In a second major deal in Connecticut’s banking sector in two months, Waterbury-based Webster Financial announced Monday that it will merge with New York’s similarly-sized Sterling Bancorp in an all-stock transaction that will result in the combined company locating its headquarters in Stamford.
The deal between the publicly-traded parents of Webster Bank and Sterling National Bank would create a business with $63.9 billion in total assets, $52 billion in deposits and more than 200 branch locations in the Northeast.
Connecticut banks producing profits during pandemic, but job growth is slow By Alexander Soule
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Photo: Ned Gerard / Hearst Connecticut Media
Despite closing 2020 with their third-best profits ever, Connecticut banks entered this year having yet to bring back the jobs they shed during the COVID-19 pandemic. Statewide payrolls are at their lowest since the aftermath of the Great Recession.
The jobs scenario reflects two trends in Connecticut and the New York City region uncertainty over the economic outlook and a discovery that banks in some instances are able to fulfill customer expectations adequately with fewer employees.
Banks have braced for the uncertainty of whether residential and commercial borrowers will be able to keep up with their loan commitments, particularly in niche industries like hospitality or in locales where unemployment levels remained elevated for any extended stretch.
Connecticut banks producing profits during pandemic, but job growth is slow middletownpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from middletownpress.com Daily Mail and Mail on Sunday newspapers.
Connecticut small businesses bid for $480 million in next round of PPP funding By Alexander Soule
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Photo: Peter Hvizdak / Hearst Connecticut Media
Connecticut lenders are seeing less demand for the newest installment of a key COVID-19 jobs program, though thousands of businesses statewide have signed up applications still being accepted.
In the first week of the Paycheck Protection Program’s second round of funding this month, close to 4,800 Connecticut businesses signed up for nearly $480 million to meet payroll, rent, and other expenses. Nearly 20 cents of every dollar have gone to restaurants, hotels, and other hospitality businesses, with the construction, manufacturing, and health sectors also getting substantial assistance.