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Bank Economists See Tighter Labor Market Driving Wages Higher

January 16 – The U.S. economy will grow steadily through next year, creating more jobs and higher wages, according to the Economic Advisory Committee of the American Bankers Association. The group forecasts inflation-adjusted GDP growth of 2.1 percent this year and 2.3 percent in 2018, up from 2.0 percent last year.  Moreover, the economists believe that growth could be even stronger depending upon the magnitude and timing of any fiscal stimulus. (more…)

Community Bank Invests in Clearinghouse CDFI to Benefit Distressed Communities Throughout California

January 16 – Community Bank recently added a $700,000 equity investment in Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) Class A stock. This is Community Bank’s second investment in Clearinghouse CDFI which enhances Clearinghouse CDFI’s ability to address unmet credit needs in distressed areas throughout California.

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People’s United Bank Teams with AARP to Raise Awareness of Consumer Scams

January 16 – A unique educational collaboration has been announced between the AARP Fraud Watch Network and People’s United Bank, N.A., with the goal of better protecting consumers in the northeast against fraud and scams.

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OneUnited Bank Launches #BankBlack Financial Literacy Video Series

January 16 – OneUnited Bank, the largest black-owned bank in America, has partnered with the African American Film Critics Association (AAFCA) and BMe Community (BMe) to bring a powerful series of financial literacy videos to Black America that will underscore the importance of financial literacy, buying Black, banking Black and the genius of collective economics. Topics will include the importance of saving for the future, how to power up your credit score, millennials and money, banking based on your values and how the #BankBlack and #BuyBlack movement can create jobs and support community development.

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Mechanics Bank Opens New State-of-the-Art Branch at Richmond’s Hilltop Mall

January 16 – Mechanics Bank has opened a new, state-of-the-art branch at Hilltop Mall in Richmond, Calif. “This new branch ushers in a new era for us in Richmond, and embodies our continued commitment to this community,” says Rauly Butler, Mechanics Bank Executive Vice President, and head of Retail Banking.

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Fifth Third Bank Offers Five Mobile Wallet Options

January 12 – Fifth Third offers customers the option to make credit and debit card payments via Apple Pay, Samsung Pay, MasterPass and the recently added Android Pay and Microsoft Wallet.

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Over Half of All ATMs Installed Away From Bank Branches

Growth in the off-site ATM sector is being driven by banks’ efforts to serve existing clients more cost-effectively, attract new customers and by the expansion of independent ATM deployers

Cost savings drive off-site ATM expansion

Globally, the share of ATMs located away from bank branches rose to 51% in 2015, according to RBR’s study Global ATM Market and Forecasts to 2021. (more…)

OCC Details Its Leading Concerns for Banks

January 5 – The Office of the Comptroller of the Currency outlined its top banking concerns as strategic, credit, operational and compliance risks in its  Semiannual Risk Perspective for Fall 2016. (more…)

StonehamBank Uses ZRent to Automate Rent Payments

January 6 – StonehamBank joins ZRent’s network of financial institutions to provide online rent collection services to their landlord and small business customers.

ZRent (www.ZRent.net), a division of Leader Bank, is proud to welcome StonehamBank to its expanding network of financial institutions. ZRent allows financial institutions to provide online rent collection services to their landlord and small business customers, creating competitive advantage and customer loyalty for participating institutions. This new partnership will allow StonehamBank customers to take full advantage of

ZRent services, enabling landlords and tenants to fully automate the rental payment process. “We are very excited to enter into this partnership with StonehamBank. We look forward to bringing all the benefits of ZRent to their customers,” said Jay Tuli, the Senior Vice President of Retail Banking at Leader Bank. “We hope that ZRent can continue to help automate rent payments for community banks and their customers.”

“We are committed to offering innovative services to our customers, ZRent is another great example of services we provide to our customers evolving needs,” said Edward Doherty, Jr., Executive Vice President of StonehamBank. “ZRent offers a simple and convenient solution that provides real value to our customers looking to efficiently manage their rent collection.”

ZRent works by automatically deducting rent payments from the tenant’s bank account and depositing them
directly into the landlord’s account. Tenants can set and forget their monthly payments, and landlords will no longer have the hassle of collecting checks and making the trip to the bank. ZRent also provides peace of mind for the landlords, who will now receive one complete payment for each unit on the same day every month. ZRent is free of charge for any landlord that banks with one of the participating institutions, currently StonehamBank and Leader Bank.

For more information on Leader Bank’s innovative ZRent tool, visit www.zrent.net, email zrent@zrent.net, or
call 781-641-8691.

About StonehamBank
StonehamBank is a full-service community bank offering state of the art products and services to residents and businesses throughout eastern Massachusetts and southern New Hampshire. In addition to providing progressive products and convenience services, StonehamBank believes in making a difference in the community through its Community Involvement Program and Charitable Foundation. Member FDIC. Member SIF. Equal Housing Lender. For more information on StonehamBank, please visit www.stonehambank.com or call directly at 888-402-2265.

About Leader Bank
With assets over $1 billion, Leader Bank is a nationally chartered bank founded in 2002 with seven full-service branches in Arlington, Belmont, Boston, Burlington and Cambridge. Leader Bank offers a full range of personal and business banking products including free personal and business checking accounts, commercial and residential lending products, home equity lines of credit, deposit products with highly competitive rates and free online banking and bill payment services. Visit Leader Bank’s website at www.Leaderbank.com or any one of the Bank’s convenient branch locations for more information. Member FDIC and Equal Housing Lender, NMLS # 449250.

MVB Bank Selects Jack Henry Banking’s SilverLake System

January 6 – Jack Henry & Associates, Inc. is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Today, its Jack Henry Banking division announced that MVB Bank has selected the SilverLake System for enterprise-wide automation. The bank will implement the core processing system through JHA OutLink Processing Services (JHA OPS), Jack Henry Banking’s outsourced offering.

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