Crossing state lines: Peoples to enter Connecticut with first acquisition

BankThink

has agreed to buy First Suffield Financial in Connecticut for $60 million. Community banking Consolidations M&A Connecticut MassachusettsPeoplesBancorp in Holyoke, Mass.,

Connecticut group applies to form uninsured bank

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De novo banks ConnecticutTNB Corp., which plans to offer deposits to institutional investors, would not have branches or retail deposits.

Former Webster CEO Smith decides against run for Connecticut governor

BankThink

Regional banks Law and regulation Economy Webster Bank ConnecticutJames Smith said his late enrollment in the state’s Republican Party meant he would be ineligible to be a candidate in its August primary and that he did not want to disrupt the nomination process.

Former Webster CEO Smith mulls run for Connecticut governor

BankThink

Regional banks Law and regulation Economy Webster Bank ConnecticutJames Smith said he would decide soon whether he’ll seek the Republican nomination for governor. He said he was inspired partly by his recent work on a commission tasked with recommending fixes to the state’s fiscal and economic problems.

Retired banker’s tall order: Fix Connecticut’s economy

BankThink

Economy Small business lending Fintech Affordable housing Commercial banking Community banking Webster Bank ConnecticutSince stepping down as CEO of Webster Bank last month, James Smith has spent much of his time co-chairing a panel tasked with solving his home state’s fiscal and economic woes. Banks, and perhaps even fintechs, could be a part of its comeback story, he says.

Connecticut group applies for national bank charter

BankThink

Nexos National Bank would be led by Gordon Baird, a former Citi executive. A former New York banking commissioner is set to join the proposed bank's board. Community banking De novo institutions Digital banking Capital

Connecticut Learns From NY’s Payroll Card Strifes

PYMNTS

28) said Connecticut is preparing for a new statute to legalize payroll cards. According to reports, Connecticut rules aim to address those drawbacks; the state bans employers from imposing additional costs on employees for using the cards, while any payroll card an employer decides to use must be linked with a “substantial number” of ATMs that don’t charge fees.

Connecticut bank sued for alleged discriminatory mortgage lending

CFPB Monitor

Last week, the Connecticut Fair Housing Center, Inc. filed a complaint against Liberty Bank in Connecticut federal district court alleging that the Bank engaged in discriminatory mortgage lending in violation of the federal Fair Housing Act. The complaint describes the Bank as “the eighth-largest conventional home purchase lender and eleventh-largest refinancer in Connecticut.”. Fair Lending State CFS Monitor State Enforcement CFPB connecticut fair lending redlining

FASB unanimously approves CECL delay for most lenders

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Loan-loss provisions CECL Community banking FASB ConnecticutThe accounting board delayed implementation for the majority of banks and credit unions until 2023.

People's United to cross $50B in assets with United Financial deal

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The Connecticut company will add heft in its home state and Massachusetts when it buys the former mutual. Community banking Regional banks M&A Capital Growth strategies Connecticut Massachusetts

People’s United has no intention of stopping at $50 billion

BankThink

The Connecticut company, which will top that asset milestone when it buys United Financial, says it could buy more banks in coming months. Community banking M&A Growth strategies Connecticut Massachusetts

Significant changes to Connecticut consumer finance licensing laws to take effect October 1, 2018

CFPB Monitor

Significant changes to Connecticut’s licensing laws for consumer financial services providers will take effect on October 1, 2018. A licensee will be required to submit the demographic records collected between October 1, 2018 and June 30, 2019 to the Connecticut Banking Department by July 1, 2019. State CFS Monitor State Licensing connecticut licensing

Emboldened by CECL delay, industry seeks repeal

BankThink

CECL Community banking Credit unions FASB ConnecticutAfter FASB's decision to give most banks extra time to prepare, lobbying groups are pushing for more.

