Daily News

BOSTON — The Massachusetts Department of Transportation (MassDOT) board of directors voted this week to approve a five-year capital investment plan (CIP) that includes roughly $16.7 billion in planned transportation investments in FY 2025-29.

Included in the CIP is more than $800 million for the MBTA over five years, including funding for Red and Orange Line vehicles, South Coast Rail, and bi-level commuter rail coaches.

“I want to commend our tireless team members who have been working on the five-year plan, crunching the numbers and ensuring funding is allocated for the essential projects our communities need,” Transportation Secretary and CEO Monica Tibbits-Nutt said. “I also thank everyone who gave input during the public comment period, helping to ensure that we make effective, equitable investments.”

In addition to support for the MBTA, the CIP includes:

• $772 million for the Cape Cod Bridges Program;

• $367 million for the I-195 to Route 18 interchange rehabilitation in New Bedford;

• $295 million for the ongoing I-90/I-495 interchange improvements in Hopkinton and Westborough;

• $256 million to support the Rourke Bridge replacement in Lowell;

• $243 million for the I-90 Allston multimodal project in Boston; and

• $123 million to advance west-east rail, including track improvements between Springfield and Worcester, planning and design for a future Palmer station, Pittsfield track capacity improvements, preliminary engineering and environmental work for the Springfield-area track reconfiguration, and planning for additional train service connecting Boston and Albany, N.Y.

“I am very pleased with this announcement and the steady progress we continue to make in bringing west-east Rail to fruition,” U.S. Rep. Richard Neal said. “I have been in frequent communication with Governor [Maura] Healey and Secretary Tibbits-Nutt, advocating for this project and ensuring it is a priority for the Healey-Driscoll administration. After yet another announcement in what has been a series of substantial investments from the governor and her team, it is clear that they are all in.

“The Bipartisan Infrastructure Law that came from the Ways and Means Committee under my chairmanship was one of our nation’s greatest undertakings in decades — $1.2 trillion to improve all facets of American infrastructure, including rail,” Neal added. “I am pleased that the Healey-Driscoll administration has continued to pursue these federal dollars and, as a result, the Commonwealth has been a great benefactor of this historic legislation.”

Daily News

BOSTON — Nonprofits Barr Foundation and Springpoint have selected the second cohort of their Transformative Leaders of Massachusetts, a two-year fellowship aimed at supporting a diverse group of aspiring school leaders.

Two Springfield educators, Kori Alston, principal of Veritas Prep High School, and Teron Brown, math teacher, instructional coach, and basketball coach at Springfield Prep, are among 15 fellows selected from a group of 112 applicants. These middle-school and high-school educators are committed to delivering rigorous, student-centered instructional practice. They share a desire to build their knowledge and ability to lead in service of reimagining secondary schooling for all young people, especially the most underserved.

Nearly half of the educators selected are from charter schools, the other half from traditional public schools. Sixty percent were first-generation college students, more than one-quarter are bilingual or trilingual, and two-thirds of the cohort identify as Black, Indigenous and other people of color. They represent six regions across Massachusetts stretching from Boston to Great Barrington. Twenty percent of the fellows are LGBTQIA+. Fellows in the second cohort range in experience from five years to more than 21 years.

The cohort will begin their work in the summer of 2024. As fellows, these educators will participate in a two-year school-design and leadership program that will build their leadership capacity and instructional experience so they can become innovative leaders and change agents in their schools and communities.

Participants in the Transformative Leaders Massachusetts program will earn a stipend of $20,000 over two years in addition to their current salaries, have support to earn Massachusetts school-leader licensure through the state Department of Elementary and Secondary Education’s alternative certification apprenticeship pathway, have a dedicated mentor at their current school and an experienced coach, expand their professional networks, join school visits across the nation and state to see transformational programs in action, and enact transformative learning through their school-based apprenticeship.

Daily News

SPRINGFIELD — Glenmeadow recently announced the inaugural Age of Excellence Awards: Celebrating Success over 60, a new event dedicated to honoring older adults in the community who embody the vigor and purpose that come with age and experience.

The public is invited to submit nominations for individuals who deserve to be celebrated. Nominees should be those who have made significant contributions to their communities, pursued new adventures, or demonstrated an unwavering spirit of excellence.

Honorees will be recognized at the Age of Excellence Awards ceremony, set to take place on Sept. 4 at the Carriage House at the Barney Estate. Nominations can be submitted online at glenmeadow.org/age-of-excellence-awards until Friday, July 26. Hard copies of the nomination form can also be found at the concierge desk at Glenmeadow. A panel of community leaders will then review and select those to be celebrated at the event.

“The Age of Excellence Awards honor the ways that those over 60 are showing us all that age is just a number,” Glenmeadow President and CEO Kathy Martin said. “These are our friends, colleagues, and family members who are changing the world and our perceptions of what it means to get older. I am thrilled to have the opportunity to celebrate their achievements, as well as their wisdom, resilience, and invaluable contributions to our region.”

The Age of Excellence Awards will bring together honorees, their families, friends, and supporters to recognize and celebrate the remarkable achievements of these community members. It is also a fundraising event to support Glenmeadow, including the $10.5 million renovation project that is aligned with what is important to today’s older adults and to prepare the next generation of Glenmeadow residents. This event is intricately tied to Glenmeadow’s “Next Chapter” campaign theme, serving as a platform to celebrate the remarkable accomplishments of older adults as they redefine life in their later years. Tickets are available for purchase online by clicking here.

Daily News

NORTH ADAMS — MountainOne announced the completion of its community-dividend funding for the second quarter of 2024, distributing more than $150,000 to support various not-for-profit organizations in the Berkshires and South Shore communities.

