People's United Financial: Difference between revisions
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{{Infobox company |
{{Infobox company |
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| name |
| name = People's United Financial, Inc. |
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| logo |
| logo = People's United Bank logo.png |
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| ⚫ | |||
| type = [[Public company]] |
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| image = File:People's_United_Bank_Headquarters.jpg |
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| ⚫ | |||
| |
| type = [[Public company]] |
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| traded_as |
| traded_as = {{NASDAQ|PBCT}}<br />[[S&P 500 Index]] Component |
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| industry = [[Financial services]] |
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| foundation |
| foundation = 1842 as ''Bridgeport Savings Bank''<BR>1927 as ''Bridgeport-People's Savings Bank''<BR>1955 as ''People's Savings Bank-Bridgeport''<BR>1983 as ''People's Bank''<BR>2007 as ''People's United Bank'' |
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| location_city = [[Bridgeport, Connecticut]] |
| location_city = [[Bridgeport, Connecticut]] |
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| locations |
| locations = 387 [[Branch (banking)|branches]] |
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| key_people |
| key_people = {{nowrap| George P. Carter, [[Chairman]]<BR>John P. Barnes, [[CEO]]<BR>R. David Rosato, [[CFO]]<ref name=10K>[https://www.sec.gov/Archives/edgar/data/1378946/000119312517065121/d293576d10k.htm People's United Financial, Inc. 2016 Form 10-K Annual Report]</ref>}} |
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| revenue |
| revenue = {{increase}} $1.347 billion (2016)<ref name=10K/> |
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| net_income |
| net_income = {{increase}} $0.282 billion (2016)<ref name=10K/> |
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| assets |
| assets = {{increase}} $40.610 billion (2016)<ref name=10K/> |
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| equity |
| equity = {{increase}} $4.018 billion (2016)<ref name=10K/> |
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| num_employees = 4,749 (2016)<ref name=10K/> |
| num_employees = 4,749 (2016)<ref name=10K/> |
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| homepage |
| homepage = {{url|http://www.peoples.com/}} |
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}} |
}} |
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[[File:People's United footprint 2013-03.png|thumb|right|Map of People's United branches as of March 2013.]] |
[[File:People's United footprint 2013-03.png|thumb|right|Map of People's United branches as of March 2013.]] |
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Revision as of 13:17, 17 November 2017
| File:People's United Bank logo.png | |
| File:People's United Bank Headquarters.jpg | |
| Company type | Public company |
|---|---|
| Nasdaq: PBCT S&P 500 Index Component | |
| Industry | Financial services |
| Founded | 1842 as Bridgeport Savings Bank 1927 as Bridgeport-People's Savings Bank 1955 as People's Savings Bank-Bridgeport 1983 as People's Bank 2007 as People's United Bank |
| Defunct | 22 April 2022  |
| Headquarters | |
Number of locations | 387 branches |
Key people | George P. Carter, Chairman John P. Barnes, CEO R. David Rosato, CFO[1] |
| Revenue |  $1.347 billion (2016)[1] |
| $0.282 billion (2016)[1] | |
| Total assets | $40.610 billion (2016)[1] |
| Total equity | $4.018 billion (2016)[1] |
Number of employees | 4,749 (2016)[1] |
| Website | www |
People's United Financial, Inc. is a bank holding company that owns People’s United Bank.[1] The bank operates 387 branches in Connecticut, southeastern New York State, Massachusetts, Vermont, Maine, and New Hampshire.[1]
History
The company was founded in 1842 as Bridgeport Savings Bank in Bridgeport, Connecticut.[2]
In 1955, the company acquired Southport Savings Bank.[3]
In 1981, the bank became the first in the country to provide a telephone bill paying service.
In 1981, the company acquired the assets of First Stamford Bank and Trust Company.[3][4]
In 1982, the company acquired Guardian Federal Savings and Loan Association of Bridgeport.[3][4]
In 1983, the company acquired People's Bank of Vernon and was renamed People's Bank.[3][4]
In 1985, the company began issuing credit cards.[3]
In 1986, the company acquired First Federal Savings Bank.[3][4]
In 1989, the company moved to a new headquarters building designed by Richard Meier.[3]
In 1991, the company acquired the deposits of Hartford-based Landmark Bank.[3]
In 1998, the company acquired Norwich Financial Corporation for $164 million in cash.[5][6]
In 2004, the bank sold its credit card division to the Royal Bank of Scotland at a premium of $360 million.[7][8][9]
On November 22, 2010, the bank opened its first location in Boston.[10]
On June 7, 2007, the bank changed its name to People's United Bank.[2][3]
On January 1, 2008, the bank acquired Chittenden Corporation for $1.9 billion.[11][12] Also in 2008, the bank acquired Ocean Bank of New Hampshire,[13] Maine Bank & Trust, Merrill Bank, Flagship Bank, and Bank of Western Massachusetts.
