Randolph Bancorp in Mass. to cut mortgage jobs
The company said it will lay off more than a dozen employees in a move that reflects the current volume of mortgage loan originations. ... Read full article
News Topic: Massachusetts
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Inside black-owned bank's plan to stay relevant and cause driven
OneUnited is trimming branches and expanding digital offerings as it builds its brand as a backer of social justice that develops innovative products such as a Black-Lives-Matter-themed debit card. ... Read full article
Brookline to buy First Commons Bank in Massachusetts
Brookline will pay $56 million in cash and stock for First Commons in a deal that will add $324 million in assets. ... Read full article
Abandoned bank takeover works to Cambridge Bancorp's advantage
The Massachusetts company hired banking veteran Mark Thompson, who recently scrapped an effort to buy a struggling bank in Boston, as its bank president. ... Read full article
Meridian to bolster Boston-area network with Meetinghouse acquisition
Meridian had been looking to expand in certain Boston suburbs before agreeing to buy Meetinghouse Bancorp for $17.8 million. ... Read full article
The slow remaking of the taxi-medallion loan market
Amid all the bad news this year among taxi-medallion lenders, banks are trying to renegotiate loan terms behind the scenes, and regulatory changes could prop up collateral values and the competitiveness of taxis. ... Read full article
Berkshire Hills to move HQ to Boston as part of latest acquisition
The company agreed to buy Commerce Bancshares in Worcester, Mass., in a deal that is expected to close in the next six to nine months. ... Read full article
Eastern Bank spinoff to give banks fintech capabilities in small-business lending
Numerated Growth Technologies has a platform that lets banks make lending decisions in as little as five minutes. The spinoff will be run by Dan O'Malley, Eastern's former chief digital officer. ... Read full article
New asset-servicing deals boost fee income at State Street
State Street won $110 billion of new asset-servicing business in the quarter. ... Read full article
Santander Consumer agrees to $26M settlement with state AGs
The subprime auto lender funded loans through a group of car dealers that it knew had track records of high default rates and fraud, authorities in Massachusetts and Delaware said. ... Read full article
Independent Bank in Mass. taps new bank president
Gerald Nadeau has been the company's top commercial lending executive since 2007. ... Read full article
Cooperative Bank of Cape Cod in Massachusetts names first female CEO
Lisa Oliver, who will also become the bank's president, previously ran the business banking division at KeyBank. ... Read full article
How this bank keeps small-business clients away from online lenders
Eastern Bank developed its own online lending platform to compete with the likes of Kabbage and OnDeck. It might now be able to cash in by licensing to other banks. ... Read full article
Big banks worked with pot industry, despite denials, records show
Documents from Massachusetts complicate the narrative that marijuana businesses either can’t get bank accounts or are only being served by small institutions. ... Read full article