Financial Services
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Amica lands ‘superior’ rating from A.M. Best
The Amica Mutual Insurance Co. earned an A++, Superior rating by insurance industry analyst A.M. Best Co. more
| 1/30/13
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
Local banks make Forbes list of ‘Best Banks in America’
Four banks with local operations – Bank of America Corp., Brookline Bancorp., Rockland Trust parent company Independent Bancorp and Webster Bank – made Forbes magazine’s 2013 list of the “Best Banks in America.” more
| 1/23/13
Sovereign hits customers with new fees on accounts
Sovereign Bank N.A., a unit of Banco Santander S.A., has increased its existing fees on checking account customers and added entirely new fees, the latest in a handful of local and national banks to do so, reported the Boston Globe. more
| 1/22/13
Webster’s strong Q4 powers 15% gain in yearly profit
Webster Financial Corp., parent company of Webster Bank, reported a 20.2 percent gain in fourth-quarter profit to $48.5 million. more
| 1/18/13
BofA profit drops on lower revenue as mortgage cleanup continues
Bank of America Corp. reported profit dropped 63 percent as revenue shrank and costs mounted from faulty foreclosures and flawed home loans. more
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