Mortgage Company Drags Down HarborOne Bank’s Q4 Profit
HarborOne Bank recorded a net loss in the fourth quarter of the year as a challenging mortgage market forced it to record a goodwill impairment charge at its mortgage company subsidiary.
Photos: 2023 in Philanthropy
The developers, banks, construction companies, credit unions, real estate brokerages, property managers and others in Massachusetts’ real estate and banking industries had a busy year when it came to giving.
HarborOne Profitable in Third Quarter on Higher Deposits, Loans
Brockton-based HarborOne Bank saw profitability quarter-on-quarter as it attracted more deposits and slightly more loans, despite the high-interest rate environment dragging its performance year-on-year.
94-Unit Development Opens in Union Square
A recently-completed project by a trio of Boston-area developers created 94 apartments on a former plumbing company headquarters on the outskirts of Somerville’s Union Square.
Community Good Works
Berkshire Bank volunteers packaged over 47,000 meals that were then donated to Veterans at Veterans Inc. and the Worcester Food Pantry during its annual X-Day, bank-wide volunteer event. See who else gave back.
Community Good Works
Eight Massachusetts banks banded together to raise $300,000 for the nonprofit Heading Home, which works to end homelessness. See who else gave back.
HarborOne Bank Partners with POS Provider
HarborOne Bank is enhancing its merchant services offerings for retailers and other businesses with by partnering with cloud-based point of sale system maker Clover.
Higher Deposit Costs Drag Profits at Four Mass. Banks
BankProv, HarborOne, Westfield Bank and Colonial Federal Savings all suffered from lower profit margins in the second quarter amid the high interest-rate environment and tight competition for deposits.
Personnel File – No. 333
Who’s on the move? From new VPs to fresh project managers, see who’s been hired, promoted and honored: It’s the latest edition of Banker & Tradesman’s Personnel File.
HarborOne Cut Staff During the First Quarter
HarborOne reduced staff in its mortgage division during the first quarter and plans to make other cost saving moves this year.
Recent Years Have Seen Community Banks Exit DIF
Massachusetts’ own Depositors Insurance Fund was a key tool in helping local banks reassure customers of the safety of their deposits while Silicon Valley Bank melted down last week. But its also lost some of the biggest names in local community banking in recent years.
Personnel File – No. 324
Who’s on the move? From new VPs to fresh project managers, see who’s been hired, promoted and honored: It’s the latest edition of Banker & Tradesman’s Personnel File.
Personnel File – No. 323
Who’s on the move? From new VPs to fresh project managers, see who’s been hired, promoted and honored: it’s the latest issue of Banker & Tradesman’s Personnel File.
Loan Growth Boosts Enterprise’s, HarborOne’s Earnings
Loan growth in a rising rate environment helped drive earnings at several Massachusetts stock banks.
Community Good Works
East Hartford, Connecticut-based American Eagle Financial Credit Union delivered gift baskets with complimentary tickets for 2022 Bright Nights at Forest Park in Springfield to staff and families staying at Ronald McDonald House of Springfield and pediatric patients and care staff at Baystate Children’s Hospital.
Community Good Works
HarborOne Bank made $245,000 in grants through its foundation to 34 nonprofits to support children and families across Southeastern Massachusetts and Greater Boston.
Community Good Works
Brockton-based SCU Credit Union celebrated World Kindness Day all week long with acts of kindness in the local community. Among these, SCU President and CEO Glenn Parsons traveled to several grocery stores and surprised shoppers by handing out over $3,500 in gift cards to people he met in the aisles.
HarborOne Sees Earnings Increase in Third Quarter
While HarborOne has seen its mortgage banking income decline, the bank said the rising value of its servicing rights has helped keep its mortgage business profitable.
Chinatown Garage Sold to NY Investor
A New York City investor has received $19.6 million in acquisition financing for a Chinatown parking garage after acquiring the property from Quincy-based Foxrock Properties.
Banks Respond to Equity Concerns with Financial Education for New Entrepreneurs
The pandemic startup surge is showing little sign of abating, and some local banks are expanding their financial education programming to support new – particularly minority – business owners, and perhaps win new customers along the way.
