Two Connecticut Banks Predict Good News for the Economy
Could this be a slice of good news among the daily onslaught of gloom and doom?
As we near the finale of one of the most soul-crushing years in modern history, this article on the ctinsider website personally gave me a glimmer of hope, despite what the economists at the University of Connecticut are saying.
CT People's United Bank and Webster Bank have reported that both deposits and loans have been climbing in the third quarter. In straightforward terms, these two Connecticut institutions are seeing some light at the end of the tunnel.
Economists at UCONN issued a depressing forecast for the next ten years, while Connecticut's two home-grown banks expressed hope for a sooner-than-expected economic bounce-back from the pandemic.
Loan deferrals dropped to $1.6 billion at the end of September. That's a good thing. Here's what People's United CEO, Jack Barnes, told Hearst Connecticut Media,
"We are definitely feeling good about the conversations with our customers. We're very close to reaching an agreement on the framework to look at how we do going forward helping our customers.
A spokesman for Webster Financial said he was 'cautiously encouraged' about business returning to normalized levels, but did admit it could get a bit worse in 2021 before it got better. He also thought there is a good possibility of some additional stimulus to help the country rebound.