Banker & Tradesman, Oct. 12, 2020

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MONTHLY TRANSFER DIRECTORY REPORTS

Call 617.896.5388 or email datasolutions@thewarrengroup.com

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

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County close-up: Bristol Spotlight: Taunton

IN PERSON

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Michelle Dwyer leads a small credit union in Greenfield, but for the next two years, she will have a big role in the credit union industry. The president and CEO of Franklin First Federal Credit Union, Dwyer was one of eight people from across the United States named last month to the Consumer Financial Protection Bureau’s Credit Union Advisory Council.

WEEK OF MONDAY, OCTOBER 12, 2020

E X PA N S I O N O P P O R T U N I T I E S

78% The state’s credit unions were profitable in the first half of this year; 78 percent of credit unions reported positive yearto-date net income through June 30. See Diane McLaughlin’s story on this page about credit union growth this year, and a new NCUA rule that will open membership options. Source: National Credit Union Association

SEEK GROWTH IN COMPLICATED TIMES

$72 million Franklin First Federal Credit Union has about $72 million in assets – and a CEO recently named to the Consumer Financial Protection Bureau’s Credit Union Advisory Council. See page 8 for more about Michelle Dwyer’s appointment and plans for Franklin First. Source: Franklin First Federal Credit Union

New NCUA Rule Opens More Membership Options

5% BayCoast Mortgage Co. claimed 5 percent of the mortgage market share in Bristol County in August. See page 6 for the top mortgage lenders in the county. Source: The Warren Group

BY DIANE MCLAUGHLIN BANKER & TRADESMAN STAFF

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#3 Susana Neves-Coito of Fall River Five Cents Savings Bank was the number three loan originator in Bristol County in August. See page 6 for the first and second place LOs. Source: The Warren Group

$21.4 million The amount raised through crowdfunding for Cabot, Cabot & Forbes’ recent purchase of a 4-acre property in West Cambridge. See Steve Adam’s story on page 9 for more. Source: Cabot, Cabot & Forbes

215,000 Chelsea-based Metro Credit Union, the second largest in Massachusetts, currently has 215,000 members. See Diane McLaughlin’s story on this page about how credit unions are seeking growth opportunities. Source: Metro Credit Union

$3.6 million The mortgage on the number two property in this week’s Gossip Report, provided by First Republic Bank. See the Gossip Report on page 8 for more about the most expensive homes sold in the Bay State. Source: The Warren Group

While simultaneously addressing the fallout of the pandemic, Metro Credit Union in Chelsea has been upgrading its digital banking options to support future growth.

hile community banks point to their efforts during the Paycheck Protection Program as helping to expand their customer base, Massachusetts’ credit unions had a limited role in the small business lending program. Even without much participation in one of the pandemic’s most notable economic responses, the state’s credit unions have provided relief to members, including about $2 billion in mortgage and other loan deferrals, according to the Cooperative Credit Union Association, the trade organization for credit unions in several states, including Massachusetts. “Credit unions exist for one reason only – to serve their members, and they have really stepped up during the pandemic to do just that,” CCUA president and CEO Ron McLean said. “That means keeping a roof over somebody’s head, that means putting a meal on somebody’s table, that means getting people through a rough patch in life.” Continued on Page 9

COMMERCIAL INTERESTS

STRENGTH IN NUMBERS

‘Vast Majority’ of Office Landlords Now Offering Concessions

Boston Developers Test New Source of Equity

Corporate Construction Stalls in Boston 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.

CREDIT UNIONS

Commercial Real Estate PAGE 3

Photo by Cassidy Norton | Banker & Tradesman Staff

BANKING & LENDING BY THE NUMBERS

Crowdfunded Investments Fuel Bigger-Ticket CRE Transactions By Steve Adams | Banker & Tradesman Staff

Commercial Real Estate PAGE 7


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