Hartford Business Journal

HARTFORDBUSINESS.COM | NOVEMBER 25, 2024 3 BIZ BRIEFS account balance (avg monthly balance) apy Tier 1 $25,000 – $49,999.99 2.55% Tier 2 $50,000 – $99,999.99 3.30% Tier 3 $100,000 – $249,999.99 3.80% Tier 4 $250,000 & more 4.30% Minimum of $25,000 new money (not previously on deposit with us during the previous thirty calendar days). Avoid the $10 Monthly Maintenance Fee with a $1,000 average monthly balance each monthly calendar period. Banking products are provided by Berkshire Bank: Member FDIC. Equal Housing Lender. Berkshire Bank is a Massachusetts chartered bank. Checking Disclosure: 1 This is a variable rate account, and the rate may change after the account is opened. The Annual Percentage Yield (APY) is accurate as of 11/1/24 and subject to change. Fees may reduce earnings. The minimum balance to open the Berkshire Direct Checking account is $1,000. Available to consumer customers only. To obtain the disclosed Annual Percentage Yield you must maintain one of the following requirements: • A minimum combined monthly direct deposit amount of $7,500.00 in your Berkshire Direct Checking account; OR • An average monthly balance of $50,000.00 in your Berkshire Direct Checking account each monthly statement cycle. Early account closure fee may apply if account is closed within 12 months of account opening. See fee schedule for applicable fees and Truth- in-Savings Disclosure. Money Market Disclosure: 2 This is a variable rate account, and the rate may change after the account is opened. The Annual Percentage Yield (APY) is accurate as of 11/1/24 and subject to change. Fees may reduce earnings. Minimum balance to open the Berkshire Direct Money Market account is at least $25,000 in new money not already on deposit in other accounts with Berkshire Bank during the previous thirty calendar days. Available to consumer customers only. To qualify for a Berkshire Direct Money Market account, you must be a primary OWNER of a Berkshire Direct Checking account. If you are not the primary OWNER of a Berkshire Direct Checking account, your Berkshire Direct Money Market account will be closed, and the balance will be mailed to you in the form of a Cashier's Check. Must maintain an average monthly balance of $25,000.00 to obtain the disclosed APY. Interest Rates and Annual Percentage Yields (APYs) rates shown are accurate as of the date listed. The balance tiers for the Berkshire Direct Money Market are as follows: $25,000 – 49,999.99; $50,000 - $99,999.99; $100,000 - $249,999.99; $250,000 or more and reflects the current minimum daily collected balance required to obtain the applicable APY. Rates subject to change without notice. Berkshire Direct Money Market maintenance and other fees, if any, apply and may reduce account earnings. The balance of the Berkshire Direct Money Market account cannot exceed $5,000,000. Early account closure fee may apply if account is closed within 12 months of account opening. See fee schedule for applicable fees and Truth- in-Savings Disclosure. Cell Phone Disclosure: 3 Benefits are subject to terms, conditions, and limitations, including limitations on the amount of coverage. Coverage is provided by New Hampshire Insurance Company, an AIG company. Policy provides secondary coverage only. Cell phone insurance is offered through Mastercard. The maximum liability is $800 per claim, and $1,000 per covered card per 12-month period. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per covered card per 12-month period. See Terms and Conditions for more details. Basic Checks Disclosure: 4 Receive free basic wallet-style checks for your new Berkshire Direct Checking account only. No cash value or credit towards non-basic wallet style checks. ATM Fees Disclosure: 5 All non-Berkshire Bank ATM Inquiry fees waived. We will reimburse all non-Berkshire Bank ATM Withdrawal and Surcharge fees incurred nationwide per statement cycle. Your surcharge (non-Berkshire Bank ATM fee) credits may be reportable to the IRS on Form 1099-MISC. "Statement Cycle" begins the calendar day after the previous Statement Cycle ends and runs through the last business day of the statement period. Berkshire Bank's ATM policies are subject to change at our discretion at any time. Identity Theft Disclosure: 6 Information about Identity Theft services will be sent in a separate email. Eligible customers for Identity Theft services would include the Consumer, his/her spouse or domestic partner, dependents in the household up to age 25, other IRS-qualified dependents in the household, and parents living at the same address as the consumer, or living in hospice, assisted living, or nursing home. Rev 11/24 Get more for your money with the Berkshire Direct Bundle • No incoming wire fees for