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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Franklin Spotlight: Hawley
As Avidia Bank’s CFO, Margaret Sullivan has a key role to play in helping the bank stay innovative. Through its risk management practices, which Sullivan is responsible for, Avidia has emerged as one of the most forward-thinking community banks in Massachusetts, and one of the most fintech-friendly.
IN PERSON
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WEEK OF MONDAY, FEBRUARY 3, 2020
RESIDENTIAL REAL ESTATE BY THE NUMBERS
REBUILD AND RELAUNCH
ETHIC
142,431 The number of housing units Massachusetts produced from 2010 to 2019. See Scott Van Voorhis’ column on page 3. Source: U.S. Census Bureau
PLUNGES INTO CROWDED FIELD
$224,000 The median single-family sale price in Franklin County. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
$16.65 million The purchase price of a unit on the 55th floor of One Dalton. See the Gossip Report on page 9. Source: The Warren Group
-17 percent The Bay State produced 17 percent fewer homes in the 2010s compared to the 200s. See Scott Van Voorhis’ column on page 3. Source: U.S. Census Bureau
Marc White Jr.
Only 680 single-family homes were sold in Franklin County last year. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
4,147 square feet The size of the most expensive home in this week’s Gossip Report. See page 9. Source: The Warren Group
14,000 Massachusetts produced only about 14,000 homes per year in the decade just concluded. See Scott Van Voorhis’ column on page 3. Source: U.S. Census Bureau
Reborn Admirals Bank Aims for Big-Name Capabilities in Small Package BY DIANE MCLAUGHLIN BANKER & TRADESMAN STAFF
W
hen Marc White Jr. joined Admirals Bank as president and CEO in 2017, he wanted to reconstruct the bank and move forward in a different direction. For White, moving forward meant, in part, looking to the past. “Old-fashioned relationships, I felt very strongly, were being lost in the process of people focusing more and more on tech-
nology to replace the human element, the human touch,” White said. “I felt very strongly that clients were not being served the way that I felt that they should be.” Admirals Bank’s new business model looks to serve clients – specifically high and ultra-high net worth families – by offering wealth management and banking services with a focus on building relationships. This business model comes with a new name as well. Admirals Bank relaunched in January as Ethic, a Wealth Bank. The Boston-based bank, which also has an office in Rhode Island, enters a crowded field of firms catering to the wealthy. Even with this competition,
White said, Ethic’s approach could make a difference for wealthy individuals.
A High-Tech Personal Touch
Admirals Bank has faced significant hurdles since 2017, when it reported more than $19 million in losses and saw former CEO Nicholas Lazares leave his post. Also in 2017, Admirals became subject to a federal consent order and saw a plan fall apart to sell off most of the bank’s assets to a group of private bankers, including White. White, who then joined Admirals Bank in 2017 as president and CEO, has worked in the Boston’s financial services industry for more than 35 years.
Continued on Page 9
$692,500 The price of the most expensive recent existing single-family sale in Franklin County. See By the Numbers on page 6. Source: The Warren Group
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
R I S K V S. R E WA R D
New Numbers Show Bay State Produced a Mere 14,000 Units Per Year
By Steve Adams | Banker & Tradesman Staff
Amid Talk of Housing Crisis, White Elephant Production Dropped 17 or Black Hole? State, Neighborhood Offer Percent in 2010s Very Different Visions for Hynes Future By Scott Van Voorhis | Banker & Tradesman Columnist
Commercial Real Estate PAGE 3
Commercial Real Estate PAGE 7
Photo courtesy of Ethic
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