MountainOne’s $25,000 sponsorship of the North Adams SteepleCats, a New England Collegiate Baseball League team, helps bring baseball to Joe Wolfe Field in North Adams, enriching the greater Berkshire community. MountainOne has been a prominent sponsor of the Steeplecats since their inception in 2002.

MountainOne was the inaugural pavilion sponsor of the Berkshire Innovation Center (BIC) at its inception in 2020, and continues its commitment of support to the BIC in 2024. In the recent grants, MountainOne committed $10,000 to the BIC in Pittsfield, supporting programming that focuses on vital areas such as STEM education, entrepreneurship, career preparation, and leadership, driving economic growth, and community empowerment.

The Brien Center in Pittsfield, dedicated to providing comprehensive behavioral-health services for more than a century, received $10,000 from MountainOne to support its Youth Substance Use Prevention and Intervention program, which delivers essential services to local schools and ensures the well-being of young people in the community.

In celebration of 50 years of service, MountainOne awarded $5,000 to Old Colony Elder Services in Brockton to support its behavioral-health and wellness programs, aiding the aging community on the South Shore.

MountainOne contributed $5,000 to BFAIR, which celebrates its 30th anniversary this year. The funds will support the nonprofit’s ongoing efforts to provide services for individuals with developmental disabilities, autism, and acquired brain injury.

MountainOne also donated $5,000 to sponsor Habitat for Humanity of Greater Plymouth’s Hearts and Hammers Gala. The gala is the nonprofit’s top fundraising event of the year, raising money to assist in its mission to combat poverty and homelessness through home construction and repair.

With summer in full swing, MountainOne’s community dividend grant program also supports numerous community events, including the Summer Concert Series hosted by Friends of the Scituate Library, farmers’ markets in North Adams and Williamstown, Pittsfield and Williamstown 4th of July parades, and the North Adams Downtown Celebration on Aug. 14. It also supported pride events in Pittsfield, North Adams, and Quincy, underscoring its commitment to diversity and inclusion.

MountainOne’s summer contributions also include sponsorship of numerous golf tournaments benefiting organizations such as BCARC in Pittsfield, the Bianchi-Barbarotta Foundation in Pittsfield, the Boys & Girls Club of Marshfield, Fairview Hospital in Great Barrington, Plymouth Public Library, and UCP of Western Massachusetts in Pittsfield. In addition, MountainOne has supported local baseball and softball teams, as well as charitable walk/run events, including the South Shore Food Bank’s Fresh Bite 5K and Citrus Stroll in Rockland and NAMIWalk Berkshire County in Pittsfield.

“Through these initiatives, MountainOne reaffirms its dedication to cultivating vibrant communities across the Berkshires and South Shore,” said Jennifer Meehan, Community Engagement officer at MountainOne. “Our community-dividend program is designed to support organizations that better people’s lives, and we are pleased to be a contributor to help continue the work these organizations generate.”

Community Spotlight

Community Spotlight

Mikki Lessard

Mikki Lessard says Monson’s Main Street has been reinvented through small businesses new and old, many of them owned by women.

Mikki Lessard calls it “Main Street USA reinvented.”

She was referring to her business, oHHo, a cannabis and botanical wellness company “dedicated to bringing you plants with benefits,” which recently opened on Monson’s Main Street, but also to a growing collection of new businesses in the town’s center and beyond, including the Better Bean coffee shop, the Happy Hen farmstand, a gourmet cookie venture operated out of a Main Street home, and much more.

“We have some great little businesses that have been there forever and some new businesses, like mine, the Better Bean, and many others,” Lessard said. “It’s proof that the American dream is still alive.”

These businesses, many of them women-owned, are, indeed, part of a growing small-business infrastructure in this rural community of just over 8,000 people — a community that is, in a word, supportive of its local businesses, said Rachel Zundell, owner of Cookies by Ray.

“It’s super-community-oriented, the quintessential small town. It’s great to be here; I Iove this town,” said Zundell, who started this venture as a way to supplement her income and has made it a full-time pursuit, one that continues to grow on the back of both old favorites like chocolate chip, but also a continuous flow of new offerings, including something called the ‘Pub,’ featuring pretzels, potato chips, caramel, and chocolate chips, and a fried dill-pickle cookie created for the Fourth of July.

Lessard agreed. “It’s a gorgeous community; it’s a little hilltown with a great sense of community, especially after the tornado,” she explained, referencing the June 2011 twister that hit Monson hard. “People care about other people here, and they support small business.”

An evolving Main Street and a surge in entrepreneurship are just two of the storylines unfolding in this community. There is also some movement in ongoing efforts to find new uses for the former Monson Developmental Center (MDC). The sprawling, 675-acre campus of nearly 30 buildings was closed by the state Department of Developmental Services in 2012, with the property turned over to the Commonwealth’s Division of Capital Asset Management and Maintenance (DCAMM).

Town Administrator Jennifer Wolowicz told BusinessWest that town officials are currently working with Westmass Area Development Corp. to develop strategies for development of the property.

She noted that, while some of the acreage at the MDC is being transferred to the Massachusetts Department of Fish and Game and the Massachusetts Department of Agricultural Resources, there are plenty of redevelopment opportunities, including new housing, which is certainly needed, as it is in most other cities and towns in the 413 — and across the state, for that matter.

“We have a lot of seniors in town who would like to move out of the larger homes they have — their children are grown and out of the house — but there is no place to downsize to in Monson,” she said, adding that housing for seniors and perhaps younger families is among the preferred new uses for the property.

“We have a lot of seniors in town who would like to move out of the larger homes they have — their children are grown and out of the house — but there is no place to downsize to in Monson.”

She said the town’s population has been decreasing in recent years, and the only real way to achieve growth is to be proactive and create new housing opportunities, especially at the MDC site.

