Two banks in Massachusetts—North
Easton Savings Bank and Mutual Bank—have recently announced that they will be
merging in early 2019.
The two banks both maintain 9
locations in different Massachusetts communities. This merger will allow the
banks to combine their resources and expand their services. The banks have
announced their commitment towards maintaining a culture of growth and success
and have dedicated a website, www.meetyourbetterbank.com, to support clients.
Bank mergers can be complicated and
often affect thousands of clients as well as employees.
This was the case when another two
Massachusetts banks—Westborough Bank and Hudson Savings Bank—merged in 2007. When
their merger was announced in November 2006, the deal seemed straightforward. Hudson
parent company Assabet Valley Bancorp would pay $35 per share for Westborough
Financial Services Inc. (the mutual holding company for The Westborough Bank),
for a total of $20.6 million. The deal eventually went through, and the two
banks merged to become Avidia Bank.
But, surprisingly, this deal involved
intense negotiations, and did not go to the highest bidder. An offer of $38.50
per share from an unidentified individual was rejected by the bank’s
shareholders. Another offer, of $40 per share by Marc Bistricer’s Murchinson, was also turned down.
As these Massachusetts banks
demonstrate, bank mergers are complex deals that carry implications for bank
personnel, investors, and customers.
James Brett, an experienced executive who has been the CEO of J. Crew Group since summer 2017, is leaving the retail clothing company.
The decision for Brett to leave was mutual and pointed to the fact that the parties were “unable to bridge (their) beliefs on how to continue to evolve all aspects of the company.”
The Departure comes in the wake of a brand relaunch which has already proven to show some improvement in the company’s bottom line.
Representatives of J.Crew said four senior internal executives will take over Brett’s responsibilities, including Michael Nicholson, the company’s current president and chief operating officer.
Brett replaced Mickey Drexler in 2017 when he left the company after a long tenure there. Previous to his stint at J.Crew Brett was the head of the furniture chain West Elm.
In a statement the company declared that Brett had boosted the energy level at J.Crew and “enhanced (their) ability to relate to a broad range of consumers.”
In the statement that Brett released he said, “Returning J.Crew to its iconic status required reinventing the brand to reflect the America of today with a more expansive, more inclusive fashion concept.”
Clean transportation provides a solution to the challenges of air pollution and unhealthy vehicular emissions. It’s a cause that many car companies are making a priority. David Michery, CEO of Mullen Technologies, a company that manufactures and distributes eco-friendly cars, is a leader in the field of clean transportation.
“The congestion and pollution we have been experiencing have been issues across the globe, it is not our problem only,” says David Michery. “We have therefore prioritized studying innovation overseas in order to develop high quality and efficient solutions.” Cutting-edge, holistic solutions to the clean air crisis include manufacturing electric vehicles that use state of the art battery and energy technologies.
Although many consumers feel strongly about clean transportation, they find themselves bound by their budgets: many electric vehicles cost an upwards of 100,000 dollars. Electric vehicles tend to be luxury cars; driving an electric car is often viewed as a status symbol, reserved for the wealthy.
David Michery recognizes this reality and is pioneering a novel concept: affordable, clean transportation. “We are uniquely focusing on clean tech at an affordable price,” says Michery. “Clean transportation is good for everyone and should not become a luxury.”
David Michery, with his strong background of success, is uniquely poised to champion the cause of clean transportation. After working in the music industry for 27 years and producing more than a dozen gold or platinum records, Michery now channels his energies into the cause of clean transportation.
As the affordability of electric vehicles increases, clean transportation can become a reality.
Coming just a bit more than one month after Apple became the first US publicly traded company to be valued at over $1 trillion, Amazon takes second place in the race to corporate hugeness.
Amazon entered the rarefied atmosphere of trillion-dollar companies when its stock rose 1.9 percent last Tuesday to a value of $2,050.50 per share, just 23 cents beyond what it needed to reach that magic trillion dollar point. The price of Amazon’s stock has climbed by 70 percent so far this year, continuing to explode along with other US stocks in the tech sector. The milestone was fleeting however, when the stock actually closed up only 1.3 percent, not enough to keep it beyond $1 trillion.
Amazon has been doing quite well lately, pulling past other tech major players such as Alphabet, Google’s parent company, and Microsoft. Alphabet’s valuation stands at about $840.3 billion, and Microsoft’s at $854.5 billion.
In 1994 Jeff Bezos founded Amazon as an on-line bookseller. The company grew quickly to become one of the US’ most influential companies. Based in Seattle, Amazon is a leader in e-commerce, but also is expanding to other markets such as cloud computing, home security and movie production. Only Walmart hires more people, and this year’s profit so far comes to $4.1 billion. Bezos is also the owner of the Washington Post.
Bezos is the world’s richest person. As a the major beneficiary of the skyrocketing stock price, as of Tuesday, Bezos’ worth is estimated to be $166 billion.
and many other products in the healthy eating niche, is about to name a new leader.
Its been two months since founder Irwin D. Simon announced his intention to leave is post as president and chief executive officer, and now he said that the board and he are about to complete the process of choosing the person who will take his place.
“I am confident now is the right time for a next generation of leadership, and I firmly believe that some of our greatest opportunities definitely lie ahead,” Mr. Simon said.
The first task of the new president will be to bring back growth to the US division, which the company is presently in the process of “proactively reshaping,” according to Gary W. Tickle, CEO of North America. The company has been, and will continue to cut back on its product portfolio to better focus on and invest in its basic 11 brands and top 500 stock-
keeping units in the USA.
“In 2018, we achieved incremental progress in certain areas of our business from our planned growth investments,” Mr. Tickle said. “Although in total, results for the fourth quarter were below our expectations, we’ve seen positive momentum building in our outlook on core distribution from our most recent round of customer line reviews. We already have confirmed 49,000 net new points of distribution for seven of our top brands across a broad range of retailers and channels. These transformation efforts take time to show tangible results, but these initiatives are translating into improvements in our measured channel numbers.”