Company Notebook Departments

Company Notebook

MGM Springfield Moves to On-site Corporate Offices

SPRINGFIELD — MGM Springfield has moved into new corporate offices at 95 State St., soon to be called One MGM Way. Located across from the Hampden County Superior Court, and adjacent to what will be MGM Springfield’s South End Market, the building will be home to members of the MGM Springfield executive and administrative teams. “Moving on site is a great way to kick off the year of our opening,” said Michael Mathis, president and COO of MGM Springfield. “We have a growing workforce, and this office space better suits our ever-expanding needs as this momentous year unfolds. It’s an exciting transition for all of us.” Like other elements of the property’s integrated downtown design, the 11-story building celebrates Springfield’s heritage while preserving its iconic past. Built in 1929, the building was designed in the classical revival style by Burton Geckler as an annex to 1200 Main St. It was formerly known as the MassMutual building at 95 State St., and has since undergone a complete renovation, including new mechanical, electrical, plumbing, and finishes. MGM carefully conserved the exterior façade and maintained many of the lobby’s original features. “I am proud of the effort and care that our first-in-class construction team has put into preserving Springfield’s history throughout the property,” Mathis said. “This building is just one example of the many that will be unveiled this year.” Springfield firms Specs Design Group and Dietz & Co. Architects collaborated on the outfitting and design of the employee space with Las Vegas-based Friedmutter Group. Springfield-based Fontaine Bros. Inc. served as general contractor and stewarded the project through the construction phase. “As a company that has called Springfield home for over 85 years, we were excited to oversee construction of this critical portion of the MGM resort, and we are proud to have played a role in helping bring this unprecedented economic-development project to our city,” said David Fontaine Jr., vice president of Fontaine Bros. MGM Springfield’s new corporate offices boast collaboration and work areas, conference and meeting spaces, open cubicle areas, and private executive offices. The design scheme includes warm colors, reclaimed wood, and brick veneers throughout the space. The corporate offices will be located on floors two through eight. Approximately 50 employees have moved into the space. At full staffing, the area is expected to accommodate more than 300 employees. Activities at the approximately 85,000-square-foot employee offices will cover all aspects of the day-to-day operations for MGM Springfield. Anyone interested in learning about career opportunities should visit MGM Springfield’s Career Center, which will be open 10 a.m to 4 p.m. Mondays, Wednesdays, and Fridays, and 1-7 p.m. Tuesdays and Thursdays. During those hours, an MGM representative may be reached at (413) 273-5052.

ICNE Announces Addition of Eastman & Davis Insurance

AGAWAM — The Insurance Center of New England (ICNE) announced the addition of Eastman & Davis Insurance Agency Inc. in West Springfield to its growing company. “We are thrilled to not only have the Eastman & Davis Insurance clients join our agency, but also to have longtime employee Marilyn Loudon join the ICNE team as a personal lines account manager,” said William Trudeau, president and CEO of ICNE. Many ICNE clients have been with the agency for generations, Trudeau noted, so he understands what an important role Bill Eastman has played in the lives of his clients through the years. “I feel so honored that Bill trusts the ICNE team to take over the responsibility of caring for his clients.” Over the past several years, Eastman had been seeking out a business partner to ensure that his business would continue to thrive and that his clientele would be well-taken care of for decades to come. While Eastman & Davis clients may experience a few minor changes in process and procedures, the ultimate goal is to make the transition seamless. “When Eastman & Davis clients join ICNE, they will quickly learn that we are much more than an insurance agency,” Trudeau said. “We are a local team of insurance professionals who will get to know them personally and will always be there to answer their questions, review their policy, and help them make informed decisions to safeguard their family, home, car, and everything that is important to them.” As part of the transition, Eastman & Davis’ West Springfield office will be closing. However, for the convenience of clients, Marilyn Loudon will move to ICNE’s main office in Agawam, just five miles down the road from the current West Springfield location.

