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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Berkshire Spotlight: Pittsfield
Darryl Fess came from humble beginnings, but now runs one of the largest community banks in Massachusetts. He grew up with four siblings in an apartment his parents rented for 20 years in Somerville.
IN PERSON
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WEEK OF MONDAY, OCTOBER 15, 2018
RESIDENTIAL REAL ESTATE BY THE NUMBERS
CANNABIS CONFERENCE
37% The percentage of loans that had inflated values because FHA appraisers for reverse mortgages hyped the numbers. See Kenneth R. Harney’s column on page 4 for more. Source: Federal Housing Administration
WILL MORE FINANCIAL INSTITUTIONS JUMP INTO MARIJUANA INDUSTRY?
$20.01 The residential tax rate for Pittsfield, Berkshire County. See Town Spotlight in By the Numbers on page 6. Source: City of Pittsfield
48,385 The number of new loans in the FHA’s reverse mortgage program, at its lowest total since 2005. See The Nation’s Housing on page 4. Source: Federal Housing Administration
$7.5 million The sale price of the first property in this week’s Gossip Report. See page 8 for more. Source: The Warren Group
60 The eligibility age for Equity Edge’s reverse mortgage program for homeowners and borrowers. See Ken Harney’s column on page 4 for more. Source: Equity Edge
$4.35 million The sale price of the home in the fourth spot on this week’s Gossip Report. See page 8 for more. Source: The Warren Group
21,366 The number of housing units in Pittsfield, Berkshire County. See the Town Spotlight in By the Numbers on page 6. Source: U.S. Census
4,494 The number of square feet of the second house in this week’s Gossip Report. See page 8 for more. 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.
With Two Institutions on Board, MA Is Better Off Than Other States BY BRAM BERKOWITZ
RISKY BUSINESS
BANKER & TRADESMAN STAFF
T
he Cannabis Business Advisory division of the Boston-based law firm Burns & Levinson recently cohosted with Viridian Capital Advisors its second annual cannabis conference. The conference held a day’s worth of panels discussing a variety of issues, such as the state of the industry and the future of banking and marijuana. Keynote speakers included Steven Hoffman, chair-
These marijuana industry businesses pose the highest risk to banks: 1. Legacy funds 2. Fintech/payment processors 3. Investor/equity funds 4. International funds 5. Investment funds 6. Ancillary businesses 7. Sales man of the Massachusetts Cannabis Control Commission, and Sundie Seefried, president and CEO of Partner Colorado Credit Union, which owns Safe Harbor Services, a credit
union service provider that helps financial institutions bank marijuana. Here are some key takeaways from the conference.
More Financial Institutions on The Way? Gardner-based GFA Credit Union recently became the first financial institution in the state to say it would bank recreational marijuana, a huge break for what was an all-cash business projected to bring in $1 billion in revenue by 2020. But one bank will not be enough. Hoffman said he is currently in discussions with the various banking and credit union trade groups and four or five other financial institutions about potentially provid-
Continued on Page 8
COMMERCIAL INTERESTS
PRICE OF ENTRY
Company Relocation Investment Is Never a Sure Bet
Region’s High-Wage Boom Sustains Growth
By Scott Van Voorhis | Banker & Tradesman Columnist
By Steve Adams | Banker & Tradesman Staff
GE Mess Should Serve No Relief from As Warning for Boston Pols Climbing Rents
Commercial Real Estate PAGE 3
Commercial Real Estate PAGE 7