Banker & Tradesman - April 23, 2018

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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS

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County close-up: Bristol Spotlight: Freetown

IN PERSON

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The start of 2018 marked a homecoming for Christopher Curley as he rejoined Boston-based NAI Hunneman as executive vice president in its leasing and advisory services team.

WEEK OF MONDAY, APRIL 23, 2018

BANKING & LENDING REAL ESTATE BY THE NUMBERS

$5.73 million Brockton-based HarborOne Bank CEO James Blake’s total salary package for 2017 was $5.73 million. See Bram Berkowitz’s story on this page for more about CEO pay at publicly traded community banks in Massachusetts. Source: SEC proxy reports

3,317 Freetown has 3,317 total housing units. See By The Numbers on page 6 for more information on Freetown. Source: The Warren Group’s Town Stats Module

E X E C U T I V E C O M P E N S AT I O N

Tax Reform Had No Immediate Impact on Last Year’s CEO Salaries

Most Community Bank CEOs Saw Marginal Pay Increases

$7.15 million

BY BRAM BERKOWITZ BANKER & TRADESMAN STAFF

W

hen lawmakers approved changes to the nation’s tax laws late last year, many banks moved quickly to invest in their workforce, offering bonuses and increasing the minimum wage. But as 2017 proxy reports detailing executive compensation emerge, banks do not appear to have adjusted executive compensation with the same haste. “We are not seeing changes designed immediately because lots happened very late in the year,” said Susan O’Donnell, partner at Newton-based Meridian Compensation Partners, which specializes in executive compensation. “But [tax reform] could have an impact going forward.” Most community bank CEOs in Massachusetts saw marginal increases in their salary last year largely due to an overall good performance by the bank, according to a review of proxy reports at the 10 largest publicly traded community banks in the state. continued on page 8

East Boston Savings Bank provided $7.15 million in acquisition financing to a Lexington developer for the purchase of the Army Corps offices in Concord. See the Week on the Web on page 2 for more. Source: Registry of Deeds

65:1 The pay ratio between Berkshire Bank President and CEO Michael Daly and the median salary of an employee at Berkshire Bank was 65 to 1 in 2017. See Bram Berkowitz’s story on this page for more. Source: SEC proxy reports

$75 million The 145,000-square-foot spec lab building at 828 Winter St. in Waltham is scheduled for completion in July at a cost of $75 million. See Steve Adams’ story on how life science clusters are multiplying in Greater Boston on page 9. Source: King Street Properties

$5.15 million The most expensive home sold in the Bay State last week went for $5.15 million. See The Gossip Report on page 8 for more recent sales of condominiums and homes. Source: The Warren Group’s Statistics Module

$15.8 million The parent company of Hartford-based United Bank, which has a large presence in Western Massachusetts, reported $15.8 million in net income in its earnings report for Q1 2018. See the Week on the Web on page 2 to learn more. Source: SEC

$293.4 billion Local and state governments collected $293.4 billion in property taxes in 2017. See Washington Post Columnist Kenneth R. Harney’s column on page 4 for more. Source: The Washington Post

COMMERCIAL INTERESTS

TIMING IS EVERYTHING

Transit and Infrastructure Popular Punching Bags

Spec Lab Projects Spill into More Neighborhoods

Would-Be Governors Go After Baker By Scott Van Voorhis | Banker & Tradesman Columnist

Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/datasolutions.

Commercial PAGE 3

Building Ahead of the Market By Steve Adams | Banker & Tradesman Staff

Commercial Real Estate PAGE 9


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