Company Notebook

Company Notebook

Community Bank N.A. Reopens Springfield Branch

SPRINGFIELD — The Community Bank N.A. Springfield branch recently celebrated its grand reopening with a ribbon-cutting ceremony. Local dignitaries, customers, community members, and Community Bank N.A. team members gathered to celebrate the completion of the branch’s renovations. Located within Tower Square, the renovated branch will offer Springfield customers enhanced and expanded services, including a 24-hour ATM and a night drop. At the celebration, Community Bank N.A. leaders also announced the results of a community vote between three nonprofits to receive a portion of the bank’s $12,500 commitment to give back to the Springfield area. Springfield Boys & Girls Club received the majority of the community vote and was presented with a $7,500 donation. Big Brothers Big Sisters of Hampden County and YMCA of Greater Springfield each received a $2,500 donation. The Community Bank N.A. Springfield branch began renovations in early October 2018 to add convenient features for customers. The branch will house nine team members and offer customers a wide range of services, including checking and savings accounts, commercial business, and mortgages.

Travel Kuz Provides Services at Super Bowl LIII in Atlanta

GILL — Travel Kuz, a motorcoach charter company based in Gill, sent six of its luxurious motorcoach buses to the Super Bowl for the second consecutive year. The Travel Kuz buses and drivers were used in Atlanta for VIP and dignitary transportation, which included the special guests of each team and the athletes’ families. In addition to last year’s Super Bowl LII in Minneapolis, Travel Kuz has also provided transportation services at Super Bowl XLI in Miami in 2007, and at the 2010 Olympic Winter Games in Vancouver, British Columbia. F.M. Kuzmeskus Inc., doing business as Travel Kuz, is a fifth-generation family business that has been providing school-bus and luxury motorcoach transportation for more than 90 years. The company operates more than 150 vehicles employing 136 local residents in Franklin County and Southern Vermont.

MassDevelopment Boosts Patriot Armored Systems

LEE — MassDevelopment has issued a $2,646,000 tax-exempt bond on behalf of Patriot Armored Systems Holding LLC, a real-estate entity affiliated with glass manufacturer Patriot Armored Systems. Patriot Armored Systems currently leases 45,000 square feet of office and manufacturing space at 100 Valley St. in Lee. The company’s real-estate entity will use bond proceeds to buy the building and construct a 7,500-square-foot addition, allowing Patriot Armored Systems to expand its manufacturing operations and hire 13 additional employees. Berkshire Bank purchased the bond. Founded in 1992, Patriot Armored Systems manufactures laminated, customized protective glass systems by purchasing glass as a raw material and melding it with bonding compounds. The company specializes in bullet-resistant glass and security glazing and offers an array of glass types, including architectural, ballistic, and bullet-resistant glass. Patriot Armored Systems serves a broad customer base, manufacturing customized products for various military operations, law enforcement, government buildings, banks, hospitals, retail businesses, vehicles, and homes.

United Financial Bancorp Announces Record Earnings

HARTFORD, Conn. — United Financial Bancorp Inc., the holding company for United Bank, announced results for the quarter ended Dec. 31, 2018. The company reported net income of $12.2 million, or $0.24 per diluted share, for the quarter ended Dec. 31, 2018, compared to net income for the linked quarter of $16.3 million, or $0.32 per diluted share. The company reported net income of $9.5 million, or $0.19 per diluted share, for the quarter ended Dec. 31, 2017. Net income for the year ended Dec. 31, 2018 was $59.9 million, or $1.17 per diluted share, compared to net income of $54.6 million, or $1.07 per diluted share, for the year ended Dec. 31, 2017. “In the fourth quarter of 2018, United Financial Bancorp Inc. delivered annualized linked quarter loan growth of 9% and deposit growth of 12%, while maintaining pristine asset quality and a strong balance sheet,” said William Crawford, IV, CEO and president of the company and the bank.

Pride Cuts Ribbon on New Hadley Location

HADLEY — Pride Stores held a ribbon-cutting ceremony on Jan. 23 at its newest store, located at 25 Russell St. in Hadley. The new store offers a wide range of services, including an expanded dining area, a café and bakery, fresh deli and grill, Subway, a convenient drive-thru lane, as well as a separate room for beer and wine sales. It’s the first Pride to offer Chester’s Chicken for fresh fried chicken and family meals. The site also includes 12 charging stations for Tesla vehicles. Pride also donated five cents from every gallon of gasoline purchased that week to the Hadley Library Fund, a local nonprofit that is raising funds to support the building of the new Goodwin Library slated to break ground this summer.

Eversource Recognized for Energy-efficiency Programs

BOSTON — Homeowners, renters, and business owners across Massachusetts are always looking for ways to reduce expenses, and that includes energy costs. In recognition of its efforts to help these customers better manage their energy, Eversource was recognized by the American Council for an Energy-Efficient Economy (ACEEE) with Exemplary Energy Efficiency Program awards for both its Home Energy Services (HES) program and Franchise Customer Initiative in Massachusetts. The national award recognizes the best utility programs across the country. ACEEE’s national review evaluates and recognizes exemplary programs in areas such as direct customer energy savings, cost-effectiveness, customer service, innovation, and expansion potential. Eversource’s HES program takes a fuel-blind approach and provides in-home energy assessments, turnkey facilitation of weatherization measures, and 0% financing to help homeowners or renters retrofit their homes with cost-effective, energy-efficient measures. Since 2016, the energy saved through Eversource’s HES program in Massachusetts is enough to power approximately 6,000 homes for a year, and the greenhouse-gas emission reductions are equivalent to taking 1,062 cars off the road for a year.