Other storylines on the municipal side, Wolowicz noted, include renovation and modernization of the town’s 1960s-era fire station — a new design should come before town residents this fall; a previous iteration was deemed too expensive — as well as a new, ARPA-funded meter-reading system for water and sewer services and a much-needed communications-tower rebuild.

But perhaps the best story is the continued growth and diversification of the business community, which still boasts a number of farming-related ventures, but now also includes new restaurants and coffee shops, CBD, cookies, and more.

For this, the latest installment of its Community Spotlight series, BusinessWest turns its lens on Monson, a small town with some developing stories — both figuratively and literally.

 

Down on Main Street

Lessard, who moved to Monson 35 years ago, said it has long been her dream to have a shop on Main Street because of its “quintessential New England Main Street vibe.”

She’s taken a winding road to realizing that dream, but she likes where she is now — in every context, from her own mental and physical health and well-being to her place in Monson’s evolving commercial center.

Monson Redevelopment Center

Jennifer Wolowicz says the Monson Redevelopment Center — one of its roughly 30 remaining buildings is seen here — has vast potential for reuse, especially as housing.

Before we go there, we first need to visit another Main Street: Springfield’s. Actually, the alley just behind it called Marketplace, where Lessard and partner Nancy Feth tried to create (or recreate) that small-town vibe she spoke of, through something called Simply Grace, a portfolio of businesses including a yoga studio, nail salon, ‘serendipity boutique,’ and more that they collectively referred to as a ‘retail-tainment district,’ blending retail and entertainment.

The two were, by most measures, successful with their concept until COVID knocked the foundation from under their feet.

“We were shut down at first, obviously, and it was very difficult to do business downtown because all the businesses were closed and there was very little if any foot traffic,” she recalled. “A lot of business was service, such as yoga and nails, and the retail was really soft.”

The two eventually walked away from their venture, and, when asked what she did in the years that followed, Lessard said simply, “I did a lot of cathartic healing.” That included the use of some CBD products, which kept her “calm, centered, grounded, and hopeful.”

It also became her next career opportunity.

Monson at a glance

Year Incorporated: 1775
Population: 8,150
Area: 44.8 square miles
County: Hampden
Residential Tax Rate: $15.50
Commercial Tax Rate: $15.50
Median Household Income: $52,030
Median Family Income: $58,607
Type of Government: Select Board, Open Town Meeting
Latest information available

Indeed, she interviewed for a corporate position with Bedford, N.Y.-based oHHo and became an independent contractor for the company, supporting its growth and development in the Northeast. And she determined that one of the vehicles for growth in the company’s omni-channel business model should be shops.

“Because the product needs explanation, it needs an education; it almost needs consultation, much like people are doing in dispensaries,” she explained. “This is a newer concept for wellness; it’s botanical wellness.”

Her shop, at 180 Main St., is part of a pilot project for oHHo, one that could eventually lead to franchising opportunities. She describes it as spa experience of sorts, one that caters especially to women.

“It feels like a sanctuary where you can come in from the negative, narrative noise of the world and find a peaceful, quiet space to consider our wellness collection,” she said, adding that she’s been open only a few weeks, but can see the potential of this venture.

Lessard considers herself part of a changing Main Street and just one of several entrepreneurs, many of them women, who are reshaping the business community in Monson.

Zundell is another member of this group. She was working as a third-shift baker at Randall’s Farm in Ludlow when she became pregnant with her third child, a development that helped fuel some entrepreneurial passion.

“I decided to start this business to increase my income because daycare is expensive,” she recalled, adding that her continued success with her cookies enabled her to quit her day (actually, night) job and make this a full-time venture.

A large sign on her front lawn alerts passersby that this is Cookies by Ray ‘world headquarters.’ A solid stream of visitors to the property pick up orders placed online, and they are greeted with a growing portfolio of offerings, baked in small, limited batches, prompting Zundell to inform patrons that “if ya snooze, ya lose.”

“I change my flavors every week, but I have some classic and unique flavors,” she said, noting that chocolate chip, oatmeal raisin, and sugar cookies are among her best sellers. But there are those new offerings as well, including the fried dill-pickle cookie, featuring kettle-cooked potato chips and dill pickle.

“It’s sweet, it’s savory — I tell people it reminds me of cornbread,” she told BusinessWest. “It just works.”

 

Developing Story

The MDC traces its roots back to 1854, when the state acquired 175 acres in Northern Monson, near the border with Palmer, on which it created an almshouse to provide facilities for poor immigrants fleeing the great famine in Ireland.

Over the years, the property took on different names — the State Farm School, the State Primary School, and the Hospital for Epileptics, among them, before becoming the Monson Developmental Center — and continued to grow, eventually reaching more than 72 buildings.

“It was a little city itself,” said Wolowicz, now in her fourth year as town administrator. “It had a laundry, it had a powerhouse … it had everything needed to run that large operation.”

As its population of residents continued to decline, the state announced plans to close the facility in 2008, and in 2012, it relocated the last residents to other facilities. Since then, its future has been a question mark and a huge issue in this community, with the boarded-up buildings along State Avenue providing both a constant reminder of the past and hints of enormous opportunity for the future.

But like Belchertown State School and Northampton State Hospital before it, the MDC is a state-owned facility; thus, redevelopment is a slow, challenge-filled process, said Wolowicz, while noting that there are signs of progress.

Specifically, the state has set aside $14 million for remediation of those buildings that can be repurposed — and there are some — and demolition of those that cannot be salvaged. Perhaps 200 of more than 600 total acres are suitable for redevelopment, and for several reasons, she noted, ranging from the likelihood of a Palmer stop on the planned east-west rail line — which is expected to make it easier for people to live in the 413 and work elsewhere — and housing, especially the affordable variety.

Wolowicz said the state has issued some requests for proposals in the past regarding the MDC property and not garnered much by way of responses. She noted that there have been discussions about DCAMM supporting legislation that would transfer part of the property to Westmass, which would then partner with the town to advance redevelopment strategies.

