Articles in category: Financial Services
Hampden Bancorp, Inc. which is the holding company for Hampden Bank announced the results of operations for the three and nine months ended March(Read Full Article)
31. Core net income increased by $1.1 million, or 49 percent , to $3.5 million for the nine months ended March 31, 2014, or fully diluted core earnings per share of 65 cents as compared to $2.4 million, or fully diluted core earnings per share of 45 cents for the same period in 2013. For the nine months ended March 31, 2014, net income increased to $3.2 million, or earnings per share of ...
Hampden Bank recently received an award for Best Overall Performance by a bank from the MassHousing agency. This recognition, reserved for those Massachusetts banks dedicated to providing loans to low-income borrowers, was recently presented at the annual MassHousing awards ceremony in Boston, Massachusetts. Hampden Bank also received recognition in several other categories, including top producer, most loans made to low-income borrowers, second most loans in Hampden County and second most loans to minority borrowers statewide.(Read Full Article)
Florence Savings Bank has donated $2,500 to the Forbes Library in Northampton, in memory of the Bank’s past President and CEO Ed Morin. Bank President and CEO John F. Heaps, Jr. made the announcement at the Bank’s recent Customers’ Choice Community Grants Program Awards Ceremony, held at the Northampton Senior Center. During the ceremony, Heaps recalled the life and accomplishments of his predecessor, who recently passed away. Also present at the ceremony were Scott Morin, Ed Morin’s son, and Forbes Library Director Janet Moulding.(Read Full Article)
Rockville Bank and United Bank have secured regulatory approval from the Massachusetts Board of Bank Incorporation of their application to merge, the banks announced Monday. Rockville Bank is headquartered Glastonbury, Connecticut and United Bank is of West Springfield,. Rockville Financial, Inc. and United Financial Bancorp have received all regulatory approvals required for their merger of equals to proceed, including from the Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, the Connecticut Department of Banking and now the Massachusetts Board of Bank Incorporation, according to a news release.(Read Full Article)
Maintaining a healthy work-life balance, keeping personnel energized, and supporting their interests and goals are all critical for retaining high-performing employees. PeoplesBank is asking employers to join the bank's Executive Vice President & Chief Human Resources Officer Janice Mazzallo from 8 to 9:30 a.m. April 3 at the bank's Conference Center, 330 Whitney Ave. second floor, Holyoke.(Read Full Article)
Massachusetts Mutual Life Insurance Co. announced today that it has been recognized by the Ethisphere Institute, an independent center of research promoting best practices in corporate ethics and governance, as a 2014 World’s Most Ethical Company. This is the first time that MassMutual has been honored with this award, which recognizes organizations that continue to raise the bar on ethical leadership and corporate behavior. World’s Most Ethical Company honorees understand the correlation between ethics, reputation and daily interactions with their brand and that the award belongs as much to their associates as it does to them.(Read Full Article)
Massachusetts Mutual Life Insurance Company (MassMutual) announced that three new professionals are playing major roles in the Diversity & Inclusion and Multicultural Market Development, furthering the company's growing leadership presence in that field. Kate Karasmeighan, Supplier Diversity Consultant, is driving the company's supplier diversity strategy. Prior to coming to MassMutual, Karasmeighan held positions with the Gay & Lesbian Victory Fund and Institute and led the National Gay & Lesbian Chamber of Commerce's (NGLCC) interactions between the national, Washington DC-based organization and more than 45 state and local GLBT chambers of commerce. Karasmeighan reports to Megan Nolan, Assistant Vice President of ...(Read Full Article)
Moments before she approached bank president John Heaps to tell him herself, Lilly Lombard, executive director of Grow Food Northampton, said, "We are incredibly grateful for the bank's generosity and all the customers who demonstrate their loyalty. Florence Savings Bank is a model for other banks in the community." A total of $75,059 was distributed, including a $500 surprise award received by the Granby Booster Club through a random drawing at the event. Community members who benefit from these awards include school students, seniors and those who access services from area social service agencies. Heaps also announced to ...(Read Full Article)
MassMutual Financial Group reported financial results Wednesday that reflected the largest acquisition in the Springfield-based company's history. MassMutual has an estimated dividend payout for 2014 of $1.49 billion to eligible participating policy owners. That reflects a dividend interest rate of 7.1 percent on eligible participating life insurance policies, according to a news release. In 2013, the dividend totaled $1.379 billion, MassMutual said. Net gain from operations before policy owner dividends and taxes – the company’s primary earnings measure as a mutual company – was $1.8 billion compared to $2.1 billion the year before, according to ...(Read Full Article)
PeoplesBank has announced the appointment of Jeannette Strange as a mortgage consultant. Strange will focus primarily on the communities of Chicopee, Holyoke, Springfield, South Hadley and Ludlow. As a PeoplesBank mortgage consultant, she will have a variety of mortgage options to offer customers, including refinancing and special first-time homebuyers’ programs. Strange joins the following experienced team of PeoplesBank mortgage professionals: Lisa Baltronis, Beverly Orloski and Jocelyn Kinlock.(Read Full Article)
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.”