Connecticut

Serving on a bank board is a tough gig, and the fact that a number of bank directors sit on the boards of four or more public companies is raising questions about whether they are too busy to be good watchdogs.

People's United Financial in Bridgeport, Conn., reported higher first-quarter profits as it increased lending for both commercial and residential real estate.

Revenue at Webster Financial in Waterbury, Conn., hit a record $240.6 million in the first quarter, but expenses related to its expansion in Boston and an uptick in net chargeoffs kept profits flat.

State Street has agreed to buy General Electric's asset management unit for as much as $485 million.

Carver Bancorp in New York has named Christina Maier its chief financial officer. Maier succeeds David Toner, who resigned from the $754 million-asset bank last month to pursue other opportunities

The burgeoning industry has been hoping the Supreme Court would overturn a problematic lower-court ruling, but the unexpected passing of a conservative stalwart makes that outcome less likely.

Salisbury Bancorp in Lakeville, Conn., has named James Cotter the chief operating officer of Salisbury Bank & Trust.

Patriot National Bancorp in Stamford, Conn., said that its chief financial officer resigned this week and that it has hired a former Connecticut community bank executive to replace her.

Three banks have redeemed shares of preferred stock to make their exits from the Small Business Lending Fund.

Salisbury Bancorp. in Lakeville, Conn., has issued $10 million in subordinated debt and plans to exit the Small Business Lending Fund.