Massachusetts
Why are banks building so many new branches in Massachusetts?
With money sending apps and online banking, why are so many new bank branches popping up in Massachusetts?
Ever spot a “Space Available for Lease” sign and hope a new café, bookstore or restaurant is coming to town? Excitement builds and then you learn… it’s another bank? It seems to be recent trend in banking and now it’s happening in Massachusetts.
In Needham for instance, a town of about 32,000 people, there are nine bank branches. One of the newest is a Chase Bank that replaced a convenience store which had replaced a Friendly’s restaurant.
“I was hoping it would be a restaurant,” said Eileen Baker, who owns Proud Mary, a gift and fashion boutique in the heart of Needham. “We would love to see little coffee shops; I know a lot of people would love to see a bookshop in Needham. Little specialty foods.”
Baker and many other small business owners thrive when people are drawn downtown by new specialty shops and restaurants. Banks, not so much.
Chase opening 50 new branches
With mobile banking and Venmo, physical banks might seem outdated. But Chase, the country’s largest commercial bank, plans to open 50 new branches in the state by 2027, including brand-new branches in towns like Sudbury and Weston.
“I don’t really understand why there are so many banks,” said one young man outside of the under-construction Chase in Sudbury.
Opening in wealthy neighborhoods
Good question. So, we asked Eric Rosengren, former President of the Federal Reserve Bank of Boston.
“They would only do it because its cost effective,” Rosengren said. “You don’t see it in lower income neighborhoods. You see it in wealthy neighborhoods, because even a few wealthy individuals can provide a significant amount of income coming from the wealth management.”
Rosengren says these often-plush new branches are designed to attract affluent customers who might still value face-to-face financial advice.
Recent surge
This surge is a very recent shift. In fact, nationwide, the total number of bank branches has dropped by 13,000 in the last decade. In 2014 there were about 81,000 U.S. bank branches. In 2023 – for the first time in a long time- there was an uptick in new branches- leaving about 68,000 branches.
Will the trend continue? Most research says younger customers are using mobile banking and very seldom visit their local branch. Will they change their minds once they begin to accumulate wealth? Sound like some financial companies are banking on it.
If you have a question you’d like us to look into, please email questioneverything@cbsboston.com.
Massachusetts
Western Massachusetts libraries celebrating National Library Week – Athol Daily News
As libraries across western Massachusetts celebrate National Library Week from April 19 to April 25, they are honoring “the last real third space where everyone is welcome,” in the words of Greenfield Public Library Assistant Director Lisa Prolman.
According to the American Library Association, National Library Week is “an annual celebration highlighting the valuable role libraries and library professionals play in transforming lives and strengthening our communities.” This year, several libraries in the region will be hosting events to highlight the roles they play in their communities.
The Athol Public Library is among the venues engaging in National Library Week festivities, with a whole host of events starting on Tuesday, April 21, with Silly Goose Story Time at 10:30 a.m. The library will hold multiple events each day, including “Free Book Friday” on April 24, which Assistant Director Robin Shtulman said is “really fantastic.”
Shtulman said the week celebrates and emphasizes the “freedom to read, community outreach and celebrating the staff, without whom nothing would happen.”
The Athol Public Library said in an event announcement that “whatever brings you joy, the library has something for everyone,” and that aspect is being emphasized this National Library Week. To name a few of the events on tap, on Tuesday, April 21, from 3:30 to 5:30 p.m., there’s a volunteer opportunity where teens will make greeting cards for senior citizens; “A Minecraft Movie” will be shown at the same date and time; and on Thursday, April 23, the library will host Scavenger Hunt Bingo for all ages. For a full list of events at the Athol Public Library, visit atholpubliclibrary.com.
In Shelburne Falls, the Arms Library will feature a gallery from the Carlos Heiligmann Collection, a series of photos of public libraries across western Massachusetts. Also in collaboration with the Arms Library, Pothole Pictures and the Shelburne Falls Area Women’s Club will partner for a screening of “Free For All: The Public Library” on Saturday, April 25, at 2 p.m. at the Shelburne Falls Theater at Memorial Hall.
The documentary focuses on the evolution of the public library from its origins in the 19th century and the challenges it faces today, with modern-day issues such as book bans, funding cuts and debates over censorship.
It also explores the role that women’s clubs, like the one in Shelburne Falls, played in creating the modern library system. To serve their communities, women’s clubs took the lead in fundraising, collecting books and advocating for library legislation.
“Our women’s club in this town started with a group of 60 women who were gathering for lessons. … Because of the support of women in the U.S., we established over 80% of the public libraries [in the country],” said Christin Couture, program chair for the Shelburne Falls Area Women’s Club. “This film … I hear it’s so fascinating.”
Following the film’s screening, there will be a panel of local librarians who will engage in “lively conversation” about the history and future of public libraries. Tickets are $6, though school-age children will be admitted for free.
In Charlemont, Tyler Memorial Library will host an open house on Saturday, April 25, from noon to 2 p.m. featuring refreshments, a tour of the library and sun catcher crafting.
The Greenfield Public Library, meanwhile, is taking National Library Week in a bit of a different direction, as it is offering a book repair demonstration with Tom Hutcheson on Thursday, April 23, at 3:30 p.m. The day marks William Shakespeare’s birthday.
Although the book repair session required registration and is currently full, those who are interested may be placed on a waiting list at greenfieldpl.libcal.com/event/16460179.
Greenfield Public Library Director Anna Bognolo recognized the hard work that everyone has put into making the library a success, offering a “huge thank you” to the volunteers and staff who make its varied offerings possible.
“Stop by and support your library,” Bognolo said.
“Libraries, especially in this economy, are more important than ever,” Prolman said. Referencing the library’s role as a place where community members can go that is not work or home, she added, “They are the last real third space where everyone is welcome, and we don’t charge you for being here.”
Massachusetts
New Bedford MS-13 Member, Illegal Alien Pleads Guilty to Role in Brutal Murders In Massachusetts, Virginia
Frankli
Massachusetts
Police shoot and kill man armed with knife in Lexington, DA says
Police shot and killed a man who officials say rushed officers with a knife during a call in Lexington, Massachusetts, on Saturday.
Middlesex County District Attorney Marian Ryan said the situation started around 1:40 p.m. when Lexington police received a 911 call from a resident of Mason Street reporting that his son had injured himself with a knife.
Officers from the Lexington Police Department and officers from the Northeastern Massachusetts Law Enforcement Council (NEMLEC), who were already in town for Patriots’ Day events, responded to the call.
Police were able to escort two other residents out of the home, initially leaving a 26-year-old man inside. According to Ryan, while officers were setting up outside, the man ran out of the home and approached officers with a large kitchen knife.
She added that police tried twice to use non-lethal force, but it was not effective in stopping him. The man was shot by a Wilmington police officer who is a member of NEMLEC. The man was pronounced dead on scene and the officer who fired that shot was taken to a local hospital as a precaution.
The man’s name has not been released.
Ryan said typically in a call like this where someone was described as harming themselves, officers would first try to separate anyone else to keep them out of danger, which was done, and then standard practice would be to try to wait outside.
“It would be their practice to just wait for the person to come out. In the terrible circumstances of today, he suddenly rushed the officers, still clutching the knife,” Ryan said.
The investigation is still in the preliminary stages and more information is expected in time. Ryan said her office will request a formal inquest from the court to review whether any criminal conduct has occurred, which is the standard process.
This happened around the same time as the annual Patriots’ Day Parade, and just hours after a reenactment of the Battle of Lexington, which drew large crowds to town.
This is a developing story. Check back for updates.
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