PITTSFIELD, Mass. — A local insurance company is going to become part of MountainOne Financial Partners.
Stevenson & Co. has joined forces with Coakley, Pierpan, Dolan and Collins, according CPDC President and CEO Timothy Dolan. CPDC is already a MountainOne Financial Partner.
The two agencies will share common expenses and systems as a way to trim costs.
"This means we'll have more funds available to spend on service and product upgrades that benefit customers," said Dolan.
John Murphy, Stevenson's president and CEO, said the move will allow his firm to remain local and independent. "Joining forces with CPDC allows us to do this. And, we'll have an expanded team of service providers and offerings," he said.
Stevenson & Co. is currently located on North Street. CPDC also shares North Street office space with its fellow MountainOne Financial Partners Hoosac Bank and True North. Once the new MountainOne Financial Center under construction in the William Stanley Business Park opens, both CPDC and Stevenson will move into the new building and close their North Street offices. Stevenson customers will be notified in advance of the move.
Stevenson & Co. has been providing personal and business insurance in Pittsfield and Berkshire County since 1867. CPDC, founded in 1927, serves personal and business customers through offices in North Adams, Adams, Williamstown and Pittsfield.
MountainOne Financial Partners, a mutual holding company headquartered in North Adams, has combined assets of over $800 million and more than 200 employees. Check out the live construction webcam at www.stanleycam.net.
Adams Co-Op, South Adams Bank Merger Approved
Staff Reports On: 01:25PM / Wednesday December 14, 2011
ADAMS, Mass. — Adams Co-Operative Bank and South Adams Savings bank received federal and state approvals to merge.
The Federal Deposit Insurance Fund and the state Division of Banks and Depositor's Insurance Fund gave the banks notification of the approval on Dec. 9. The new Adams Community Bank will be a $400 million entity of two of the county's oldest community banks.
"This is an early Christmas present for both banks," said Joseph Truskowski Jr., president and CEO of Adams Co-Operative Bank, in a statement. "We anticipated receiving the news but not all final approvals until after the holidays."
The merger is expected to be completed in early 2012. Adams Community Bank will now consist of seven full-service offices spanning across the county and no jobs are expected to be eliminated, according to banking officials. The boards of trustees for each bank will create one 20-person managing board for the new bank.
"We will now dedicate our full attention to developing our products and signage for Adams Community Bank so it’s a seamless transition for our customers," Charles P. O'Brien, president and CEO of South Adams Savings Bank, said in the state. "Since voting on the new name of the institution in October, we have been developing the brand elements - particularly the Adams Community Bank's logo."
Adams Co-Operative Bank, a state-chartered co-operative bank founded in 1895, has $196 million in assets and three offices. South Adams Savings Bank, founded in 1869, has $197 million in assets and four offices. Together the banks employ about 90 people.
Treasury Halts Wasteful Presidential Coin Program
Staff Reports On: 05:28PM / Tuesday December 13, 2011
"For decades, special interests have pushed the wasteful dollar-coin program on the American people," he said. "They readily admitted that Americans would only use dollar coins if the popular dollar bill was eliminated — a move that would have wiped out hundreds of Massachusetts jobs. I introduced legislation to stop the coin charade and President Obama's actions today will accomplish that goal."
More than a $1.4 billion in coins have been piling up in vaults, costing millions in storage for hard money Americans won't use. Banks have been returning some 40 percent of unused coins to the Federal Reserve. The program was to run through at least 2014 and honor every deceased president (they're only up to James Garfield); a limited number of coins will be produced for collectors.
"One area where there's an additional opportunity to cut taxpayer costs is reducing the current surplus inventory of $1 coins. That's why we're announcing today that — effective immediately — the United States Mint is suspending the production of new Presidential $1 Coins for circulation."
That's good news for Crane in Dalton, the only maker of U.S. currency paper.
Common Good Finance Gets Google Grant
Staff Reports On: 05:39PM / Monday December 12, 2011
ASHFIELD, Mass. — The nonprofit Common Good Finance has received a more than a $100,000 a year in free advertising and other services through a Google Grant.
The organization is set to launch its R Credit initiative next year in Greenfield. The "R" in R Credits stands for "Regenerative, Revolutionary, and taking Responsibility" for the local economy.
"It combines features from successful alternative credit systems, adding technology innovations and procedures to ensure a secure, profitable experience for everyone," said William Spademan, president of Common Good Finance, in a statement.
The system is somewhat similar to Berkshares in that it promotes the use of local currency but is designed to be far more reaching in terms of democratic participation in its uses and equal exchange with dollars.
LENOX, Mass. — NBT Bank will open a fifth location in Berkshire County at 2 Holmes Road.
This new location follows the recent opening of four branches in Great Barrington, Lee, North Adams and Pittsfield. Renovations at the former Legacy Banks facility on Holmes Road are currently under way. It is anticipated that the new branch will open in the first quarter of 2012 and will offer full branch-banking capabilities, including drive-up teller service, 24-hour ATM, safe deposit boxes and night depository.
"We are excited to be expanding our presence in Berkshire County," said NBT Bank Commercial Banking President Jeffrey Levy. "The recent hiring of Daniel Kinney as Massachusetts area manager and the opening of this new office in Lenox provides individuals and businesses greater access to our unique brand of community banking and symbolizes our commitment to growth in western Massachusetts."
Levy is a member of NBT Bank's executive management team and also serves as regional president for the bank in the Capital Region of New York.
NBT Bank provides personal banking, asset management and business services. The independent community bank, based in Norwich, N.Y., has a total of 93 offices in upstate New York, Vermont and Western Massachusetts. NBT Bank's parent company, NBT Bancorp Inc., had assets of $5.5 billion as of Sept. 30, 2011.