September 3, 2018

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

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County close-up: Middlesex Spotlight: Lincoln

IN PERSON

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When Citizens Bank began to open supermarket in-store branches many years ago, the bank was looking for sales-oriented individuals to manage these locations. Nicole Almeida was recruited for her hometown location and after four weeks of intense bank training, she was hooked.

WEEK OF MONDAY, SEPTEMBER 3, 2018

RESIDENTIAL REAL ESTATE BY THE NUMBERS

FIELD OF MEMBERSHIP

$5.65 million The cost of a Boston condo in the top spot of this week’s Gossip Report. See the Gossip Report on page 8 for more. Source: The Warren Group

29.7% The percent increase of new loans with FICO scores below 700 in 2017. See Kenneth R. Harney’s column, The Nation’s Housing, on page 4. Source: FICO

$13.60

MVCU/BCU MERGER EFFORTS DERAILED BY FEDERAL COURT DECISION

Lincoln, Middlesex county’s residential tax rate. See the Town Spotlight in By the Numbers on page 6. Source: The town of Lincoln

6,300 The square footage of the Lexington property in the fifth spot of this week’s Gossip Report. See the Gossip Report on page 8. Source: The Warren Group

672 The average credit score for new home purchase loans between January and March of this year. See Kenneth Harney’s column for more on page 4. Source: Federal Housing Administration

Merger Pursued Through Alternative Avenue

30%

BY BRAM BERKOWITZ

The percentage of Millennials dipping into their retirement savings for a down payment on a home. See the editorial on page 4 for more. Source: Down Payment Resource

t’s not often that the effects of a federal court decision can be immediately seen at the local level. But when a district court in Washington D.C. struck down parts of a rule that would have made it much easier for federally-chartered credit unions to expand membership, two local credit unions were forced to abandon merger efforts and chart a new path.

2,911 The number of housing units in Lincoln. See the Town Spotlight in By the Numbers on page 6. Source: Lincoln Housing Commission

$17.88 The commercial tax rate in Lincoln. See the Town Spotlight in By the Numbers on page 6 for more. Source: The town of Lincoln

Unless otherwise noted, all data is

BANKER & TRADESMAN STAFF

I

Shortly after the announced merger in late March, a federal court handed down a decision on a rule imposed by the National Credit Union Administration that would have given greater flexibility for how credit unions could expand membership. The American Bankers Association – not thrilled to see credit unions expanding – had previously sued the NCUA, claiming the organization had overreached on its authority with the rule. The court ended up striking down two of the four provisions in the NCUA rule, a partial victory for both the ABA and NCUA.

EDGE CITY

City Needs Tax Revenue, Not Debt

Developers Eye the ‘Quad’ for Commercial Projects

Stadium a Bad Deal for Worcester By Scott Van Voorhis | Banker & Tradesman Columnist

Alewife’s Reinvention Has Only Just Begun By Steve Adams | Banker & Tradesman Staff

Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

Continued on Page 8

COMMERCIAL INTERESTS

sourced from The Warren Group’s Mortgage Market Share Module, Loan

The nearly $600 million asset, federally-chartered Merrimack Valley Credit Union announced in early March it would merge with and absorb the more than $350 million asset, state-chartered Bridgewater Credit Union. The deal would have made the new entity one of the top 10 largest credit unions in the commonwealth. The transaction was also noteworthy because it would have combined two credit unions in completely different geographic parts of the state. Lawrence-based MVCU is north of Boston, with two branches in New Hampshire, while BCU is in the southern part of Massachusetts, with branches as far as Quincy and Plymouth.

Commercial Real Estate PAGE 3

Commercial Real Estate PAGE 7


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September 3, 2018 by The Warren Group - Issuu