Articles in category: Financial Services
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)
And so it begins. Speculation about how and to whom RBS Citizens will be sold has bubbled to the surface with a report that TD Bank plans to make a $12.8 billion bid for the U.S. bank.(Read Full Article)
It's not on the list, but Brennan pointed to the May grand opening of Gulfstream Aerospace Corp.'s 125,000-square-foot , $23-million maintenance hangar at Westfield Barnes Regional Airport. That facility, designed to service the next generation of larger corporate jets, meant about 100 added jobs in Westfield.
"People don't realize there are private companies making investments and adding jobs," Brennan said. "It's going on all over the valley. People just don't always see it."(Read Full Article)
A program run by the Federal Reserve Bank of Boston called Working Cities Challenge could provide much as $700,000 in grant money on the table to help Springfield develop a full-line supermarket and bring fresh produce to the "food desert" neighborhoods surrounding Mason Square.
"We are also hoping to do some workforce development if we get the Working Cities grant," said A. John “Jay” Minkarah, president and CEO of DevelopSpringfield, a public-private group focused on economic development in the city.(Read Full Article)
'The new bill is more highly textured. you can almost count them blindfolded,' said Sue Fearn, assistant vice president for client sales at Nuvo Bank & Trust Co. in Springfield. Even the U.S. Department of the Treasury's website www.newmoney.gov asks people to run their finger along Benjamin Franklin's shoulder when they get a new bill.(Read Full Article)
Massachusetts Mutual Life Insurance Co. will work with the Massachusetts Justice Project and the Hampden County Bar Association’s legal clinic to provide free legal assistance to low-income seniors citizens who are looking to prepare simple wills, powers of attorney or similar planning documents. Since 2011, the Massachusetts Justice Project, in partnership with the Legal Advocacy and Resource Center of Boston, has operated the Massachusetts Senior Legal Helpline, (866) 778-0939, providing legal information, advice and referrals for Massachusetts residents 60 years of age or older. Through this program, it was identified that many seniors need help preparing advance directives like ...(Read Full Article)
PeoplesBank has literally found a way for customers to get a charge out of their banking. They will need an electric vehicle, however, to take advantage of the free EV charging station at the newest office at 300 King Street in Northampton.(Read Full Article)
Cornerstone Real Estate Advisers, a subsidiary of MassMutual Financial Group, has purchased 99 Summer St. in Boston’s Financial District for $110.8 million.(Read Full Article)
The Greater Holyoke YMCA announced it has received a $10,000 grant from the First Niagara Foundation to support the second phase of its renovation completion program. Several years ago, the Greater Holyoke YMCA embarked on a multi-year improvement program designed to raise funds to renovate and improve its downtown facility, part of which was constructed in 1951.(Read Full Article)
United Bank is one of "Two Small Banks with Big Appeal," according to financial publication Barron's. Barron's, published by Wall Street Journal Owner Dow Jones & Co., has actually written favorably about West Springfield-based United once before, said Richard B. Collins, president and CEO of United Bank.(Read Full Article)
Hampden Bancorp Inc. said cutting two senior executives cost the bank more than $300,000, and pulled fourth quarter profits down even as per-share earnings reached record levels. Springfield-based Hampden Bank is one of two western Massachusetts banks under investor pressure to sell this year.(Read Full Article)
The EDC hosted a roundtable discussion in June featuring(Read Full Article)
Massachusetts Secretary of Housing and Economic Development Greg Bialecki. We
invited several New York site selectors as well as other state and regional economic
development officials to join us for an engaging conversation about shared
service center opportunities in our region for companies in the financial and
professional services and IT sectors. We had hosted a similar roundtable in Boston
in March. Secretary Bialecki has set an ambitious goal to speak to 50 companies
who might be interested in opening a facility about the advantages of western
Massachusetts during 2013. Based ...