Banking & Finance

Two Chicago brothers have been sentenced to a combined 27 years in prison for defrauding and attempting to defraud banks out of $4 million, including $400,000 from Commerce Bank, formerly headquartered in Worcester.

Milford National Bank and Trust Co. is being acquired by Rockland Trust for $54.2 million in a cash-and-stock deal, the financial institutions jointly announced Tuesday.

Fitchburg-based IC Federal Credit Union has promoted its former vice president of finance to senior vice president and CFO.

Fidelity Bank grew by 5 percent in 2017, reaching total assets of $819 million while investing in more than 145 local businesses.

The longtime president and CEO of Milford Federal Bank, Cynthia Casey, is retiring next month, the bank announced Tuesday.

According to an Assumption College economics professor, the Greater Worcester economy grew about 2.3 percent over the first quarter.

Leominster Credit Union, Reliant Medical Group and law firm Fletcher Tilton are among the firms announcing new hires and promotions.

Marlborough startup drugmaker RXi Pharmaceuticals has agreed to terms with several entities for a $4.9 million investment intended to help fund preclinical and clinical work.

Choosing a logo, location and open date are critical to opening a new brewery.

MTD Micro Molding, a medical-focused micro mold manufacturing company in Charlton recently took home some hardware from the Plastics News Executive Forum in Naples, Fla.