Home Tags People’s United Bank
Tag: People’s United Bank
A special meeting of United Financial’s shareholders to vote upon the acquisition and related matters is scheduled to be held tomorrow.
Small Business Administration District Director Anne Hunt says the increased lending indicates positive activity within the financial industry; that banks are taking on more loans; and that small businesses are finding it easier to approach lenders.
The lawmakers said they are worried it will have adverse economic impacts in eastern Hartford County due to the high saturation of the two banks in the area.
"We will keep our focus on providing a great customer experience, and delivering that experience in a high-tech environment," says Sara Longobardi, senior executive vice president of retail banking.
The BSB deal is the latest in a series of pickups by People’s. In January it acquired VAR Technology Finance, a private, independent leasing and finance company that was folded into its LEAF Commercial Capital subsidiary, which itself was acquired by People’s in 2017.
The event has grown from a handful of participants and awards to one that this year featured hundreds of attendees and the recognition of 57 companies throughout New England.
"If aerospace turns over, then Connecticut has a big problem," said Traynor about tariff-induced obstacles to manufacturing's growth.
Still looming: the effect of the Small Business Administration's closure. “We’ve got loans that have been approved or are in the process of being approved that are waiting for the SBA,” says Patriot Bank President Richard Muskus Jr. “The SBA had better be ready for a tidal wave of backlog.”
VAR Technology Finance will become a division of People's United's operating subsidiary, LEAF Commercial Capital Inc.
Still to come: an 8,000-square-foot Astronomy & Physical Science Center that will include a planetarium and a 40-foot aluminum dome that will house a Maksutov research telescope.
Belmont Savings Bank has $3 billion in assets and maintains six branches in the greater Boston area.
Looking ahead, bank President Jeff Tengel reiterated that technology remains a key challenge, both for People’s and the banking industry in general.
"These individuals are among the state’s top business leaders and their experience will help us develop our policy agenda,” said CBIA president and CEO Joe Brennan.
Farmington's owners also approved an advisory measure regarding a $14.8 million package of severance and other cash payments payable to its top executives.
The acquisition, expected to close within the next few weeks, would result in 95 job losses at Farmington Bank's corporate headquarters.