Banking briefs

Bridgeport-based People”™s United Financial Inc. was ranked the 44th largest bank in the country as ranked by assets, while the GE Money Bank subsidiary of Fairfield-based General Electric Co. ranked 49th.

Bank of America Corp. topped the list published by SNL Financial, with the top five rounded out by JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co. and HSBC North America Holdings Inc. All have branches in Fairfield County, with Wells Fargo via its Wachovia branches that are scheduled to take the Wells Fargo name next year.

Chase makes 215,000 mortgage modifications
JPMorgan Chase & Co. stated it has offered more than 900,000 modifications on mortgages to homeowners struggling to make payments, since 2009.

New York City-based Chase is the second largest retail bank doing business in Fairfield County after People”™s United. During the recession, the Connecticut state government passed a law requiring banks to work with homeowners for a period of at least 90 days before initiating foreclosure proceedings.

To date, Chase has completed more than 215,000 mortgage modifications. The company has hired 8,000 loan counselors and other staffers to work with homeowners.

“We have worked directly with homeowners as the economy has hit them far deeper and for far longer than they expected,” said Charlie Scharf, head of retail financial services at Chase, in a written statement.

Union Savings to open Monroe branch
Union Savings Bank filed an application with the Connecticut Department of Banking to open a branch in Monroe, after reportedly telling town planners in April that the new building would be the first to incorporate a new look for the bank.

Including its Danbury headquarters, Union Savings currently has 13 branches in Fairfield County.