Connecticut Banking Dept. takes no-action position on new demographic data reporting requirement for sales finance companies

CFPB Monitor

In August 2018, we reported about significant changes to Connecticut’s licensing laws for consumer financial services providers that were to take effect on October 1, 2018. A licensee is required to submit the demographic records collected between October 1, 2018 and June 30, 2019 to the Connecticut Banking Department by July 1, 2019. Auto Finance Fair Credit State CFS Monitor State Licensing connecticut

People's United lines up first bank deal since SIFI threshold was raised

BankThink

The Connecticut company will have nearly $48 billion in assets after it buys First Connecticut Bancorp. Regional banks Community banking M&A Capital Growth strategies SIFIs Connecticut

Patriot National won't let reg order stifle its small-business plans

BankThink

The Connecticut bank, which has been unable to complete a pending deal for an SBA platform, has managed to build the business anyway. Community banks Enforcement actions Small business lending SBA Connecticut

Taxi Medallion Participation Loans Hit Connecticut and Rhode Island CUs

Keith Leggett's Credit Union Watch

It appears that nonperforming taxi medallion loans affected the 2017 performance of 360 Federal Credit Union (Windsor Locks, CT) and Postal Government Employees Credit Union (Providence, RI). 360 Federal Credit Union The credit union is reporting at the end of 2017 that it held almost $11.4 million in commercial participation loans, presumably these loans were taxi medallion loans. This is down from $14.6 million at the end of 2016. These commercial loans at the end of 2017 represented 7.05

Fee income provides lift to Webster’s quarterly profit

BankThink

The Connecticut company also reported modest loan growth and a greatly improved net interest margin. Community banking Earnings Revenue and expenses Connecticut

Commercial lending, wider margin boost Webster's profit

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A double-digit increase in the size of the Connecticut company's commercial book factored heavily into its improved second-quarter results. Community banking Earnings Commercial lending Connecticut

How a congratulatory call on one bank deal led to another

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Bob Mahoney, CEO of Belmont Savings, called Jack Barnes after People's United agreed to buy a Connecticut bank. Community banking M&A Growth strategies Capital Connecticut MassachusettsThe banks announced their own merger agreement five months later.

KeyCorp to buy digital platform from Conn. community bank

BankThink

M&A Fintech Student loans Community banking Ohio ConnecticutThe online platform, created by Laurel Road Bank in 2013, allows users to refinance student loans and originate mortgages.

People's United reports higher profit that reflects recent acquisitions

BankThink

The Connecticut company, which is nearing the threshold to become a systemically important financial institution, has bought three businesses in the past year. Regional banks Earnings SIFIs Connecticut

Deal for Hana lending unit to raise Patriot National's SBA profile

BankThink

Patriot National in Connecticut would become the latest community bank to ramp up small-business lending with its $81 million deal to acquire Hana Financial's much larger SBA lending unit. Small business lending M&A Growth strategies Connecticut

Why this bank turns its branches into classrooms

BankThink

It started with financial literacy classes, but now Chelsea Groton Bank in Connecticut is offering crafts and other so-called lifestyle courses, all in an effort to connect with the public and drive traffic to its branches. Community banking Financial literacy Marketing Connecticut

Merger expenses cut into profits at People’s United

BankThink

But the Connecticut company says the efficiencies of its recent acquisition of Suffolk Bancorp will begin to be realized soon. M&A Commercial lending Regional banks Earnings Connecticut

United Financial in Conn. to enter new markets with branch purchase

BankThink

The company will snag its first branches in three towns in Connecticut and Rhode Island after buying locations from Webster Financial. Community banking M&A Branch network Branch deals Connecticut Massachusetts Rhode Island

CECL talks could get heated as detractors weigh in

BankThink

CECL Credit quality Regulation/Compliance Community banking Regional banks FASB ConnecticutAt a FASB meeting Monday on proposed changes to the accounting standard, its critics will be given a platform.

Berkshire Hills to enter Rhode Island with SI Financial purchase

BankThink

Community banking M&A Capital Growth strategies Massachusetts Connecticut Rhode IslandThe $180 million acquisition is the first for Berkshire since the sudden departure of CEO Michael Daly.

Big acquirers find it harder to justify smaller deals

BankThink

Strategic buyers Deposits Growth strategies Georgia ConnecticutLarger community banks are favoring bigger targets — or relying more on organic growth — to expand.

