Page 24 - BusinessWest March 17, 2021

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ALDEN CREDIT UNION
710 Grattan St., Chicopee, MA 01020 (413) 536-0475; www.aldencu.com
145 Industry Ave., Springfield, MA 01104 (413) 732-9812; www.arrhacu.com
FRANKLIN FIRST FEDERAL CREDIT UNION
PIONEER VALLEY FEDERAL CREDIT UNION
246 Brookdale Dr., Springfield, MA 01104 (413) 733-2800; www.pioneervalley.coop
57 Newton St., Greenfield, MA 01301 (413) 774-6700; www.franklinfirst.org
MYCOM FEDERAL CREDIT UNION
PREMIER SOURCE CREDIT UNION
232 North Main St., East Longmeadow, MA 01028 (413) 525-2002; www.bankatpremiersource.com
101 Fenn St., Pittsfield, MA 01201 (413) 442-6501; www.mycomcu.org
CREDIT UNION OF THE BERKSHIRES
744 Williams St., Pittsfield, MA 01201 (413) 443-1313; www.cuotb.org
Continued from page 18
Last year, for instance, Huntington Bancshares Inc. agreed to merge with TCF Financial Corp., First Citizens Bancshares Inc. announced plans
to acquire CIT Group Inc., and PNC Financial Services Group Inc. struck
a deal to buy the U.S. arm of Spain’s BBVA. The year before, BB&T and Sun- Trust merged to become Truist Finan- cial Corp. in the largest bank deal since the financial crisis of 2008 ushered in stricter regulations.
Ultra-low interest rates and meager
loan growth have made it difficult for banks to profit from lending, the Wall Street Journal notes. The effect is most pronounced on regional banks, which rely more on lending profits than their national counterparts. Net interest margin, or the difference between what a bank pays its depositors and what it earns from lending, hit a record low for commercial banks in the fourth quarter of 2020.
Tom Michaud, CEO of Keefe, Bruy- ette & Woods, recently told Barron’s that, if regional banks want to be “rel-
evant and significant,” they need to compete against the ‘Big Four’ of JPM- organ Chase, Citigroup, Wells Fargo, and Bank of America.
Robert Kafafian of the Kafafian Group, a consulting firm in Bethlehem, Pa., told American Banker he expects
a surge in bank mergers in 2021, partly due to needed investments in new technology. “Customers have shown they can adapt to changing technology. Adoption may have advanced three
to five years faster than what it might have been otherwise without the pan-
demic. Tech capability is all the more important now.”
Jones agrees, but stressed that many different considerations went into the decision to purchase People’s United and create a new, super-regional bank.
“Not only are our geographics com- plementary,” he said, “so too are the talent, product sets, and credit cultures, creating a solid platform we can build upon.” u
Joseph Bednar can be reached at [email protected]
CREDIT UNIONS
RANKED BY TOTAL ASSETS
CREDIT UNONS
$171,512,116
138,807,806
122,928,056
74,043,188
68,195,813
25,082,004
22,397,416
LOANS
$119,574,333
81,873,237
35,889,203
6,502,654
SHARES
$148,253,534
103,157,859
58,532,791
19,823,955
PRESIDENT/CEO
ARRHA CREDIT UNION
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12
14
Merger
88,056,526
39,117,108
8,358,129
116,056,957
67,436,463
22,345,040
Michael Ostrowski
Michelle Dwyer
Nancy Canino
Adam Corcoran
Anabela Grenier
Bonnie Raymond
Melissa Morin
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