Hartford Business Journal

6 Hartford Business Journal • August 7, 2017 www.HartfordBusiness.com TOP STORY Donors, students abandon Trinity after prof's Facebook posts go viral Trinity College has lost an estimated $200,000 in donations and 16 in- coming students in connection with the national uproar following controver- sial Facebook posts of longtime sociology professor Johnny Eric Williams. Williams is currently on leave until January after he posted racially charged comments on Facebook, which were eventually featured on the conservative online publication Campus Reform. The posts discussed the shooting earlier this summer of Congressional Republicans practicing for a charity baseball game, using the hashtag "Let Them [Expletive] Die." Once the comments went viral, Williams faced death threats and Trinity's campus shut down for a day. Last week Trinity College President Joanne Berger-Sweeney published an online letter to faculty, students and others. She discussed the need to heal the campus community and move beyond the controversy. HEALTH CARE Sharon Hospital acquisition complete Connecticut's first for-profit hospital has officially switched back to nonprofit. Last week, New York-based Health Quest subsidiary Vassar Health acquired the 78-bed Sharon Hospital from Essent Healthcare of Connecticut, an affiliate of RCCH Healthcare Partners, for $5 million. The deal was first announced last September. Sharon CEO Peter Cordeau, who will stay on as president of the hospital and a member of Health Quest's executive team, said the deal had nothing to do with being a for-profit, but that it was needed to improve physician recruitment. Under RCCH, Sharon's closest sister hospital was in Ohio. Now, with three Health Quest hospitals not far over the Connecticut/New York border, Sharon hopes to beef up physician recruiting efforts, he said. The acquisition, approved by the Office of Health Care Access last month, also brings six medical practices under Health Quest ownership. Connecticut now has several other for-profit hospitals, including Waterbury, Manchester Memorial and Rockville General, which were acquired last year by California-based Prospect Medical Holdings Inc. Stanley commits $2M to Hartford Hospital New Britain toolmaker Stanley Black & Decker is giving $2 million to support Hartford Healthcare's Center for Education, Simulation and Innovation (CESI). Hartford Hospital President Stuart Markowitz announced the pledge late last week, saying it would make "a meaningful impact" in the hospital community. Stanley is one of CESI's corporate partners. CESI is a regional and national hub for medical training, and the centerpiece of Hartford Hospital's goal to revamp the medical educational system, Markowitz said. BANKING & FINANCE CT's Bankers Bank in $17M merger Glastonbury correspondent-bank services vendor BBN Financial Corp. (BBN) has agreed to a $17 million merger with a mid-Atlantic rival. BBN, parent of Bankers Bank Northeast, said its combination by yearend with Atlantic Community Bancshares Inc. will improve service to community banks in the mid-Atlantic and New England regions. Atlantic Community is the parent of Atlantic Community Bankers Bank (ACBB), based in Camp Hill, Pa., a Philadelphia suburb. Atlantic Community Bankers Bank will be the surviving institution's name fol- lowing the merger due to close in December, officials said. Post merger, it will have about $800 million in assets, $306 million in loans, and $536 million in deposits. Bankers Bank's Glastonbury office at 43 Western Blvd., as well as Atlantic Com- munity's Camp Hill office, will remain during and after the merger, officials said. LEGAL & COURTS LAZ Parking pays $5.6M in Mass. transportation dispute Hartford's LAZ Parking Limited LLC has paid $5.6 million to settle allegations it failed to detect and deter millions of dollars in theft by three of its employees from the Massachusetts Bay Transportation Authority (MBTA), the company and authorities say. LAZ agreed to pay $1.1 million to resolve allegations by Massachusetts At- torney General Maura Healey that it failed to implement contractually required revenue controls and auditing tools at 13 MBTA parking lots. LAZ also agreed to pay the MBTA an additional $4.5 million to settle a May 2017 lawsuit in which the MBTA claimed the company breached its contract. LAZ has fully reimbursed the MBTA for its losses, President and Co-founder Jeff Karp said in an email. According to Healey, the allegations stem from LAZ parking employees skim- ming "millions of dollars in cash from MBTA parking facilities." The problem allegedly resulted in the submission of false claims and records and caused rev- enue losses in violation of the Massachusetts False Claims Act and Consumer Protection Act, Healey said. PROFESSIONAL SERVICES Hartford area architecture firms announce merger Two Greater Hartford architectural firms announced that they're merging. Hartford's Smith Edwards McCoy Architects said it is joining Farmington- based Quisenberry Arcari Architects. The new company will operate in Farming- ton under the Quisenberry Arcari Architects name. All Smith Edwards employees are moving to the new company, which will have 35 total employees and 14 licensed architects, making it one of the largest architectural firms in the region. QA Architects Principal Rusty Malik said the merger was attractive because his firm was looking to add expertise in education, historical preservation and institutional work. The combined firm will also be moving into a new Farming- ton headquarters in September. It will occupy 10,000 square feet at 195 Scott Swamp Road, moving from its current 6,000 square feet at 318 Main St. REAL ESTATE CT June home sales hit 11-year high as prices remain stagnant Connecticut home and condo sales hit an 11-year high in June, according to the Warren Group, as sluggish home prices could be spurring buyer demand. Home and condo sales jumped 8.7 percent and 13.6 percent, respectively in June, compared with the year-ago period, the publisher of The Commercial Record said. A total of 3,872 single-family homes were sold in Connecticut during the month of June, compared with 3,561 sold in June 2016. The median price of a single-family home increased 1.5 percent in June to $270,000, compared with $266,000 a year ago. A total of 968 condos sold in June, up from 852 in June 2016. The median sale price for condos in June increased 2.9 percent to $175,000, compared to $170,000 in June 2016. "Our June sales total has hit its highest point since 2006," said Timothy War- ren, CEO of The Warren Group. "Though the median price of homes has remained relatively flat over this time, attractive prices may be the primary factor driving this modest climb in sales numbers." Year to date, 15,567 single-family homes sold in 2017, compared to 14,556 in the year-ago period – a 6.7 percent increase. The year-to-date median price was $244,000, compared to $242,500 over the same period of 2016. BY THE NUMBERS $400,000 The amount of state aid the Hartford Club is receiving to complete renovations, including new carpeting, painting and kitchen equipment. 35% The percentage of Connecticut residents who said economic conditions in the state worsened in the second quarter compared to the prior six months, according to a new survey. $17M The value of the merger between Glastonbury correspondent-bank services lender BBN Financial Corp. and Atlantic Community Bancshares Inc. in Pennsylvania. 16 The number of incoming freshman at Trinity College who withdrew from the school following controversial Facebook posts by a longtime sociology professor. TOP 5 MOST READ on HartfordBusiness.com ■ Donors, students abandon Trinity after prof's Facebook posts go viral ■ Sharon Hospital acquisition complete ■ Hartford area architecture firms announce merger ■ American Eagle CU buys East Hartford office tower ■ Hartford Club snags $400K CT loan/grant STAY CONNECTED For breaking and daily Greater Hartford business news go to www.HartfordBusiness.com. HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on LinkedIn: www.linkedin.com/company/ the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/subscribe Weekly e-newsletters: CT Green Guide Weekly, CT Health Care Weekly www.HartfordBusiness.com/subscribe WEEK IN REVIEW Trinity College President Joanne Berger-Sweeney says its time for the school to heal. (From left to right) The new Quisenberry Arcari Architects team: Tyler Smith, Tom Arcari, Kent McCoy, David Quisenberry, and Rusty Malik. 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