Fleet picks Wall Street veteran to head group
BOSTON – FleetBoston Financial Group announced that it had appointed Keith T.Banks, 44, of J.P. Morgan & Co., New York City, to lead Fleet Asset Management to a new level of performance. Selection of Banks culminates an 18-month search for Fleet. The Boston Globe reported that Fleet was dissatisfied with the eight- percent growth achieved by its group when other groups are achieving double-digit growth. Banks, who spent 16 years with Morgan, where he was head of U.S. equities in his last position there, will be the chief executive and chief investment office of the $125 billion Asset Management unit at Fleet. His office will be in New York City, although initially he will be in Boston acquainting himself with the department’s employees. The Globe said he would be paid $20 million to $25 million over the next three years, plus stock, compared with the Bank’s chief executive Terry Murray’s $5 million last year along with $15 million in restricted stock that vests over three years.
Citizens Bank opens Medford operations office
MEDFORD – Citizens Bank has opened an operations office here where 425 of its employees are working on various shifts in the 24-hours a day facility. Ultimately, Citizens reported, 700 people will work in the 125,000 square foot building. Check processing, electronic banking, retirement services, and loan documentation will be provided at the site.
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Court sets deadline for shipyard owner
BOSTON – A U.S. Bankruptcy Court judge has given the owner of the Fore River Shipyard a December 1 deadline to prove that he can pull his company out of debt. The company, Massachusetts Heavy Industries, Inc., owned by Sotirious Emmanouil has been struggling for months to obtain financing for its proposed revival of the dormant shipyard. If Emmanouil is unable to meet the deadline, the court will allow the company’s largest creditor to foreclose on the 138-acre property, the Boston Globe reported.
Boston reports surge in condo sales
BOSTON – Condominium sales prices in this city rose 29 percent I the six-month period from January to June this year compared with last year, the Multiple Listing Service reported. A year ago the average condo sold for $192,840 in Boston, MLS reported, compared with $248,895 for the first six months of this year. This price rise came while the number of condos sold only increased by one percent, 1,967 in the fist six months of this year, compared with 1,949 for the same period last year. Meanwhile the median price for a single family home in Boston for the fist six months of this year was recorded at $450,000, according to Banker & Tradesman, the Boston Globe reported.
Advanced Magnetics, Cytogen sign deal
CAMBRIDGE – After discarding a plan under which Cytogen Corp. of Princeton, N.J. would have acquired Advanced Magnetics, Inc., based here, the two companies have agreed to a marketing and supply plan. Under the plan, Cytogen would get U.S. marketing rights to two imaging products being developed by Advanced Magnetics in exchange for 2 million Cytogen shares. Advanced Magnetics is a developer of diagnostic pharmaceuticals used magnetic resonance imaging.
Alpha Analytical buys Matrix
WESTBOROUGH – Alpha Analytical Labs, Inc. announced that it had bought Matrix Analytical of Hopkinton, Mass., the Boston Globe reported. Part of the agreement involves Matrix moving into Alpha’s offices. Terms of the purchase were not disclosed. Alpha is regarded as the largest environmental testing lab in New England, the Globe reported. Alpha said it would retain a Matrix office in Danbury, Conn.
Standard Electric expands into Woonsocket
WILMINGTON – Standard Electric is expanding into the Northern Rhode Island market by acquiring Belliveau Electrical Supply, Inc. in Woonsocket. In announcing the acquisition, Standard said the former owner of Belliveau, Craig Brassard would continue to operate that company at 113 Clinton St. in Woonsocket. Belliveau is a 10,000 square foot counter facility and distribution center serving northern Rhode Island and Southeastern Massachusetts. The company was founded in Woonsocket in 1937 by A.P. Belliveau and was sold to Alex Allaire in 1945 who continued to operate it at its original location on Main Street at Monument Square. Brassard acquired the company in 1986 and moved it to its present location on Clinton Street in 1990. Standard Electric was founded in 1950 in Waltham. The company has 300 employees, eight Massachusetts locations, as well as sales offices in Atlanta and California and two lighting showrooms under the Wolfer’s Lighting name.
(Compiled from news reports and releases, print and electronic.)
