ANNIVERSARY BY THE NUMBERS
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R E AA LL EES ST T F AI N A INA CL I IANLF OI R NM F A O TRI M A TSI I O RE AA T ET E& & FIN NC ON NN C E S 1I 8N7C2 E
County close-up: Suffolk Spotlight: Hyde Park
IN PERSON
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In his first year helming Berkshire Bank, CEO Nitin Mhatre has had to steer the bank through challenging waters as he and other senior leadership tried to rescue it amid the uncertainty of the COVID-19 pandemic.
WEEK OF MONDAY, MARCH 14, 2022
BANKING & LENDING BY THE NUMBERS
D E N S I T Y D E B AT E
HOW HOUSING CHOICE COULD CHANGE A
$215 billion The size, in assets, of M&T Bank post-merger. See Week on the Web on page 2. Source: M&T Bank
TOWN CENTER
12 years Berkshire Bank CEO Nitin Mhatre spent 12 years at Webster Bank before taking his current position. See In Person on page 8. Source: Berkshire Bank
Lexington Considers Denser Future as Home Prices Break $1M
$1.5 billion Cambridge Trust Co. has $1.5 billion in assets under management in New Hampshire. See Diane McLaughlin’s story on page 9. Source: Cambridge Trust Co.
31.8 percent The growth in Massachusetts’ banks income last year. See Week on the Web on page 2. Source: FDIC
BY STEVE ADAMS BANKER & TRADESMAN STAFF
A
s 175 Massachusetts communities grapple with the requirements of the state’s new Housing Choice law, the town of Lexington illustrates the potential major changes to the local landscape needed to meet its housing production goals. The Planning Board’s initial proposal would double building heights from 30 to 65 feet in Lexington Center to accommodate 6-story apartment or condominium buildings with ground-floor retail. The changes would apply to 25 acres that comprise the bulk of the town center, a stretch of Massachusetts Avenue lined with one- to three-story retail buildings and rear parking lots. Continued on Page 7
6 Cambridge Trust Co. has hired six wealth managers away from People’s United Bank. See Diane McLaughlin’s story on page 9. Source: Cambridge Trust Co.
2.5 Berkshire Bank’s return on equity was 2.5 times higher in 2021 versus 2020. See In Person on page 8. Source: Berkshire Bank
0.7 percent The decline in deposits at Massachusetts banks in the fourth quarter. See Week on the Web on page 2. Source: FDIC
150 Monson Savings Bank is celebrating 150 years in business this year. See This Month in History on page 9. Source: Monson Savings Bank
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 INTERESTS
MOVING PIECES
Lydia Edwards Has Blunt Critique of Rent Control Opponents
Bank Lures Wealth Managers After People’s United Merger
By Scott Van Voorhis | Banker & Tradesman Columnist
By Diane McLaughlin | Banker & Tradesman Staff
Time to Reassess Real Cambridge Trust Finds Estate’s Political Strategy? Opportunity in Upheaval
Commercial Real Estate PAGE 3
Banking & Lending PAGE 9