Banker & Tradesman: Aug. 12, 2019

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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: Gill

IN PERSON

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Roxann Cooke is the New England regional director of JPMorgan Chase, which recently made a big splash in the state by pledging to open 50 retail branches in the Greater Boston area. The plan is part of a larger retail initiative that will see the banking giant open 400 new branches and hire as many as 3,000 employees in new markets all over the country in the next five years.

WEEK OF MONDAY, AUGUST 12, 2019

BANKING & LENDING BY THE NUMBERS

33 percent JPMorgan Chase plans to open one-third of its new branches in low- to moderate-income communities. See In Person on page 8. Source: JPMorgan Chase

2024 The Federal Reserve’s planned realtime payments system will come online in 2024. See James Sanna’s story on page 10. Source: The Federal Reserve

No. 1 Caryl L. Connor of Greenfield Savings Bank is the top loan originator in Franklin County. See By the Numbers on page 6. Source: The Warren Group’s Loan Originator Module

$750,000 The NCUA has raised the threshold for commercial real estate loans which require an appraiser by $750,000. See Week on the Web on page 2. Source: The National Credit Union Administration

20 years Chase’s soon-to open Roxbury branch will be the neighborhood’s first bank branch in 20 years. See In Person on page 8. Source: Roxann Cooke

24.05 percent The share of the Franklin County mortgage market held by the two leading community banks. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module

$2.5 million The mortgage on the third property in this week’s Gossip Report, provided by Martha’s Vineyard Savings Bank. See page 9. Source: The Warren Group

S U P P LY- D E M A N D I M B A L A N C E

APARTMENT CONSTRUCTION CAN’T KEEP UP WITH RENTS Job Growth Dwarfs Greater Boston Multifamily Deliveries

BY STEVE ADAMS BANKER & TRADESMAN STAFF

G

reater Boston’s position as one of the priciest rental markets in the U.S. appears secure, even as developers add more than 5,000 new apartments to the local inventory this year. Only top-ranked New York and Silicon Valley have higher average effective monthly rents than Greater Boston’s $2,278, multifamily researchers REIS Inc. reported. Bostonarea rents rose 1.7 percent in the second quarter, tied for the 11th highest percent increase out of the 79 metros tracked by the study. The report reinforces recent statements by some of the region’s largest publicly-traded apartment owners that they’ve been able to raise rents this year because of a lull in new projects’ completion, particularly in high-priced Boston and Cambridge. AvalonBay Communities this month reported big rent increases in its 7,201-unit Greater Boston portfolio. The Arlington, Virginia-based developer said its average rental rate on June 30 was $2,643, including concessions, up 3.5 percent year-overyear. Chief Operating Officer Sean Breslin cited a reduction in new supply by competitors. Continued on Page 7

51 percent The Clearing House’s real-time payments system covers 51 percent of the country’s demand deposit accounts. See James Sanna’s story on page 10. Source: The Clearing House

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.

HOT MARKET

REAL-TIME REVOLUTION

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By Ian B. Murphy | Special to Banker & Tradesman

By James Sanna | Banker & Tradesman Staff

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Residential Real Estate PAGE 9

Banking & Lending PAGE 10


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