Company Notebook

Company Notebook

PeoplesBank Again Named Among Top Corporate Charitable Contributors

HOLYOKE — The Boston Business Journal has announced the region’s Top Corporate Charitable Contributors, and, for the 11th year in a row, PeoplesBank is among the companies included. The region’s top charitable companies, which include, in many instances, the companies’ corporate foundations, will be honored at the Boston Business Journal’s 13th annual Corporate Citizenship Awards on the evening of Thursday, Sept. 6 at Fenway Park in Boston. “We have a unique ability to help the communities we serve through the considerable volunteer efforts of our associates and the millions of dollars in donations to charitable and civic causes we have made over recent years,” said Matthew Bannister, first vice president, Marketing & Innovation at PeoplesBank. The Boston Business Journal’s Top Corporate Charitable Contributors list is composed of companies that gave at least $100,000 to Massachusetts-based charities in 2017. 

PV Squared Recognized as a Top Solar Contractor

GREENFIELD — Solar Power World, a publication covering solar technology, development, and installation, published its annual Top Solar Contractors list in July. Local solar-installation company and worker-owned cooperative PV Squared was listed prominently among other top solar contractors and developers across the country.

“It’s always an honor to be recognized for what we do on a national scale, putting Western Massachusetts solar companies on the map,” said PV Squared General Manager Stacy Metzger. “While our focus remains local, the national ranking offers more insight into how we’re performing on a broader scale. It’s deeply rewarding to know that our business and installation practices are leading by example.”

United Financial Bancorp Announces Q2 Earnings

HARTFORD, Conn. — United Financial Bancorp Inc., the holding company for United Bank, announced results for the quarter ended June 30, 2018. The company reported net income of $15.6 million, or $0.31 per diluted share, for the quarter ended June 30, 2018, compared to net income for the linked quarter of $15.8 million, or $0.31 per diluted share. The company reported net income of $16.2 million, or $0.32 per diluted share, for the quarter ended June 30, 2017. “In the second quarter of 2018, United Financial Bancorp, Inc.’s earnings results reflected solid linked quarter net interest margin expansion and net interest income growth. Our company continues to grow loans, deposits, particularly checking accounts, and tangible book value while maintaining strong asset quality, capital, and liquidity,” said William Crawford IV, CEO and president of the company and the bank. “I want to thank our United Bank employees for their steadfast support of our customers and communities.” Assets totaled $7.21 billion at June 30, 2018 and increased $139.9 million, or 2.0%, from $7.07 billion at March 31, 2018. At June 30, 2018, total loans were $5.48 billion, representing an increase of $93.2 million, or 1.7%, from the linked quarter. Deposits totaled $5.39 billion at June 30, 2018 and increased by $110.9 million, or 2.1%, from $5.28 billion at March 31, 2018.

Berkshire Hills Bancorp Reports Increase in Earnings

BOSTON — Berkshire Hills Bancorp Inc. reported 2018 second-quarter net income of $34 million, which was a 73% increase over 2017 second-quarter net income of $20 million. This primarily reflected the benefit of Berkshire’s Greater Boston expansion through acquisition and business development, resulting in higher market share, increased efficiency, and record profitability. “We achieved record quarterly return on assets, with income increasing by 35% over the prior quarter,” said CEO Michael Daly. “Commercial loans grew strongly, and our new Boston corporate headquarters teams are receiving good response to our expanded presence in Greater Boston. Our revenue growth and disciplined expense management produced record quarterly earnings per share, positive operating leverage, and improved returns on equity.” Meanwhile, Daly added, “the integration of acquired operations was completed within plan in the second quarter, and several company-wide initiatives have been accelerated to support the expansion of our deposit product set and delivery channels. Our annual Xtraordinary Day of Service in June tackled 74 community projects across our markets, totaling nearly 7,000 volunteer hours and 92% of our workforce. Our foundation announced the appointment of a Corporate Social Responsibility (CSR) officer to expand our multiple community-engagement activities and implement an all-encompassing CSR strategy.”

