Banking and Lending
Supporting the collections, disbursements, concentration, investment and funding activities of client companies are all under the purview of a bank’s treasury management department, a sector that may help banks diversify their revenue streams and bring in long-term, recurring revenue. For nearly a decade, Laurel Egan Kenny, founder and president of Turningpoint Communications, has been helping banks and the fintech companies that support them in the treasury space market their products to banks, as well as helping banks of all sizes grow and differentiate their treasury business. After leading marketing at State Street and what is now Santander in its treasury management and global trade divisions, Egan Kenny went out on her own. While every financial institution offers business banking solutions in one way or another, many smaller banks are following the larger players and investing in the creation or growth of their own treasury management divisions, an idea Egan Kenny believes is now crucial to a bank’s success.
Massachusetts lost 200 jobs in July as the state’s unemployment rate slid into line with the national rate at 4.3 percent, the first time unemployment in the state has not been lower than the country overall since 2008.
A Brazilian national was recently indicted in federal court in Boston in connection with using gift cards to withdraw over $6,000 from bank accounts that did not belong to him.
MassHousing has provided $17.6 million in affordable housing financing to the Claremont Cos. for the refinancing of the 200-unit Solemar at South Dartmouth.
BayCoast Bank, Jeanne D’Arc Credit Union and North Shore Bank are among those featured in this week’s roundup.
Yesterday’s release of meeting minutes from the Federal Open Market Committee’s July 25-26 meeting garnered plenty of headlines due to the dialogue between FOMC members suggesting a rate increase in December may not be as certain as some had initially thought. But smaller banks were not left out the FOMC’s discussion.
MassDevelopment has issued $22.8 million in tax-exempt bonds for Lutheran Home of Jamaica Plain Inc., a subsidiary of Ascentria Care Alliance Inc. Ascentria used bond proceeds to buy Laurel Ridge Rehabilitation & Skilled Nursing Center, a 120-bed skilled nursing facility in Boston’s Jamaica Plain neighborhood. Berkshire Bank purchased the bonds.
Nineteen companies from across the state have been selected as finalists for the 2017 Team Massachusetts Economic Impact Awards, awarded annually by MassEcon for their outstanding contributions to the state’s economy.
Team Haverhill and Haverhill Bank are partnering to find a new home for one of the original shoe sculptures created for the Soles of Haverhill project. The shoe, designed by luxury department store Nordstrom, has been on display at the bank’s Lafayette Square branch since 2009. The shoe sculptures salute Haverhill’s celebrated manufacturing history as the Queen Slipper City.
Several auto lenders are being fined after the Massachusetts Division of Banks discovered unlicensed or illegal lending activities, as part of a statewide survey of 200 car dealerships in conjunction with the state’s Division of Professional Licensure and the Registry of Motor Vehicles.
In the month of July, the Massachusetts Division of Banks allowed, or received applications, regarding credit unions looking to merge, expand membership and to relocate, close or establish branches.
Two of the country’s major credit union advocacy groups have recently sent letters to the Consumer Financial Protection Bureau, pushing for further delay of the agency’s proposed amendments regarding prepaid accounts.
East Boston Savings Bank has filed applications with the Massachusetts Division of Banks to open two new full service branches in Boston.
Canton Co-operative Bank, Jack Conway and ULI are among those featured in this week’s roundup.
There has been growing momentum throughout the year to alter or repeal the Volcker Rule. Earlier this month, the U.S. Office of the Comptroller of the Currency sent out a formal notice soliciting comment on whether certain parts of the rule should be revised.
Two subsidiaries of IQor Holdings Inc. have agreed to pay $500,000 to agencies in five different states, including the Massachusetts Division of Banks, for unlawful debt collection practices.
The National Credit Union Administration is pushing back against a lawsuit filed by the American Bankers Association last year seeking to overturn a rule approved by the NCUA granting credit unions more flexibility to expand their membership.
Three financial institutions are among those highlighted in this week’s roundup.
Strong deposit growth and commercial lending drove profits in the second quarter at Eastern Bank, the largest mutual bank in Massachusetts.
A former accountant for an investment advising company was recently sentenced in federal court in Boston in connection with a fraud scheme in which he stole more than $3.5 million from his employer.
Banking & Lending Top
- East Boston Savings Bank Plans To Add Two New Branches In Boston
- Strong Demand For New Allston Apartment Units
- Division Of Banks Issues Fines For Unlicensed And Illegal Auto Lending Practices
- WinnCos. Named Development Team For South Boston Complex
- Workforce Housing Project Breaks Ground In Mattapan