First National Bank of Suffield in Conn. hires next CEO

BankThink

Joseph Greco previously served as CEO of Southern Connecticut Bancorp, which sold itself to Liberty Bank in 2013. Succession planning Growth strategies Commercial banking Connecticut

Business loans, mortgages fuel profit growth at People's United

BankThink

The Connecticut bank said a spike in business lending and residential mortgages gave its fourth-quarter earnings a boost. Earnings Commercial lending Mortgages Connecticut

This bank scrapped its SBA playbook for a better one

BankThink

Patriot National in Connecticut planned to build a regional small-business lending operation on its own — until it had a chance to buy a national platform. Small business lending Nonbank M&A Community banking California Connecticut

Connecticut credit union manager found wearing suspected bomb vest

CU Insight

A Connecticut credit union executive was found in a car outside his office on Monday with a bomb-like device strapped to his body following the burglary of his home in what appeared to be an aborted scheme to rob the financial institution, police said. by: Richard Weizel.

People's United to buy national equipment-finance business

BankThink

Regional banks M&A Commercial lending Equipment lease ABS Connecticut PennsylvaniaLeaf Commercial Capital origates about $500 million in loans annually tied to equipment and software purchases.

People's United buys national equipment finance firm

BankThink

Regional banks M&A Equipment lease ABS Connecticut MarylandVend Lease, which is based in Baltimore, focuses on suppliers and vendors in the hospitality industry.

Alternative lenders try to fill void left by shutdown

BankThink

Small business lending Alternative lending Growth strategies Community banking SBA Connecticut Washington DC Florida California New YorkThe tricky part: raising awareness without appearing to take advantage of borrowers at a time when agencies like the SBA are out of commission.

Inside the bank deal that survived after a CEO quit

BankThink

M&A Succession planning Community banking Massachusetts ConnecticutRheo Brouillard, the head of SI Financial, finally had a solid offer in hand after more than two years of searching for a buyer. But the resignation 10 days later of the man who made him that offer — Berkshire Hills’ Michael Daly — sent Brouillard scrambling.

Credit Union League of Connecticut – Improving the financial futures of the next generation through Biz Kid$

CU Insight

The Credit Union League of Connecticut (CULC) recognizes the importance of receiving financial education at a young age. Currently, the state of Connecticut does require personal finance courses for graduation, and credit unions across the state have been working on ways to fill that financial education gap. The Credit Union League of Connecticut already has a robust Financial Reality Fair program , providing hands-on experiential learning to more than 17,000 students each year.

KeyCorp’s deal for student lender raises eyebrows

BankThink

Strategic buyers Fintech Earnings Branch management Beth Mooney KeyCorp Ohio New York ConnecticutExecutives at Key pushed back against doubts over a deal for Laurel Road Bank’s digital lending platform so late in the credit cycle, arguing that its customers are prime borrowers with high incomes.

Proposed eleventh-hour change to CECL has bankers scrambling

BankThink

CECL Accounting standards Credit quality FASB Connecticut Washington DCThe Financial Accounting Standards Board is considering a plan to have banks break out charge-offs and recoveries on a year-by-year basis. Bankers fear new systems would be needed to comply.

SI Financial in Conn. to sell trust and asset management business

BankThink

M&A Asset managers Trusts ConnecticutPlimoth Investment Advisors, a firm owned by two mutuals in Massachusetts, is buying the business.

Survival strategies from a midsize bank chief

BankThink

Credit quality Risk appetite Regional banks Growth strategies M&A Webster Bank ConnecticutJohn Ciulla, one year in as CEO of Webster Financial, discusses how he is preparing for the next downturn, picking his spots in tech spending, and remaining cautious about M&A.

Why bank M&A has been so quiet in the Northeast

BankThink

M&A Consolidations Community banking Deposits CRE New York New Hampshire New Jersey Connecticut Maine Massachusetts Vermont Rhode Island PennsylvaniaOnce a hotbed of activity, the region has reported the fewest bank mergers since the financial crisis.