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With mobile banking and Venmo, physical banks might seem outdated.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
Massachusetts man awaits word from family in Iran after attacks
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Massachusetts
How will the Iran war impact gas prices in Massachusetts?
With a widening conflict in the Middle East after the American and Israeli attack on Iran Saturday, global markets are bracing for a shakeup in the energy supply chain.
So, here at home, what can consumers expect at the gas pump?
An increase in oil prices is almost always followed by an increase in gas prices. And the oil market has already reacted to the war. NBC News reported on Sunday that U.S. crude oil initially spiked more than 10%, while Brent, the international oil benchmark, rose as much as 13%.
Early Monday morning, reports were coming in of black smoke rising from the U.S. embassy in Kuwait City.
While Iran’s oil reserves supply less than an estimated 5% of global production, the main concern is the Strait of Hormuz. This maritime passageway borders Iran at the bottleneck of the Persian Gulf, and more than 20% of the world’s oil passes through. If Iran closes or restricts Hormuz, the oil market could face severe disruptions.
Gas prices rise about 2.5 cents for every dollar increase in crude oil prices. As of Sunday, U.S. crude oil prices had already increased by nearly $5 a barrel.
“I fully expect that by Monday night, you could credibly say that gas prices are being impacted by oil prices having gone up,” GasBuddy analyst Patrick De Haan told NBC News.
GasBuddy characterizes their expectations for price increases as “incremental” rather than “explosive”. The group said to anticipate a potential 10-15 cent increase over the next couple of weeks.
Massachusetts
Body camera video shows Massachusetts police officer save 78-year-old man from burning truck – East Idaho News
EASTON, Mass. (WBZ) — Police body camera video shows an Easton, Massachusetts, officer rescuing a 78-year-old Raynham man from a burning car on Friday morning.
A Mack dump truck was experiencing problems on the side of Turnpike Street just after 2 a.m. when a Ford pickup truck struck the back of it, according to police.
The pickup truck then became stuck under the dump truck, trapping the driver, Francis Leverone, inside. A Toyota Camry then hit the back of the pickup truck and caught fire, police said.
Easton police officer Dean Soucie arrived at the crash and saw that the two vehicles were on fire. Video shows Soucie rushing over before breaking the driver’s side window and then, with the help of the two witnesses, freeing Leverone from the pickup truck. Soucie said he was confused but conscious.
“As I reached inside the vehicle, one of the passersby — he actually jumped into the cab of the truck, and he helped me free the individual,” Soucie said.
They then carried the driver to safety.
Leverone was taken to a nearby hospital before being transferred to a Boston hospital. He received serious but non-life-threatening injuries.
No one else was injured in the crash.
Dee Leverone told WBZ her husband is doing OK. “I’m just thankful for the people that got him out,” she said. “Very thankful.”
After watching the police body-cam video on the news she said, “I was shocked, I was like ‘Oh my God!’ I just couldn’t believe it. His truck is like melted.”
She says she realized that something was wrong last night when her husband never made it home from work.
“I kept trying to call him and call him, and I finally got a hold of him at like 4:30 a.m., and he was at (Good Samaritan Hospital) and he told me he’s gotten in an accident,” Dee said.
She says he’s recovering at the Boston Medical Center and being treated for a dislocated hip.
“He’s a trooper,” Dee said. “He’s a strong man — and you know he’s 78, but you know he’s a toughie. He definitely is a toughie.”
Soucie commended the help of the two witnesses and said that before he arrived at the crash, they had attempted to put out the flames with a fire extinguisher and removed a gasoline tank from the pickup truck before it could ignite.
“They jumped into action like it was nothing,” Soucie said. “Those two individuals were absolutely awesome.”
Easton Police Chief Keith Boone said that he is “extremely proud” of Soucie and the witnesses.
“He saved a life last night,” Chief Boone said. “He is an exemplary police officer and this is just one example. I think he’s a hero.”
Turnpike Street was closed for several hours following the crash. Easton Police are investigating.
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