domestic or international transfers • Cell phone insurance3 • Free basic wallet-style checks4 • atm waivers and surcharge rebates5 • No Overdraft Protection Transfer Fees when linked to any Berkshire Bank savings or money market account Client must enroll. • Identity theft protection6 • MyBanker Personalized financial planning for all your banking needs. We will come to you. Want better value? Go direct! Want to learn more? Daisy Paulus 860.942.3226 dpaulhus@berkshirebank.com Or stop by any Financial Center berkshire direct checking1 Direct deposit / balance requirements that grow as you go monthly direct deposit requirements or monthly minimum average balance apy Tier 1 $0.01 – $2,999.99 / $0.01 – $4,999.99 0% Tier 2* $3,000 – $7,499.99 / $5,000 – $49,999.99 0% Tier 3 $7,500 & more / $50,000 & more 1.00% * Avoid the $35 Monthly Maintenance Fee by maintaining one of the following requirements: • A combined monthly direct deposit amount of $3,000.00 or more in your Berkshire Direct Checking account; or • An average monthly balance of $5,000.00 or more in your Berkshire Direct Checking account each monthly statement cycle. berkshire directmoney market2 Berkshire Direct checking account required when opening account Litchfield, Fairfield counties lead CT in personal-income growth; Hartford lags behind Litchfield and Fairfield counties led the state in personal income growth in 2023, while Hartford lagged behind, according to new data released by the U.S. Bureau of Economic Analysis. Per-capita personal income for Connecticut was $89,945 in 2023, up 5.8% from 2022, when it was $84,994, according to the data, which was computed by the U.S. Census Bureau. That was slightly above the 5.4% personal income growth (to $69,810) experienced by the nation last year. Litchfield County saw the highest percentage change in 2023, with personal income increasing 7% to $82,210. Fairfield County had the state's highest personal income in 2023 at $139,006 – a 6.8% hike from 2023. In Hartford County, personal income grew at a slower rate of 4.8% to $75,433. Stamford-based SwiftConnect raises $37M in Series B financing round SwiftConnect, a Stamford-based property technology startup that provides digital access to buildings, said it has closed a $37 million Series B financing round. The company last raised $10 million in an oversubscribed Series A funding round that closed in October 2023. To date, SwiftConnect has raised a total of $74 million. Proceeds from the recent funding round, which was led by Quadri Ventures and involved a half-dozen other firms, will be used to expand the company's access network, scale its operations, and support new product initiatives, SwiftConnect said. The company, founded in 2020 by co-CEOs Chip Kruger and Matt Kopel, is the first and largest deployer of "employee badge" credentials in Apple Wallet. The technology works similarly to Apple Pay on iPhones or Apple watches. Instead of tapping a device to make a payment, authorized users can use their badges in Apple Wallet to gain entry into an office or apart- ment building. Regional Water Authority CEO Bingaman dies Larry L. Bingaman, president and CEO of the New Haven-based Regional Water Authority, died on Nov. 15, following a brief illness, the company announced. He was 74. Bingaman spent 20 years with the Aquarion Water Co. before joining RWA in 2009, right after the Great Recession, when his "leadership helped guide the company through that difficult time and strengthened it to withstand future economic downturns including the COVID pandemic recession," company officials said. He previously held leadership positions at United Technologies and Texaco. Bingaman, according to the company, was at the helm for the development of RWA's first integrated five-year strategic plan, helped achieve the highest bond rating in RWA's history, and estab- lished new cost-saving operating and productivity initiatives, among other accomplishments. Bingaman was seen at the state Capitol earlier this year, lobbying lawmakers to approve a provision that would grant the New Haven-based public water authority the ability to make a bid for Aquarion Water Co., which was put up for sale earlier this year by Eversource. That provision was approved, opening up RWA for further potential expansion. PERSONAL INCOME GROWTH IN CT COUNTIES COUNTY 2023 2022 % CHANGE Litchfield $82,210 $76,836 7% Fairfield $139,006 $130,214 6.8% Middlesex $80,853 $76,251 6% Connecticut $89,945 $84,994 5.8% New Haven $68,387 $64,998 5.2% New London $69,755 $66,356 5.1% Tolland $67,916 $64,811 4.8% Hartford $75,433 $71,987 4.8% Windham $56,773 $54,342 4.5% Source: U.S. Bureau of Economic Analysis Larry Bingaman PER-CAPITA PERSONAL INCOME

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