Speaker Sisterhood Announces Partnership with Baystate Health

SPRINGFIELD — Twenty-eight female medical providers from Baystate Health are set to begin a six-month pilot of a public-speaking training program uniquely crafted for women in academic medicine. The program is a collaboration between Women Advancing and Achieving in Medicine, a Baystate Health organizational resource group, and Speaker Sisterhood, a public-speaking training company for women founded by CEO Angela Lussier and headquartered in Holyoke. The program is focused on learning and practicing proven techniques to enhance participants’ communication so they are more effective and confident. The goal is for each participant to hone her own authentic voice so that she has greater impact both within her department and from behind the podium at major conferences. The program kicked off Jan. 10 and runs until June 6. “For years, I have noticed a lack of female speakers at many high-profile medical conferences, and I figured that there had to be a systemic way to change this, and our pilot project is a first step,” said Dr. Jeannette Wolfe, associate professor of Emergency Medicine at UMass Medical School’s Baystate campus. “We have partnered with Speaker Sisterhood to develop a very unique curriculum that addresses some of the specific challenges many women in academic medicine face in becoming recognized as source experts within their fields. I’m very excited about the potential of the program because creating a group of polished public speakers not only benefits those speakers, but also increases the regional and national recognition of Baystate Health.” Participants, who were nominated by their chairs and program directors, will meet monthly in a three-hour evening session. Each meeting will begin with a brief lecture covering topics ranging from effective storytelling to slide development to tips on how to break into conference speaking circles. Next, participants will move into their breakout groups of eight or nine women for hands-on experiential learning and practice giving speeches and feedback to each other. Each group has deliberately been created to include women from a mix of medical specialties and experience levels with the intention that this will help naturally facilitate beneficial networking and coaching within the groups. The pilot program is built upon the Speaker Sisterhood’s signature speaker development program, “The Secret Life of Speaking Up,” which was crafted to help professional women enhance their speech-writing skills, build on presentation effectiveness, and grow confidence while speaking. “We’ve been running this program for the last 18 months in various communities, and over 100 women have benefited from the Speaker Sisterhood curriculum. We’re excited to see the impact it will make in a hospital setting and in the medical community at large,” Lussier said. The aim of the pilot is to demonstrate its success though participants’ reports so that it can be expanded throughout Baystate Health and used as a template to benefit women in other academic centers.

The Drama Studio Secures Permanent Home

SPRINGFIELD — The Drama Studio was founded in 1987 by Steve Hays and a group of educators and parents who envisioned an institution where youth could study acting as seriously as they could study music. Located at 41 Oakland St. in Springfield, in close proximity to Forest Park, the Drama Studio had been a 30-year renter of space from St. Barnabas & All Saints Episcopal Church when the call came from the diocese that the building was no longer to be utilized as a place of worship. “When that call came, our board sprang into action,” Hays said. “Funds were quickly raised from a small group of generous donors, and thanks to the hard work of our board and the generosity of the diocese, we were able to negotiate a fair price. On December 22, 2017, we purchased the church and are thrilled to begin steps toward major renovation.” The mission of the Drama Studio is to enrich and validate the adolescent experience in this diverse community via excellence in a conservatory-style acting training program. It serves more than 250 students annually from the region. One alum, Gregory Boilard, of New York City, was involved with the Drama Studio from grade 6 until he graduated from Minnechaug Regional High School in Wilbraham in 2010. He credits Hays with “shaping his childhood” and enabling him to land his dream job working in publicity for the Disney Theatrical Group on Broadway. While many alums have gone on to have careers in theater, film, and television, others attribute their success as lawyers, surgeons, administrators, teachers, and other professionals to the confidence they gained as students at the Drama Studio. The Drama Studio is one of a handful of after-school acting conservatories in the U.S. where young actors ages 6 to 18 can study intensively and advance through a theater curriculum before graduating from high school. It offers a coordinated program including both classroom and performance training with more than 25 after-school classes and six vacation camps. Two community outreach programs, DramaTours and TheaterReaders, currently serve more than 3,000 Springfield public elementary-school children each year.