Town officials are already working with the agency on another project — redevelopment of the former Omega manufacturing facility, which has been abandoned, is in tax title, and will soon be officially owned by the town. Wolowicz said there are ongoing discussions about what can be done at that two-acre site, including more housing.

Whatever happens at the Omega site and the MDC, it will be part of continuing evolution in Monson, where the overall character of this small town hasn’t changed, but where a good place to live and work gets even better.

Where Are They Now?

Where Are They Now?

Danielle Williams

Danielle Williams has made a smooth transition from practicing law to the bench.

Danielle Williams seen as a 40 Under Forty winner

Danielle Williams seen as a 40 Under Forty winner in 2015.

“When last we left our heroes…”

That’s a line Baby Boomers will remember from the start of each Rocky & Bullwinkle episode. Danielle Williams might have written it a few times a decade or so back, when she was co-creator of comic-book heroes known as the Mighty Magical Majestics, “keepers of ancient mysteries and defenders of civilization.”

Williams’ creative exploits were a major storyline as she was named to BusinessWest’s Forty Under 40 class of 2015; by day, she was an attorney with the Northampton-based firm Fierst Kane & Bloomberg LLP.

Today, she’s still writing, but it takes a much different form, such as motion decisions, which comprise one of the myriad aspects of her work as associate justice of the Westfield District Court, a role she assumed almost five years ago.

This isn’t the job she’d always dreamed of. It’s the position she was told she should apply for after serving just a few years in the job she did always dream of — assistant court magistrate.

“I wanted to do that way back when I was a victim witness advocate in 1999; I had my eye on that job for a long time,” Williams said, noting that it comes with a number of responsibilities. “When I finally got the job, in 2016, I thought I had reached the height of where I wanted to go.”

But after being told by more of the few of the judges she worked with that she should consider joining them behind the bench, she did just that. She wasn’t sure she was ready the first time she applied, and didn’t get an appointment, but felt far more ready the second time, which turned out to be the charm.

Today, she splits her time among courts scattered across the 413, or what’s known as District 6, from Westfield (although she’s not there much, even though that’s her court of appointment) to North Adams; from Chicopee to Orange. On the day she spoke with BusinessWest for the second installment of its Where Are They Now? series, she was in the Palmer court, a shorter drive from her home in Wilbraham than to most of the other courts.

Still, she puts a considerable number of miles on the car, maybe the thing she likes the least about this job, which also provides her with daily opportunities to learn and grow as a jurist and, more importantly, chances to make a difference.

“Our job is to give people access to justice and an opportunity to be heard,” she said. “I’m glad to be part of a system where I hope I’m helping people do that.”

As noted earlier, while Williams enjoyed practicing law — she focused on litigation, housing, and intellectual-property law — she always wanted to be a clerk magistrate. And it wasn’t really long after that goal was realized in 2017 that Judge Willam Boyle, one of many she worked with, suggested she consider applying for a judgeship.

“It’s difficult to make those decisions, and, in my opinion, it should be difficult to make those decisions. Because when you make those decisions, you’re not just affecting that person in front of you; you’re affecting that person’s family and their community. So those shouldn’t be easy decisions to make.”

Williams admitted she needed some convincing, but eventually did apply, unsuccessfully at first, before breaking through at the height of COVID, when she was appointed by Gov. Charlie Baker to the Westfield District Court, and started on Black Friday.

She traditionally gets word a week or two in advance of what court she will be sitting in, but things happen, as she noted, so she must be prepared for anything — and to travel anywhere.

District courts handle both criminal and civil matters, Williams explained, adding that, while there are many aspects to this work, perhaps the most difficult is sentencing. And for some crimes, including firearms violations, there are mandatory minimums, which takes some of the decision making from her, but doesn’t make sentencing anyone any easier.

“Some of our defendants are so very young — their early 20s, and sometimes 18 or 19,” she said. “And there is a proliferation of firearms in our cities. It’s sad — sometimes you don’t have a choice. They don’t give you much of a choice, but it’s still sad to have to sentence someone so young.

“It’s difficult to make those decisions, and, in my opinion, it should be difficult to make those decisions,” she went on. “Because when you make those decisions, you’re not just affecting that person in front of you; you’re affecting that person’s family and their community. So those shouldn’t be easy decisions to make.”

As for what she likes most about her work, Williams said it’s the ability to make a difference in the lives of others — and, for her personally, the opportunity to continue learning.

“We get some really interesting issues, particularly with motions to suppress,” she noted. “It makes me learn, it makes me do research, so you feel like you’re always learning.”

She noted that this has been an intriguing year for the courts, with high-profile cases in Massachusetts (the Karen Read murder trial, for example) and nationally — such as many lawsuits involving Donald Trump.

Overall, and in Massachusetts especially, she believes the judicial system has … well, acquitted itself well.

“I’m very proud of our judicial system in Massachusetts; I’m proud of my colleagues,” she told BusinessWest. “I’m proud of the work that they do every day, both at the District Court level and the Superior Court and up. I read the decisions that come out of the SJC, and I speak with my colleagues, and the ones that I speak with are making considered decisions and doing their best to make decisions in line with the law.”

 

Banking and Financial Services

Coming Together

 

Brian Canina

Brian Canina says the merger with Cornerstone Bank’s holding company will provide both institutions with opportunities to become more efficient — and more competitive.

Brian Canina says that, while it’s being called a merger, in reality, it’s more of a partnership.

He was referring to the recent announcement that Holyoke-based PeoplesBank, which he serves as president, and Worcester-based Cornerstone Bank will combine their holding companies — PeoplesBancorp, MHC and SSB Community Bancorp, MHC, respectively — into one entity, which will take the former’s name.