In February 2008, a data storage company, Archive America, lost backup tapes in transit containing the "names, birthdays, Social Security numbers and other information" of customers of the bank and of The Bank of New York Mellon.[14]
In February 2010, the company acquired Financial Federal Corporation, an equipment financing company.[15]
In April 2010, the company acquired Butler Bank, which was seized by the Federal Deposit Insurance Corporation.[16][17][18]
In December 2010, the company acquired LSB Corporation and Smithtown Bancorp.[19]
In July 2011, the company acquired Danvers Bancorp.[20]
In 2012, the company acquired 57 branches in the greater New York metro area from Royal Bank of Scotland , including 53 branches in Stop & Shop supermarkets.[21]
In October 2015, the company's insurance agency subsidiary acquired Kesten-Brown Insurance.[22]
In November 2016, the bank was selected to manage the core bank accounts for the state of Massachusetts.[23]
In April 2017, the company acquired Suffolk Bancorp.[24]
In July 2017, the company acquired LEAF Commercial Capital.[25]
In August 2017, the bank was selected to manage the core bank accounts for the state of Vermont.[26]
References
- ^ a b c d e f g h People's United Financial, Inc. 2016 Form 10-K Annual Report
- ^ a b "People's United cedes its S&L charter". Hartford Business. February 10, 2015.
- ^ a b c d e f g h i "People's Bank Changes Name to People's United Bank to Accommodate Growth Plans" (Press release). PRNewswire. June 7, 2007.
- ^ a b c d Connecticut Department of Banking: Bank Mergers and Acquisitions - 1980 to 1989
- ^ GOSSELIN, KENNETH R. (September 5, 1997). "People's To Buy Parent Firm Of Norwich Savings". Hartford Courant.
- ^ "CONNECTICUT BANKS AGREE TO MERGE IN $164 MILLION DEAL". Dow Jones & Company. The New York Times. September 5, 1997.
- ^ "PEOPLE'S BANK WILL SELL ITS CREDIT CARD BUSINESS". Reuters. The New York Times. February 4, 2004.
- ^ Higgins, Steve (February 4, 2004). "People's sells credit card division". New Haven Register.
- ^ "RBS to Acquire Credit Card Business of People's Bank of Connecticut" (PDF) (Press release). Royal Bank of Scotland. February 3, 2004.
- ^ Fitzgerald, Jay (November 20, 2010). "People's United bank opening up in Boston". The Boston Herald.
- ^ "People's United Financial, Inc. to Acquire Chittenden Corporation" (Press release). Business Wire. June 27, 2007.
- ^ "Chittenden: People's United Financial to acquire Chittenden for $1.9 bln". Reuters. June 27, 2007.
- ^ SANDERS, BOB (July 1, 2010). "Ocean Bank to take People's name". New Hampshire Business Review.
- ^ Fonseca, Brian (May 30, 2008). "Bank loses tapes with data on 4.5M clients". International Data Group.
- ^ Stynes, Tess (November 24, 2009). "People's United to Acquire Financial Federal". The Wall Street Journal.(subscription required)
- ^ "People's United Bank, Bridgeport, Connecticut, Assumes All of the Deposits of Butler Bank, Lowell, Massachusetts" (Press release). Federal Deposit Insurance Corporation. April 16, 2010.
- ^ GOSSELIN, KENNETH R. (April 16, 2010). "People's Bank To Acquire Butler, A Failed Massachusetts Bank". Hartford Courant.
- ^ Carter, Angela (April 17, 2010). "People's United Bank acquires Butler Bank". New Haven Register.
- ^ "People's United Financial, Inc. Completes Acquisitions of LSB Corporation and Smithtown Bancorp, Inc" (Press release). PRNewswire. December 1, 2010.
- ^ "People's United Financial, Inc. Completes Acquisition of Danvers Bancorp, Inc" (Press release). PRNewswire. July 1, 2011.
- ^ "People's United Completes Purchase of Citizens Bank Branches In New York". Hartford Courant. June 25, 2012.
- ^ "People's United Insurance Agency Announces Acquisition Of Connecticut-Based Kesten-Brown Insurance" (Press release). PRNewswire. October 15, 2015.
- ^ "Treasurer Deborah Goldberg Announces New Banking Services Contract" (Press release). Massachusetts. November 10, 2016.
- ^ "People's United Financial, Inc. Completes Acquisition of Suffolk Bancorp" (Press release). PRNewswire. April 3, 2017.
- ^ "People's United Bank Completes Acquisition of LEAF Commercial Capital, Inc" (Press release). PRNewswire. July 31, 2017.
- ^ "People's United Bank is Selected to Manage Core Banking Services for the State of Vermont" (Press release). PRNewswire. August 15, 2017.
External links
- Business data for People's United Financial, Inc.: