Merger to create $1B bank | $1.4M OT fines

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Wednesday, July 13, 2016

Marlborough and North Middlesex savings banks to merge; create $1B bank

Two area mutual banks have announced that they have agreed to a merger that would create a bank with nearly $1 billion in assets and $95 million in equity across 14 branches.

Leominster manufacturer United Solutions and a staffing agency it used have been ordered to pay $1.4 million in back wages and damages to 566 employees, as well as $100,000 in penalties to the U.S. Labor Department.

Incomes of typical households in Worcester have barely grown even though the state's median wage has grown significantly over the last 37 years, according to a new study by MassBudget.

A Worcester woman has been sentenced in connection to a $3.6 million food stamp fraud scheme that she operated out of her convenience store.

The Senate on Tuesday unanimously passed legislation restricting businesses from requiring credit checks of potential employees.

The Senate economic development bill proposes to pay for the new tax credit expansion by charging hotel and motel taxes on “transient accommodations” such as apartments rented out through online services like AirBnb.

Representatives from businesses, technology networks and civil rights organizations on Tuesday called on lawmakers to resist placing restrictions upon companies like Uber and Lyft.

Regional Roundup

Staples moves into Olympic merchandising (Bloomberg)

How biotechs bounce back from failure (Boston Globe)

New England stands alone in importing natural gas (Telegram & Gazette)

Millis' FreshBox Farms to expand (MetroWest Daily News)

The List: Top banks

Ranked by local deposits

Bank of America	$4,330,044,000
Middlesex Savings Bank, Natick	$2,568,880,000
TD Bank	$2,292,690,000
Santander Bank	$1,943,176,000
Citizens Bank, Natick	$1,867,306,000

To view more data, visit WBJournal.com

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Merger to create $1B bank | $1.4M OT fines

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