This transaction, the latest to merge multi-bank holding companies, will create an entity with approximately $6 billion in assets, said Canina, a number that brings with it certain competitive advantages and a stronger ability to withstand increasingly thin margins in this sector.

“What we’re trying to do is create some scalability,” he explained. “Through the holding company, we can look for ways we can work together and share the back-office services to become more efficient through size.”

Overall, and outwardly at least, not much will change with this partnership, said Canina, noting that both banks will continue to operate under separate names and brands for the foreseeable future. All account information, branch banking, and digital access will remain the same for both banks throughout the transaction.

It will be, as he put it succinctly, “business as usual.”

Behind the scenes, though, the merger will provide both institutions with opportunities to become more efficient and, in many ways, leverage each other’s markets.

“The banking industry is pretty transparent in terms of being able to see the cost of goods sold,” he explained. “If you look at what the current market interest rates are for deposits, and what people are looking to get for a savings account or CD, and then you compare that to what the market prices are for a 30-year mortgage or a commercial loan … you can see the spread between the two and also see how thin that is.

“As a mutual bank, we can’t raise capital from stock issuances; we earn our capital through hard work and bottom-line earnings. As a result, it can be more challenging for a mutual bank to stay up to speed with inflation, the cost of wages, and competing with stock banks that have more access to capital.”

“The only way to continue to manage like any other business that has shrinking profit margins is to become more efficient in your operations,” he went on. “And that’s where this opportunity is important; you need size in order to become more efficient, and that’s the same in any business.”

 

Strength in Scale

Canina said this transaction reflects a trend in the industry: a growing number of mergers, or partnerships, among mutual banks and their holding companies, something that wasn’t seen as much years ago, when more mergers involved publicly traded institutions.

And they’re coming about out of necessity, he went on, adding that the size and scale they generate amount to better opportunities to compete with those larger stock banks.

“As a mutual bank, we can’t raise capital from stock issuances; we earn our capital through hard work and bottom-line earnings,” he explained. “As a result, it can be more challenging for a mutual bank to stay up to speed with inflation, the cost of wages, and competing with stock banks that have more access to capital. But we do it because we want a mission that’s focused on our communities, our customers, our employees, and giving back — and not about shareholders.

“So I think you’re going to see more of these mutual-to-mutual mergers,” he went on. “We’re starting to see them already, but I’ll think you’ll see more of them because they need to partner with each other to maintain that mutual status — and to remain relevant.”

Elaborating, he said that, when it comes to such transactions, with no stock to acquire, it’s not as much about dollars as it is about culture. And these two institutions are very similar in that regard.

“We provide the same services and technology as the larger regional and national banks, but we’re also giving back to the community, which a lot of those banks don’t do,” he went on. “That’s what we do, and when we partner with other like-minded mutual banks, we can start really competing — and giving back more to the community.”

Indeed, as noted earlier, bringing these holding companies together creates a $6 billion entity — PeoplesBank has roughly $4.4 billion in assets, and Cornerstone is a $1.6 billion institution — which creates more economies of scale and, thus, opportunities to increase overall profits, Canina explained.

And while it will be business as usual for the time being, the two banks will, over time, seek out ways to share best-in-class technologies as well as resources to become more efficient.

“Over time, we’ll look for opportunities to share employees and to share technologies to be more efficient, as a larger organization would,” he told BusinessWest, emphasizing, again, the importance of scale in banking today.

 

Promising Partnership

This quest for size helps explain other mergers of holding companies, Canina said, adding that there have been several over the past few years, including a few involving bankESB and its holding company, Hometown Financial Group Inc.

Such mergers enable institutions, often on the other end of this state or in other states, to build on each other’s success in their respective markets. It’s the same with PeoplesBank and Cornerstone.

“We can’t build 11 banking centers in the Worcester County area, and Cornerstone can’t build 21 banking centers in the Western Mass. and Northern Connecticut markets,” he explained. “But by partnering, we’re able to leverage each other’s markets and find ways to enhance each other’s franchise values in those markets by partnering together.

“We don’t necessarily need to merge with Cornerstone — we’re financially strong, and we’re doing great,” he added. “It’s more of the opportunity and what we can do better with a partner.”

 

Banking and Financial Services

Closing the Account

 

On July 1, CEO Paul Scully announced his retirement after a career of 28 years at Country Bank and 48 years in the financial-services industry. His retirement will be effective on July 31.

Scully, who started his banking career as a part-time teller while attending Bentley University, previously served as senior vice president of Country Bank, was appointed president in 2004, and later assumed the position of CEO in 2005.

“Throughout my career, I’ve been guided by the belief that success is not just about growth in numbers, but about the positive impact we make in the lives of our team members, customers, and communities,” he said. “It’s been an incredible journey, and I’m immensely proud of what we’ve achieved together.

“As I retire, I leave with a deep sense of gratitude for the opportunity to serve as Country Bank’s CEO for the past 20 years and with the utmost respect of my successor, Mary McGovern, and the entire Country Bank team to continue the bank’s legacy of excellence,” he added.

Paul Scully

Paul Scully

“Throughout my career, I’ve been guided by the belief that success is not just about growth in numbers, but about the positive impact we make in the lives of our team members, customers, and communities.”

McGovern, appointed president by the bank’s board of trustees on April 1, will assume the role of CEO effective Aug. 1. McGovern, who has been with the bank since 2011, previously served as executive vice president and chief financial officer before assuming the role of chief operating officer in 2023. With her extensive experience in the financial-services industry spanning more than three decades, she brings a wealth of knowledge and expertise to her new position.

“I am honored to have worked alongside Paul for the past 13 years,” McGovern said. As I assume the organization’s leadership, I am dedicated to the bank’s continued growth and supporting our customers, community, and team members. The bank is committed to providing best-in-class customer service; the latest banking services, safety and security; and ensuring Country Bank remains a trusted financial institution in our communities.

