-loan portfolio; in fact, the bank recorded loan growth of almost 22% in the fiscal year that ended on June 30, outpacing deposit growth of 9%. Overall, Hampden Bank boasts almost $700 million in assets and 111 employees spread across 10 branches in Springfield, Agawam, Longmeadow, West Springfield, and Wilbraham. That wasn’t enough for a group of non-local shareholders who waged an unsuccessful proxy fight for more control over the bank’s dealings earlier this month. Texas-based Clover Partners, which owns about $7.8 million ...(Read Full Article)
Nuvo Bank & Trust Co. announced net income of $2.26 million, or 96 cents per share, for the nine months ended Sept. 30, compared with $514,000, or 28 cents per share, for the nine months ended Sept. 30, 2012. Net income was $100,000, or 4 cents per share, for the three months ended Sept. 30, 2013, compared with $207,000, or 11 cents per share, for the three months ended Sept. 30, 2012.(Read Full Article)
At $4.8 billion post merger, United would have been the fourth-largest bank based in Massachusetts, had it opted to remain headquartered in the Bay State. Instead, United will become the third-largest bank in the Nutmeg State, behind only People’s United Bank and Webster Bank. United's new headquarters will be in Glastonbury, Conn., where Rockville’s administrative offices were relocated in 2011.(Read Full Article)
Working Mother magazine named Massachusetts Mutual Life Insurance Company (MassMutual) as one of the 2013 Working Mother 100 Best Companies for its commitment to progressive workplace programs, including child care, flexibility, advancement and paid time off. MassMutual employee Amanda Wallace, assistant vice president of strategy and planning for the company's U.S. insurance business, also has been recognized as one of the Working Mothers of the Year for representing the best in working motherhood as well as for her outstanding leadership ability.(Read Full Article)
Read more here: http://www.sacbee.com/2013/11/12/5904982/massmutual-named-one-of-2013-working.html#storylink=cpy
Hampden Bank’s shareholders have rejected an effort by a Texas hedge fund to put two members on the bank’s board of directors and push the bank toward a sale. Nonetheless, the bank said it will still evaluate whether a sale makes sense.
In a regulatory filing, Hampden Bancorp, parent of the Springfield-based bank, says it hired investment bank Sterne, Agee & Leach Inc. to identify and evaluate “strategic and/or operating scenarios intended to maximize shareholder value.”
MassMutual Financial Group has approved the insurer's largest dividend payout in history for 2014. The record payout to eligible policy holders is estimated at $1.49 billion. The dividends to be paid in 2014 reflect a dividend interest rate of 7.1 percent for eligible policy holders, an increase over last year’s rate of 7 percent flat.(Read Full Article)
Great Gardens: MassMutual employees tend garden at Springfield headquarters, deliver produce to food pantries
MassMutual’s partnership with the Food Bank of Western Massachusetts also includes an annual summer food drive to help boost inventories for the food bank and its affiliated pantries. This year MassMutual employees donated more than 4,000 pounds of non-perishable food items ranging from canned goods to baby formula, and plans are already underway for next year’s food drive and garden. “The dedication of our employees in making the garden and food drive a success is truly inspiring, and we are so very proud of their generosity and commitment to our communities,” noted Fyntrilakis. “We look forward to ...(Read Full Article)
Hampden Bank, dissident shareholders in proxy fight; investors demand sale or merger to boost profits
Hampden Bank, founded here in 1852 and headquartered downtown on Harrison Avenue, faces a proxy fight from shareholders based in Texas who want seats on the board and for the bank to seriously explore selling out or merging with another bank to increase earnings. "Getting a return for investors, that's what being a public company is about," Johnny Guerry of Clover Partners LLC in Dallas said in a phone interview last week. "It's not about selling stock and bringing in all this money so you can pay your executives."(Read Full Article)
Local banks have grown through the recession and local bankers are seeing a recovery, even if it is s a slow recovery. But to keep the good news coming, they say they need state lawmakers to pass legislation streamlining regulations and encouraging them to keep up with technology. The banks also are asking that state regulations also be brought into line with federal rules that got tougher in the wake of the financial crisis.(Read Full Article)
Bank of America Corp. (NYSE:BAC) today reports net income to common shareholders of $2.2 billion, as revenue improved from the same period a year ago and expenses and provisions for loan losses declined.(Read Full Article)
But in a lot of ways, a TD purchase of Citizens makes a lot of sense. For example, with Citizens in its pocket, TD’s deposit base in Massachusetts would be within striking distance of Bank of America’s. TD’s presence in the markets it already serves would be even more intense.(Read Full Article)
By now, most traces of the Sovereign name are gone, replaced by Santander Bank, and the new tagline, “A bank for your ideas.”(Read Full Article)
Bank officials say Sovereign customers won’t be bothered by the transition. Account numbers, PIN numbers, log-in information, passwords and checks all stay the same.
In the spirit of the presenting ideas worth spreading, the independently organized TEDx Springfield event scheduled Friday is aiming to enlighten with nearly 20 diverse speakers talking about the nature of innovation.(Read Full Article)