Banker & Tradesman: Dec. 9, 2019

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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: Norfolk Spotlight: Norwood

IN PERSON

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John Akin oversees Gables Residential’s growth strategy for Greater Boston. The Atlanta-based multifamily developer is raising its profile with the scheduled March 2020 completion of the 23-story, 307-unit Gables Seaport tower at 501 Congress St. in Boston’s Seaport District.

WEEK OF MONDAY, DECEMBER 9, 2019

BANKING & LENDING BY THE NUMBERS

MERGING CREDIT UNIONS

$3.8 billion Post-merger, a combined Cambridge Trust Co. and Wellesley Bank will have $3.8 billion in assets. See Week on the Web on page 2. Source: FDIC

7 The number of credit union mergers planned or completed in 2019. See Diane McLaughlin’s story on this page. Source: NCUA, Massachusetts Division of Banks

12 The number of branches People’s United plans to close, statewide. See Week on the Web on page 2. Source: People’s United Bank

6 percent The share of the mortgage market in Norfolk County held by its biggest player. See By the Numbers on page 7. Source: The Warren Group’s Marketshare Module

158 Massachusetts currently has 158 credit unions. See Diane McLaughlin’s story on this page. Source: NCUA, Massachusetts Division of Banks

$1.2 billion A combined Bridgewater Savings Bank and Mansfield Bank will have $1.2 billion in assets. See Week on the Web on page 2. Source: FDIC

2 First Republic Bank employs the second-most prolific loan originator in Norfolk County. See By the Numbers on page 7. Source: The Warren Group’s Loan Originator Module

$162 The potential per-household savings credit unions claim their members enjoy over bank customers. See Diane McLaughlin’s story on this page. Source: CCUA

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.

REGULATION, COMPETITION

DRIVE CREDIT UNIONS TO MERGE Membership Expansion, Key to Deals, Criticized by Banks BY DIANE MCLAUGHLIN BANKER & TRADESMAN STAFF

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assachusetts has fewer credit unions compared to last year, with more than a dozen institutions completing or planning mergers in 2019. For the industry’s regional trade association, these mergers are not a sign of declining interest in credit union membership. “Consolidation is taking place both in Massachusetts and nationally,” said Ron

McLean, president and CEO of the Marlborough-based Cooperative Credit Union Association. “But on the flip side, there has been continued, strong, consistent growth when it comes to membership and assets.”

Seven Tie-Ups Completed or Planned

The year started with Chadwick Federal Credit Union merging into City of Boston Credit Union on Jan. 1. City of Boston Credit Union, which now has more than $450 million in assets as of Sept. 30, then absorbed Northeastern Federal Credit Union in the spring. Merrimack Valley Credit Union finally completed its merger with Bridgewater Credit Union in February after almost

a year of planning, creating a combined credit union with more than $1 billion in total assets. Western Massachusetts saw West Springfield Federal Credit Union merge into Freedom Credit Union and Northampton VAF Federal Credit Union merge into UMass Five College Federal Credit Union. Several other mergers await approval from the Massachusetts Division of Banks or the National Credit Union Administration: • Sharon Credit Union and Brocktonbased Crescent Credit Union plan to merge into a combined entity, Sharon Continued on Page 9

COMMERCIAL INTERESTS

MALDEN CENTER

Attacks on the ‘Weston Whopper’ Smell of Falsehoods, Snootiness

Office Project Will Be Boston Area’s First Mass Timber Building

By Scott Van Voorhis | Banker & Tradesman Columnist

By Steve Adams | Banker & Tradesman Staff

Weston Hits New Low with A Development That Campaign Against Multifamily Project Goes Against the Grain

Commercial Real Estate PAGE 3

Commercial Real Estate PAGE 10


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