Country Bank’s board of trustees added that its members and bank employees “are deeply grateful to Paul for his exceptional leadership and unwavering dedication throughout his tenure. His visionary guidance has positioned the bank for continued success and growth. As the bank embarks on this new chapter, it looks forward to the leadership of Mary McGovern, who will undoubtedly build upon Scully’s legacy and drive Country Bank to new heights.”

Construction

Toward More Accessible Housing

 

On June 27, the Massachusetts Senate passed its Affordable Homes Act, authorizing $5.4 billion in borrowing and making policy changes with the goal of building new housing, accelerating the rehabilitation of existing housing, reducing barriers to development, and promoting affordable housing.

The legislation passed unanimously. With separate versions having passed the Senate and the House of Representatives, the two branches will now reconcile the differences.

State Sen. Adam Gomez, who has personally experienced housing insecurity, lauded the bill’s passage.

“The housing crisis we are seeing nationwide is one of the major challenges of our lifetime, and a challenge we can’t shy away from if our state is going to remain competitive and viable for families and individuals who want to set their roots here,” he said. “Today, we took important steps to address this issue and make the housing market more approachable to first-time buyers and people of color, as well as renters looking for affordability in the areas they work. I am proud of our work here and look forward to seeing this blueprint put in motion.”

Sen. Adam Gomez

Sen. Adam Gomez

“The housing crisis we are seeing nationwide is one of the major challenges of our lifetime, and a challenge we can’t shy away from if our state is going to remain competitive and viable for families and individuals who want to set their roots here.”

According to a release by the Massachusetts Senate press room, the bill’s components include the following:

 

Creating and Repairing Public Housing

The Senate’s Affordable Homes Act provides $2.2 billion for repairs, rehabilitation, and renovation across the 43,000 units of state-aided public housing. This investment aims to ensure that the state’s public housing infrastructure remains safe, modern, and sustainable so it can continue providing quality living conditions for thousands of families.

To ensure that the Commonwealth makes strides towards its climate goals as it creates housing, $150 million of the funding for public housing is specifically allocated to making energy-efficient upgrades.

 

Spurring Affordable Housing Units

A further $425 million will go to the Housing Stabilization and Investment Trust Fund, working with municipalities, nonprofits, and developers to support housing preservation, new construction, and rehabilitation projects for affordable rental units. This is intended to help the longevity and sustainability of affordable housing stock, addressing both immediate needs and long-term housing solutions.

In addition, the bill includes $800 million for the Affordable Housing Trust Fund to create and preserve housing for households with an income at or below 110% of area median income, helping to bridge the gap between the high cost of housing and what many families can afford.

 

Building Sustainably

This bond bill includes $275 million for innovative, sustainable, and green housing initiatives. By finding new ways to build that don’t have such a detrimental environmental impact, these initiatives will help pave the way for a greener housing portfolio in Massachusetts and will be an important part of the state’s response to the climate crisis.

 

Supporting First-time Homebuyers in Gateway Cities

The Senate’s Affordable Homes Act authorizes $200 million for the CommonWealth Builder program to further the production of housing in gateway cities for first-time homebuyers. This initiative supports economic development in these cities, helping families achieve homeownership and contributing to the revitalization of urban areas.

The legislation also includes $50 million for MassDreams, a program that provides down-payment and closing-cost grants to first-time homebuyers who meet the program’s eligibility criteria and who currently live in one of the 29 communities that were disproportionately impacted by the COVID-19 pandemic.

 

Maintaining Essential Infrastructure

The bill provides $375 million for HousingWorks, a program that awards grants to municipalities and other public entities for a variety of infrastructure-related support.

Of this amount, $100 million will be dedicated to addressing water, sewer, and septic challenges tied to housing developments, and $100 million will help incentivize best practices in communities that have adopted the Community Preservation Act (CPA) and are spending a high percentage of those funds on housing, as well as MBTA communities that are going beyond the minimum requirements set forth in the MBTA zoning law passed in 2021. Communities that have been proactive in creating transit-oriented development, which reduces traffic congestion and promotes sustainable urban growth, will be eligible.

 

Addressing Regional Equity

The legislation includes $150 million in dedicated funds to address the unique housing needs of rural towns, seasonal communities, and mid-sized communities, aiming to ensure that all areas of the state, regardless of size or location, have the resources to meet their specific housing challenges.

 

Policy Proposals

The Senate’s Affordable Homes Act also contains multiple policy proposals to go hand in hand with the new authorizations, including:

• Protecting Tenants from Broker Fees. By requiring that real-estate brokers’ fees be paid solely by the party that contracted with them, this legislation aims to ensure that buyers are not burdened with unexpected and extraordinary costs, while also promoting transparency and fairness in real-estate transactions.

• Establishing Equity-focused Housing Offices. The Office of Fair Housing and the Office of Livable Communities and Community Services will be established under the Executive Office of Housing and Livable Communities. These offices aim to set the Commonwealth on a path to address many decades of housing discrimination by prioritizing equity issues in housing, ensuring equal access to housing opportunities for all residents, and offering technical assistance to cities and towns that can sometimes lack dedicated housing staff.

• Eviction Record Sealing. The bill introduces a process for tenants to seal their eviction records in cases of no-fault evictions and other limited scenarios. This policy protects vulnerable tenants from the long-term stigma of eviction records, enhancing their ability to secure future housing and promoting housing stability.

• Accessory Dwelling Units (ADUs). The legislation prohibits the banning or unreasonable restriction of ADUs in single-family residential zones, promoting flexible housing options. This policy aims to enable homeowners to create additional living spaces, increase housing supply, and provide more affordable rental options within established neighborhoods.