Berkshire Theatre Group Receives Universal Participation Designation

PITTSFIELD — Berkshire Theatre Group (BTG) announced it was the recipient of the Mass Cultural Council’s (MCC) Universal Participation (UP) Designation. The UP initiative seeks to break down barriers that prevent civic participation in the cultural sector of Massachusetts. The UP designation provides peer networking, leadership platforms, access to grants, promotional opportunities, and professional development for organizations demonstrating inclusive practices. Through the MCC Innovation and Learning Network and the UP designation, the goals of the UP initiative are to support the growth and development of organizations that embrace inclusivity as core to their mission and recognize the power of design to anticipate and accommodate patrons, staff, volunteers, and students. BTG received this designation through providing training to the staff, board, and volunteers about inclusion; engaging users and experts to steward institutional needs to facilitate program and policy development; and implementing innovative accessible practices.

Hazen Paper Co. Launches 2019 ‘Space’ Calendar

HOLYOKE — Hazen Paper Co. is sharing a futuristic view of holography with its 2019 calendar, titled “Space – the Infinite Frontier.” Hazen Holography creates the illusion of motion and dimension on two-dimensional printed items by reflecting and refracting light at different angles. Revolving around the design concept of concentric circles, the calendar depicts a view of space from within a space capsule and a rocket launch. The poster/calendar incorporates several new holographic effects, including circular pillars, which resemble a sun-like orb pulsating with prismatic color that appears concave or convex, depending upon the viewer’s perspective. It also features holographic radial burst, a ray of light beams that alternates from monochrome to a rainbow of colors. The 18-by-24-inch poster/calendar was created to showcase Hazen’s wide-format tableau. This capability enables production of materials up to 52 inches wide without recombine lines, providing designers greater creative freedom. The custom Hazen hologram on 10-point board, coated on both sides, was finished with four-color printing plus opaque white. Hazen is known for the holographic stadium edition NFL Super Bowl program and the holographic enshrinement yearbook for the Basketball Hall of Fame. It is the most vertically integrated producer of holographic paper and film in the U.S., with a holographic lab and design studio on its Holyoke manufacturing campus. To receive a calendar, e-mail [email protected] or call (413) 538-8040.

Berkshire Hills Bancorp Reports Q4 Results

BOSTON — Berkshire Hills Bancorp Inc. reported GAAP net income of $14 million, or $0.31 per common share, in the fourth quarter of 2018. The non-GAAP measure of core earnings totaled $29 million, or $0.63 per share, during this period. Both GAAP and core EPS totaled $0.70 in the prior quarter. The benefit of higher net interest income in the fourth quarter was offset by lower fee income and higher expense. Core EPS is net of non-core charges, which totaled $0.32 per share after tax in the fourth quarter and included merger-related expenses and other items, including costs related to the restructuring of the company’s banking systems provider relationships. Fourth-quarter financial highlights included 2% loan and deposit growth, 3.41% net interest margin, 60.3% efficiency ratio, 0.17% net loan charge-offs/average loans, and 0.28% non-performing assets/assets. “Core earnings for the year were in line with our original plan, and fourth quarter core earnings also met our expectations before the impact of the government shutdown on SBA-related fee revenue,” CEO Richard Marotta said. “During 2018, our teams made great strides integrating our Eastern Massachusetts acquisition and developing organic business across our footprint. Loan growth was consistent throughout the year, and deposit balances increased with the benefit of higher activity in the fourth quarter. Our internal capital generation supported our balance-sheet growth, and our credit performance and asset quality remain strong.” The board of directors voted to increase the quarterly cash dividend by $0.01, or 5%, to $0.23 per common share to shareholders of record at the close of business on Feb. 14, 2019, payable on Feb. 28, 2019. Effective on the same dates, the board also increased the quarterly cash dividend on preferred stock by 5% to $0.46 per share.

Teach Western Mass Receives $250,000 Grant from Barr Foundation

SPRINGFIELD — Teach Western Mass has been awarded a $250,000 grant from the Barr Foundation that will allow the education nonprofit to make investments in strategic planning and capacity-building efforts. Launched in 2015, Teach Western Mass is a nonprofit organization focused on improving the volume, quality, and diversity of teacher candidates in Western Mass. Teach Western Mass (TWM) leads regional teacher-recruitment campaigns in collaboration with school and district partners. As a result, it is the primary source of job opportunities for prospective teachers in Western Mass., while also offering a high-quality, diverse talent pool for partner schools. In the last two years, TWM partner schools have accelerated hiring timelines and increased the percentage of incoming teachers who self-identify as people of color to 40%. Teach Western Mass also offers four innovative and regionally based teacher-training programs that seek to address persistent talent and hiring challenges faced by partner schools, which include both district and charter schools.

Way Finders Awarded $140,000 Grant from Tufts Health Plan Foundation

SPRINGFIELD — Way Finders Inc. was awarded a two-year grant for $140,000 from Tufts Health Plan Foundation to advocate for equitable infrastructure and improved public safety in Springfield. This is one of 11 new community investments totaling more than $1.2 million that reflect the foundation’s commitment to advancing policies and practices that support healthy aging, including addressing gaps in oral health, nutrition, housing, transportation, and community safety. Through this grant, Way Finders will increase the capacity of low-income, older people who are advocating for policy and system changes in Springfield. These older people will lead efforts to address the built environment and community safety. The project leverages Way Finders’ existing Resident Health Advocate programming and its relationships with LiveWell Springfield and the Massachusetts Senior Action Coalition to enable the development of a robust advocacy infrastructure for the city.

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