Banking
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Banks contest BofA’s $8.5B Countrywide settlement
Three Federal Home Loan Banks and a fourth financial institutions filed court documents on Friday against Bank of America Corp.’s $8.5 billion agreement to settle claims related to mortgages issued by its Countrywide unit, The New York Times reported. more
| 2/4/13
Rockland Trust parent’s profits decline 10.8% in 4Q
Independent Bank Corp., the parent of The Rockland Trust Co., reported fourth-quarter net income of $10 million, or 45 cents per diluted share, a 10.8 percent decline from the fourth quarter of 2011. more
| 2/1/13
R.I. banks offer best 2-year returns in the U.S., study says
Accounts held in Rhode Island banks and credit unions offer some of the highest return rates in the nation, according to a newly released study from GoBankingRates.com. more
BankRI parent sees profits rise in 4Q, 2012
Brookline Bancorp Inc. – the parent company of Bank Rhode Island – saw its bottom line soar 66.1 percent during the fourth quarter of 2012 and 33.1 percent over the year as a whole, the bank announced Thursday. more
| 1/31/13
Wash Trust: record profit in ’12
Washington Trust Bancorp Inc., parent of The Washington Trust Co., posted record earnings of $35.1 million for 2012, an 18 percent increase in net income compared with $29.7 million in 2011. more
BofA says AIG can’t sue over mortgage bonds sold in bailout
Bank of America Corp. lawyers asked a federal judge to dismiss American International Group Inc.’s fraud claims over devalued Countrywide Financial mortgage-backed securities it had to sell as part of the government bailout. more
TD joins five Canadian lenders in Moody’s credit downgrade
Toronto-Dominion Bank, Bank of Nova Scotia and four other Canadian lenders had their credit ratings cut by Moody’s Investors Service because of high home prices and consumer debt. more
Newport Fed sees bottom line increase for 4Q, 2012
Newport Bancorp Inc., parent of Newport Federal Savings Bank, saw its bottom line increase 13.2 percent year over year during the fourth quarter and 7.7 percent over the year ended Dec. 31, 2012. more
| 1/28/13
BofA forms global advisory council
Bank of America Corp., the second- largest U.S. bank by assets, has formed a global advisory council to instruct senior executives on strengthening the firm’s client relationships. more
BofA small business lending increases 78% in R.I. in 2012
Bank of America Corp. initiated $65.5 million in total new loan production for small business in the Ocean State during 2012, a 78 percent increase from the roughly $37 million in total loan production initiated during 2011. more
| 1/24/13
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