• Homeownership Tax Credit. This new tax credit will be available for the production of homeownership units for households that make up to 120% of the area median income, incentivizing housing production and promoting homeownership opportunities.

 

‘A Bold Commitment’

State Sen. Lydia Edwards, chair of the Senate Committee on Housing, called the bill “more than a legislative measure; it is a bold commitment to the principles of production, preservation, and protection of housing across the Commonwealth. With a $5.4 billion investment, we are building new homes, preserving existing ones, and ensuring that all residents, especially the most vulnerable, have access to safe and affordable housing.

“This bill can’t fix everything or undo past injustices, but it can course correct and set us on the right path,” she added. “It acknowledges that solving the housing crisis is a long-term effort, one that requires innovative solutions and ongoing commitment. This act focuses on supporting the vanishing middle class, sealing eviction records, and providing protections for seniors and working-class individuals like teachers, healthcare workers, small-business owners, and public servants. Our goal is to create a more equitable, inclusive, and sustainable future for all in Massachusetts.”

Construction

Room to Grow

Rocky’s broke ground on June 19

Rocky’s broke ground on June 19 for the new, expanded South Hadley store.

 

Rocky’s Ace Hardware, one of the country’s largest family-owned Ace Hardware dealers, held a groundbreaking ceremony on June 19 for a new, expanded store in the South Hadley Plaza at 501 Newton St., which is co-owned locally by the Falcone, Picknelly, and Yee families. The anticipated opening of the new store is March 2025, replacing the existing store in the same plaza.

“This is going to be a 13,000-square-foot new building, all new construction,” Rocky’s Ace Hardware President and CEO Rocco Falcone II said. “We will be relocating from a 10,000-square-foot store, expanding the sales floor and adding a 2,000-square-foot garden center for live plants, Christmas trees, and things of that nature.”

Plans for the new Rocky’s store also include expanded paint and grilling centers, as well as a workwear department featuring the Carhartt brand.

“We’ll carry all the quality name brands we’re known for, such as Benjamin Moore paint; Weber, Traeger, and Big Green Egg in grilling; and Milwaukee, Dewalt, Stihl, Ego, and Craftsman in power tools, to name a few,” Falcone said. “We’ve got a big partnership with Scotts in lawn and garden, and the indoor and outdoor power-equipment department is going to be a knock-your-socks-off experience.”

Falcone noted that, when the Falcone, Picknelly, and Yee families purchased the plaza in 2016, it contained an empty former grocery store and wasn’t being used to its potential. He said the second phase of the project, slated to begin in March 2025 in conjunction with Way Finders, is to construct a six-unit apartment building.

“We’re pretty excited to become more ingrained into the South Hadley community as a property owner and not just a tenant.”

Edison Yee, a partner in the project, said, “I grew up in the town of South Hadley, and in the late ’70s and early ’80s, this used to be our hangout, a gathering spot for meeting up for the night. There used to be a Friendly’s and a Waldbaum’s grocery store. Waldbaum’s closed in 2013, and it’s been relatively dormant since then. I think this revitalization signifies a new era for South Hadley, to hopefully bring the community together and back to this area.”

Falcone said he remembers signing the lease on the South Hadley store back in the ’80s. “It was our seventh store location, and now we have 50. We’re pretty excited to become more ingrained into the South Hadley community as a property owner and not just a tenant.”

The current Rocky’s store will remain open with minimal disruptions during construction and will be available for lease after the store moves to its new home. Construction of the new store is being led by Caolo & Bieniek Architects and Inglewood General Contractors, in conjunction with Falcone Development.

Construction

Building on Momentum

 

 

Total construction starts rose 10% in May to a seasonally adjusted annual rate of $1.24 trillion, according to Dodge Construction Network. Non-building starts gained 49% during the month, driven by the start of an offshore wind project and a liquefied natural gas (LNG) facility, while residential starts lost 7%, and non-residential building starts were down 2%.

On a year-to-date basis through May, total construction starts were up 11% from the first five months of 2023. Residential starts were up 16%, while non-building starts gained 17%, and non-residential building starts rose 3%.

For the 12 months ending May 2024, total construction starts were up 2% from the 12 months ending May 2023. Non-residential building starts were down 7%, residential starts were up 5%, and non-building starts were up 14% on a 12-month rolling sum basis.

“Single-family starts in particular have risen in eight of the last 12 months despite high mortgage rates. Growth in single-family will incentivize further demand for retail, health, and education starts, among others.”

“Even though May’s gain in construction starts was mainly due to a handful of large projects, the data highlights that there is some grassroots demand building in the market,” said Richard Branch, chief economist of Dodge Construction Network. “Single-family starts in particular have risen in eight of the last 12 months despite high mortgage rates. Growth in single-family will incentivize further demand for retail, health, and education starts, among others, and the stability in the Dodge Momentum Index, which tracks projects in planning, underscores this optimism.”

 

Non-building

Nonbuilding construction starts rose 49% in May to a seasonally adjusted annual rate of $463 billion. The increase was solely on the back of a massive gain in gas and utility starts as two large projects (a $10 billion offshore wind project in Virginia and an $11 billion LNG project in Texas) got underway. Environmental public works starts fell 10%, miscellaneous non-building starts lost 16%, while highway and bridge starts were 22% lower in May.

On a year-to-date basis through May, total non-building starts were 17% higher. Gas and utility starts were up 35%, environmental public works and miscellaneous non-building were each up 24%, and highway and bridge starts were up 3% on a year-to-date basis through May.

For the 12 months ending May 2024, total non-building starts were 14% higher than the 12 months ending May 2023. Utility and gas starts were up 28%, miscellaneous non-building starts rose 19%, environmental public works starts moved 14% higher, and highway and bridge starts rose 4% for the 12 months ending May 2024.