River Valley Co-op Explores Potential Second Store Site

EASTHAMPTON — River Valley Co-op has secured an option agreement for the potential purchase of the Easthampton property at 228 Northampton St. (formerly the Fedor Automobile Dealership) as a second store location. River Valley Co-op is a cooperatively owned grocery store with one location in Northampton. Since 2014, the cooperative business has been discussing a second store location with co-op owners, customers, and employees in order to accommodate its growth as well as furthering the mission of building a strong local food system. “We’ve been looking for a suitable location for a second store for several years to serve our community better,” said Andrea Stanley, board president. “Our goal is to expand our community-owned grocery business to further our local economic impact and build the resiliency of our local food system through year-round purchases to even more local farmers. We believe that Easthampton is an ideal match for River Valley Co-op. In fact, we have many co-op owners and vendors from Easthampton already, so we feel a strong connection to the community and look forward to expanding our working relationships even further with this project.” The option agreement gives the co-op a year to conduct its due diligence, planning, and fund-raising before exercising its exclusive right to purchase the property. River Valley Co-op’s leadership team met recently with Easthampton Mayor Nicolle LaChapelle to discuss the dynamics of the plan. “River Valley Co-op is a natural fit for Easthampton residents as consumers and job-seekers. High-quality food and jobs is a combination that is hard to beat,” LaChapelle said. “I had the opportunity to sit down with the River Valley team last week. They conveyed deep understanding of Easthampton and shared their plans with thoughtfulness and enthusiasm. As the co-op is ready to grow, Easthampton is ready to support that growth to ensure success for everyone.” Property owner Eddie Fedor said his family is enthusiastic about the potential of River Valley Co-op expanding in Easthampton. “This is a great location and will be very convenient for a lot of people. River Valley Co-op’s support of local farmers and other local vendors would make them a great addition to our community.” The co-op expects to employ 100 people in its Easthampton store. More than 95% of Northampton store employees are full-time with benefits and are represented by UFCW Local 1459.

United Financial Bancorp Announces Q4 Results

HARTFORD, Conn. — United Financial Bancorp Inc., the holding company for United Bank, announced results for the quarter ended Dec. 31, 2017. The company reported net income of $9.5 million, or $0.19 per diluted share, for the quarter ended Dec. 31, 2017, compared to net income for the linked quarter of $15.2 million, or $0.30 per diluted share. The company reported net income of $14.6 million, or $0.29 per diluted share, for the quarter ended Dec. 31, 2016. Net income for the year ended Dec. 31, 2017 was $54.6 million, or $1.07 per diluted share, compared to net income of $49.7 million, or $0.99 per diluted share, for the year ended Dec. 31, 2016. On Dec. 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act of 2017, which, among other things, lowered the corporate tax rate from 35% to 21%. Companies must recognize the effect of tax-law changes in the period of enactment under the generally accepted accounting principles. This tax reform resulted in a $2.8 million negative net-income impact in the fourth quarter of 2017. Of the $2.8 million impact, $1.6 million flowed directly through the provision for income taxes, and was primarily related to a re-measurement of the company’s deferred tax asset. Additionally, there was a $1.2 million pre-tax adjustment related to the write-down of legacy United limited partnerships due to the aforementioned tax reform. Other significant events during the quarter included the  company surrendering $32.8 million of under-performing bank-owned life insurance policy value, resulting in a $2.4 million negative impact to the provision for income taxes. The company subsequently reinvested $30 million into higher-yielding product in early January 2018. “The United Bank team delivered strong loan and non-interest bearing deposit growth in the fourth quarter of 2017. Asset quality, capital, and liquidity remained strong and stable,” said William Crawford IV, CEO and President of the company and the bank. Assets totaled $7.11 billion at Dec. 31, 2017 and increased $137.7 million, or 2%, from $6.98 billion at Sept. 30, 2017. At Dec. 31, 2017, total loans were $5.34 billion, representing an increase of $134.2 million, or 2.6%, from the linked quarter. Changes to loan balances during the fourth quarter of 2017 were highlighted by a $76.7 million, or 4.3%, increase in investor non-owner occupied commercial real-estate loans; a $24.9 million, or 9.3%, increase in other consumer loans; a $21.4 million, or 3.8%, increase in home-equity loans; and a $18.9 million, or 2.3%, increase in commercial business loans. Loans held for sale increased $24.7 million, or 27.6%, from the linked quarter, as the company increased the held-for-sale portfolio for delivery to third-party investors at the end of the quarter. Total cash and cash equivalents decreased $9.8 million, or 10%, from the linked quarter. Deposits totaled $5.2 billion at Dec. 31, 2017 and increased by $45.2 million, or 0.9%, from $5.15 billion at Sept. 30, 2017. Increases in deposit balances during the fourth quarter of 2017 were highlighted by a $53.4 million, or 7.4%, increase in non-interest-bearing checking deposits, as well as a $77.3 million, or 4.5%, increase in certificates of deposit. Offsetting these increases was a $75.5 million, or 3.4%, decline in NOW checking and money-market deposits, largely due to seasonal withdrawals in municipal funds.

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