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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Middlesex Spotlight: Littleton
A positive outlook and a ready gift of gab have served John Dolan well as a commercial real estate broker and an announcer for teams ranging from the Boston College football squad to the New York Knicks. Dolan, a Scituate native, switched careers from sales to commercial brokerage in 2007 when he joined the former Colliers Meredith & Grew.
IN PERSON
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WEEK OF MONDAY, DECEMBER 3, 2018
RESIDENTIAL REAL ESTATE BY THE NUMBERS
3.9 percent The increase in Massachusetts’ median single-family sale price over October 2017. See Week on the Web on page 2 for more. Source: The Warren Group
$400,000
MAJOR MOVES IN MA M&A
WHY PEOPLE’S UNITED PAID ONLY $327M FOR BELMONT SAVINGS BANK
The threshold under which an appraisal will not be required for mortgages intended to be sold to government-backed investors under a new proposal. See The Nation’s Housing on page 4 for more. Source: The Trump Administration
524 The number of people per square mile in Littleton. See the Town Spotlight in By the Numbers on page 6 for more. Source: Census Bureau
$5 million The purchase price for the home in the fourth spot in this week’s Gossip Report. See page 8 for more. Source: The Warren Group
3,477 The number of housing units in Littleton. See the Town Spotlight in By the Numbers on page 6 for more. Source: Census Bureau
$12.5 million The purchase price for the top property in this week’s Gossip Report. See page 8 for more. Source: The Warren Group
-7.4 percent The decline in inventory comparing October 2017 to October 2018. See Week on the Web on page 2 for more. Source: Massachusetts Association of Realtors
Cost Savings Made Farmington Deal More Lucrative BY BRAM BERKOWITZ
A TALE OF TWO TRANSACTIONS
BANKER & TRADESMAN STAFF
T
he parent company of People’s United Bank completed its acquisition of the parent company of Farmington Bank in an all-stock transaction valued at $544 million nearly two months ago. Last week, People’s United announced it will buy the parent company of Belmont Savings Bank in an allstock transaction valued at $327 million. Given that both banks hold about $3 billion in assets, what made the Farmington deal so much more lucrative than the Belmont deal? The price People’s United paid for Belmont Savings Bank can mainly be attributed to timing and the higher cost savings in the
Belmont Savings Bank
Purchase price $327 million Number of branches 6
ROE June 30 13.51% 10.8%
Farmington deal, said Arthur Loomis, president of Loomis & Co., a New York-based investment bank that works extensively with community banks in the Northeast on M&A and capital financings. “With the Farmington deal, they could consolidate approximately 15 branches and retain a substantial market presence. In fact, I don’t
Continued on Page 8
D R A M AT I C T E N S I O N
Mortgage Market Share Module,
Activists’ Attacks on Nuclear, Hydro Power Make Things Worse
Nonprofits Pessimistic About Progress
Loan Originator Module, Statistics
By Scott Van Voorhis | Banker & Tradesman Columnist
By Steve Adams | Banker & Tradesman Staff
sourced from The Warren Group’s
Boston’s Boom Under Threat Curtain Falls From Climate Change On Arts Venues
Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
Commercial Real Estate PAGE 3
$544 million 29
Assets $2.97 billion $3.29 billion ROA June 30 0.87% 0.86%
COMMERCIAL INTERESTS
Unless otherwise noted, all data is
Farmington Bank
Commercial Real Estate PAGE 7