 

Non-residential

Non-residential building starts fell 2% in May to a seasonally adjusted annual rate of $415 billion. Manufacturing starts lost 14% following a very strong April, while institutional starts dropped 6%. Commercial starts gained 10% due to gains in warehouse, office, and parking starts. On a year-to-date basis through May, total non-residential starts were up 3%. Institutional starts were 20% higher, while commercial starts were down 5%, and manufacturing starts were 19% lower on a year-to-date basis through May.

For the 12 months ending May 2024, non-residential building starts were 7% lower than the previous 12 months. Manufacturing starts were down 32%, and commercial starts were down 11%, while institutional starts were 10% higher for the 12 months ending May 2024.

 

Residential

Residential building starts moved 7% lower in May to a seasonally adjusted annual rate of $365 billion. Single-family starts rose 2%, while multi-family starts lost 25%. On a year-to-date basis through five months, total residential starts were 16% higher. Single-family starts improved 29%, and multi-family starts were 5% lower on a year-to-date basis.

For the 12 months ending May 2024, residential starts were 5% higher than the previous 12 months. Single-family starts were 15% higher, while multi-family starts were 10% lower on a 12-month rolling-sum basis.

Regionally, total construction starts in May rose in the Midwest, South Atlantic, and South Central regions, but fell in the Northeast and West regions.

Cybersecurity

Layers of Protection

By Charlie Christianson

 

Today’s cyberthreats are constantly evolving, threat actors are increasingly sophisticated, and the risks of having accounts compromised through stolen or hacked passwords are very high.

One of the most effective ways to protect against having an account compromised is by using multi-factor authentication (MFA). MFA is a security process that requires users to provide two or more verification factors to gain access to a resource such as an application, online account, or VPN. By combining multiple forms of verification, MFA significantly reduces the likelihood of unauthorized access. In fact, many cyber insurance providers now require it.

 

Enhancing Security with Multiple Layers

The key advantage of MFA is that it provides multiple layers of security. Traditional authentication methods, such as passwords, are increasingly vulnerable to attacks. Many people continue to use weak passwords or the same password across many accounts.

Commonly used attack vectors include phishing, brute-force attacks (guessing weak passwords), and credential stuffing (using compromised passwords from one breach to access unrelated accounts) to compromise passwords. MFA addresses these vulnerabilities by requiring additional verification factors that are much harder to steal or replicate. These factors typically include:

Something You Know. This could be a password, PIN, or an answer to a security question.

• Something You Have. This includes physical devices like a smartphone, security token, or smart card.

• Something You Are. Biometric verification may include fingerprints, facial recognition, or voice recognition.

By combining these factors, MFA ensures that, even if one factor is compromised (like a password), unauthorized access is still unlikely unless the attacker can breach multiple layers or the user is not paying attention and actually allows the access.

Charlie Christianson

Charlie Christianson

“The key advantage of MFA is that it provides multiple layers of security. Traditional authentication methods, such as passwords, are increasingly vulnerable to attacks.”

Mitigating the Risk of Data Breaches

Businesses can be devastated by a data breach through financial losses, reputational damage, and legal implications. Implementing MFA can significantly mitigate the risk of such an event. According to a report by Verizon, compromised credentials are one of the leading causes of data breaches. MFA makes it exponentially more difficult for attackers to use stolen credentials, as they would also need to defeat a second or third layer of authentication.

For instance, if a user’s password is compromised through a phishing attack, the scammer would still need access to the user’s mobile device or biometric data to complete the authentication process. This additional barrier is often enough to deter attackers or prompt them to move on to easier targets.

 

Compliance with Regulatory Standards

Most industries are subject to regulations that mandate the implementation of MFA. These include General Data Protection Regulation, the Health Insurance Portability and Accountability Act, and the Payment Card Industry Data Security Standard. All emphasize the importance of robust authentication mechanisms. Failure to comply with these standards can result in severe penalties and legal repercussions.

By implementing MFA, organizations will satisfy a major requirement of these regulations and enhance their overall security posture. Strong security practices also enhance customer trust and confidence.

 

Protecting Remote Workforces

A remote workforce presents several cybersecurity challenges. Employees accessing company resources from multiple locations with various devices increase the attack surface for cybercriminals. MFA is essential to ensure that only authorized individuals can access sensitive information and systems.

Remote access solutions, such as virtual private networks and cloud services, should be protected with MFA to prevent unauthorized access. This is an essential tool in preventing man-in-the-middle attacks and session hijacking, which are more prevalent in remote work environments.

 

Improving Incident Response and Risk Management

MFA also plays a critical role in improving incident response and risk management. By implementing MFA, organizations can better track and monitor access attempts, allowing them to identify and respond to suspicious activities more quickly. Better visibility aids in earlier detection of failed attempts and helps to mitigate threats before they become major incidents.

MFA helps to reduce the overall risk profile of an organization by minimizing the chances of unauthorized access. This is one of the reasons why cybersecurity insurers are requiring MFA on external accounts, internal administrator accounts, and even domain user log-ins.

If you are renewing your cyber coverages, be sure to read the cyber questionnaires carefully and make sure you are doing what you say you are doing. Cyber insurers will deny claims or even deny coverage altogether if they determine these critical controls are not in place.

 

Conclusion

In an era where cyberthreats are increasingly sophisticated and pervasive, MFA stands out as a crucial component of any cybersecurity strategy. By requiring multiple forms of verification, MFA significantly enhances security, mitigates the risk of data breaches, ensures compliance with regulatory standards, protects remote workforces, and improves incident response and risk management.

Organizations that prioritize the implementation of MFA can better safeguard their digital assets and maintain the trust of their customers and stakeholders. As cyberthreats continue to evolve, the importance of including an MFA solution as part of your cybersecurity strategy is becoming essential in the fight to secure your digital assets.

 

Charlie Christianson is president of CMD Technology Group Inc. in East Longmeadow.