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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Buckland Spotlight: Franklin
IN PERSON
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Bob Rivers enters his second year as chairman and CEO of Eastern Bank after a packed year in the banking industry that saw a number of developments including the recent passage of tax reform.
WEEK OF MONDAY, FEBRUARY 12, 2018 BANKING & LENDING BY THE NUMBERS
NEW BEGINNING
16% Greenfield Savings Bank crushed the competition and captured more than 16 percent of the mortgage market in Franklin County last year.
AFTER TOUGH YEAR, ADMIRALS BANK IS READY FOR A FRESH START
See page 6 for more of the top lenders in Franklin County. Source: The Warren Group’s Mortgage Market Share Module
$14.3 million MassHousing provided $14.3 million in financing to the nonprofit Fenway Community Development Corp. for the renovation and preservation of 52 affordable housing units at the Fenway CDC’s Burbank Gardens community.
Bank Hires Former JPMorgan Executive to Lead Transition to Community Bank
See page 2 for more about MassHousing’s latest deal.
7 Massachusetts last week became one of seven states to sign an agreement that should significantly streamline the licensing process for fintech companies.
200 Bank deal activity in 2017 was similar to 2016, with about 200 deals, representing roughly the same 3.5 percent to 4 percent annual shrinkage of bank charters that has occurred since the financial crisis. Source: American Bankers Association
$2.7 million A Rockland couple pleaded guilty in federal court in Boston to engaging in a scheme to embezzle more than $2.7 million from Bank of America using fraudulent donations to nonprofit organizations.
Caryl L. Connor Caryl Connor was the top loan originator in Franklin County in 2017.
BY BRAM BERKOWITZ BANKER & TRADESMAN STAFF
I
n its early days, Admirals Bank used individually tailored and highly customized concierge banking to bring in deposits it would use to buy pools of commercial loans on the secondary market. The bank then turned away from this approach and began to focus on consumer lending in the home improvement and residential solar sectors. But after a turbulent 2017 that included regulatory issues and millions in losses, the bank is pivoting again. In an interview at its headquarters on Clarendon Street, the bank’s executives said the bank has hired a new CEO, is in the middle of recapitalization efforts and is moving forward with a new business model.
“We are completely shifting our model to build a more traditional banking business,” new CEO Marc White told Banker & Tradesman, adding that the bank would focus on community banking, private banking and wealth management. “I feel there is a need to blend first-class products and services and capabilities with a local feel and commitment.” Admirals Bank has been in a downward spiral for many years. The company hasn’t turned a profit since 2014. The U.S. Office of the Comptroller slapped the bank with a consent order in early 2017. Shortly after, a plan to sell off most of the bank’s assets fell apart and former CEO Nicholas Lazares left. After the second quarter, Admirals reported a staggering $15 million in losses, while eating through much of its remaining capital. White was part of the initial group of investors that had planned to purchase most of Admirals Bank’s assets and spin off into a new institution Continued on Page 10
See page 6 for the rest of the top three loan originators. Source: The Warren Group’s Loan Originator Module
$131.6 million Cumberland County Mortgage – recently acquired by HarborOne – did $131.6 million in loan volume in Maine in 2016.
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.
FIRE SALE
Piggybacking Private Development on Public Properties
COMMERCIAL INTERESTS
Under New Ownership? By Scott Van Voorhis | Banker & Tradesman Columnist
By Steve Adams | Banker & Tradesman Staff
Commercial Real Estate PAGE 9
Commercial Real Estate PAGE 3