THE PROVIDENT BANK REBRANDS AS BANKPROV

The Provident Bank has rebranded to BankProv as it positions for a growing nationwide presence.

In a press release, BankProv said the search for a new brand began in early 2019, when the bank realized significant market confusion when competing in niche markets on a national scale as a number of other institutions have a similar “Provident” moniker.

As the 10th oldest bank in the country with a 200-year history, the bank said the name BankProv reflects its commitment to embracing innovation and leveraging technology to deliver a better banking experience while retaining its historic name for legal purposes.

The rebrand includes a new color scheme as well as a new website, online banking theme and mobile app.

“The green, oval-shaped Provident Bank logo served us well for more than 20 years and was a well-recognized symbol in our communities. Now that we have grown into a $1 billion commercial bank serving clients both across the nation and worldwide, the timing is right to showcase our growth and transformation by updating our brand,” said CEO Dave Mansfield.

PEOPLE’S REPORTS STRENGTH IN Q2

People’s United, a Bridgeport, Conn.- based bank with 26 branches in the state, reported $89.9 million in net income for the quarter, or $0.21 per common share.

The bank touted it’s pre-provision figures, an assessment that takes into consideration the bank’s ability to generate earnings to cover credit losses through a credit cycle, with an increased pre-provision net revenue of 9% from a year ago, to $191.2 million, and 15% increase on an operating basis to $209.7 million.

“We granted forbearance, where appropriate, for both retail and commercial loans and continue to assess the needs of customers that may require extended relief,” said Jack Barnes, chairman and CEO.

The bank allowed 0.83% of its commercial loan portfolio credit losses at June 30, up slightly from 0.67%on March 31.

Deposits increased 12% year-overyear, primarily from PPP funds, federal stimulus payments and higher municipal balances. Commercial deposits totaled $21 billion on June 30, compared to $17.7 billion on March 31 and consumer retail deposits totaled $28.9 billion on June 30, compared to $27 billion on March 31.

NEXTERA ENERGY FORESEES PROMISING DECADE IN RENEWABLES

NextEra Energy, the giant Floridabased energy company that owns the Seabrook nuclear power plant, reported strong financial and operational results in the second quarter, despite navigating the impact of the pandemic and a refueling outage at the Seabrook plant.

NextEra Energy reported $1.286 billion in adjusted earnings in the second quarter, or $2.61 per share, up 13.5% and 11% respectively year over year. For 2020, the company expects to generate roughly $8.5 billion in operating cash flow.

NextEra Energy maintains approximately $13 billion in liquidity to support the largest capital investment program in its history. In addition to the Mountain Valley natural gas pipeline in Virginia, the company reported a backlog of approximately 14,400 megawatts of wind and solar projects in the works, the largest in the company’s roughly 20-year history of renewable development.

“To put [it] into context, it is larger than the current operating wind and solar portfolios of all but two other companies in the world as of year-end 2019, highlighting that NextEra Energy continues to be at the forefront of the disruption that is occurring within the energy sector,” said Rebecca Kujawa, executive vice president and CFO, in an earnings call on July 24.

In Fitzwilliam, NH, it is building a 30-megawatt solar installation it expects to finish in 2021, selling power to providers in Massachusetts, Connecticut and Rhode Island.

The company predicts by the middle of this decade, even without solar investment tax incentives, new near-firm wind and new near-firm solar will be cheaper to operate than most existing coal, nuclear and less efficient oil and gas-fired generation units, producing significant long-term renewables demand.