First Connecticut Bancorp Reports Net-income Increase

FARMINGTON, Conn. — First Connecticut Bancorp Inc. (FCB), the holding company for Farmington Bank, reported a 35% increase in net income of $6.7 million, or $0.42 diluted earnings per share, for the quarter ended June 30, 2018, compared to net income of $5.0 million, or $0.32 diluted earnings per share, for the quarter ended June 30, 2017. Net income on a core earnings basis was $7.4 million, or $0.46 diluted core earnings per share, for the quarter ended June 30, 2018, compared to $5.0 million, or $0.31 diluted core earnings per share, for the quarter ended June 30, 2017. Core earnings exclude non-recurring items. On June 19, 2018, First Connecticut Bancorp Inc. announced its entry into a definitive agreement and plan of merger with People’s United Financial Inc., pursuant to which FCB will merge with and into People’s United. “I am pleased to report solid core second-quarter earnings for the company,” said John Patrick Jr., chairman, president, and CEO of First Connecticut Bancorp. “As indicated, earnings were impacted by certain one-time charges related to our acquisition by Peoples United Financial Inc. The board of directors and senior management have always focused on shareholder value, and we believe this acquisition maximized shareholder value at a time when, we believe, the operating paradigm is changing for smaller community banks. I would also like to thank our dedicated employees who executed our strategy, which maximized our results for shareholders.”

Work Opportunity Center Receives Grant from Westfield Bank Foundation

SPRINGFIELD — Work Opportunity Center Inc. announced it is a recipient of a $5,000 grant donation from the Westfield Bank Foundation. The money will be put toward the purchase of a vehicle for the Community Based Day Services (CBDS) program. The CBDS program of supports enables individuals with developmental disabilities to enrich their life and enjoy a full range of community activities by providing opportunities for developing, enhancing, and maintaining competency in personal, social, and community activities. The program has been set up with five core fundamentals: education, social and recreational, health and wellness, life skills, and employment and volunteerism. Options that are given to individuals who participate in CBDS include career exploration, community-integration experiences to support fuller participation in community life, skills development and training, volunteer opportunities with local nonprofits, health and fitness classes, socialization experiences, and support to enhance interpersonal skills, as well as the pursuit of personal interests and hobbies. The program currently serves 84 individuals.

Thornes Refurbishes Window Assemblage

NORTHAMPTON — In late July, Thornes Marketplace refurbished and expanded an historic window assemblage, installing six new stained-glass window panels designed by a local artist on the Chestnut Staircase behind Share coffee shop. Heather McLean, owner of Dragonfly Stained Glass Studio in Easthampton, was commissioned to design the panels, which are part of an elaborate, two-and-a-half-story window grouping. Each new arts-and-crafts-style panel created by McLean is identical, measuring four feet high by two feet wide. They combine bold orange squares with deep blue edging and long, vertical, pale-yellow highlights, and all six windows together will fill a space that is roughly eight feet high by six feet wide. Above McLean’s stained-glass windows, three tiers of windows original to the building — one overarching transom window and two tiers of oblong windows — were cleaned, painted, and reinstalled to further refresh the entire collection. McLean’s panels replace three original stained-glass windows that could not be restored; they will be cleaned, refurbished, and hung in the building at a later date as an art sculpture, said Jon McGee, Thornes facilities manager. Over the past 10 years, Thornes has taken on a series of major renovations to improve and enhance the eclectic shopping center.

Mediware Acquires Fazzi Associates

LENEXA, Kan. — Mediware Information Systems Inc., a portfolio company of TPG Capital and a leading supplier of software solutions for healthcare and human-service providers and payers, recently acquired Northampton-based Fazzi Associates, one of the largest companies serving home health and hospice. The acquisition creates a unique alignment between two healthcare industry leaders — one in innovative software, the other in outsourced services, consultation, and education. The combined company will have a greater capacity to help post-acute and community-based providers increase efficiency and improve clinical, financial, and operational performance to advance patient care. The addition of Fazzi Associates enables Mediware to offer new, comprehensive, and best-in-class services and solutions — including medical coding, revenue-cycle management, education, CAHPS, consulting, and ancillary solutions that address key challenges and evolving complexities affecting the post-acute care sectors. Mediware plans to maintain Fazzi Associates’ brand and Western Mass. headquarters; the firm’s leadership team will continue to lead Fazzi Associates’ lines of business. Dr. Bob Fazzi will serve in a strategic advisory role with Mediware, consulting on industry relations, home-health advocacy, growth opportunities, and innovation.

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