People's United Financial

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
People's United Financial, Inc.
TypeSubsidiary
Nasdaq: PBCT
IndustryFinancial 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
Defunct2022
FateMerged into M&T Bank
Headquarters,
U.S.
Number of locations
403 branches
Key people
George P. Carter, Chairman
John P. Barnes, CEO
R. David Rosato, CFO
Total assetsIncrease $58.590 billion (2019)
Total equityIncrease $7.947 billion (2019)
Number of employees
5,188 (2017)
ParentM&T Bank
Websitewww.peoples.com
Footnotes / references
[1]
Map of People's United branches as of March 2013.

People's United Financial, Inc. was an American bank holding company that owns People's United Bank.[1] The bank operated 403 branches in Connecticut, southeastern New York State, Massachusetts, Vermont, Maine, and New Hampshire.[1] It is the second-largest full-service bank in New England, one of the largest in the northeast, and the 46th-largest in the United States.[2]

As of April 2, 2022, the bank has merged with M&T Bank and will be fully integrated into M&T by the third quarter of 2022.[3]

History[edit]

The company was founded in 1842 as Bridgeport Savings Bank in Bridgeport, Connecticut.[4] In 1981, the bank became the first in the country to provide a telephone bill paying service. After acquiring People's Bank of Vernon, CT in 1983, the company was renamed People's Bank.[5][6] It has since acquired several other banks in New England to become the second largest in the region.

In 1985, the company began issuing credit cards,[5] but by 2004, it sold its credit card division to the Royal Bank of Scotland at a premium of $360 million.[7][8][9] The company moved to a new headquarters building designed by Richard Meier in 1989.[5]

On June 7, 2007, the bank changed its name to People's United Bank.[4][5]

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.[10] On November 22, 2010, the bank opened its first location in Boston.[11]

People's United was notably selected to manage the core bank accounts for the Commonwealth of Massachusetts in November 2016,[12] and was also selected to manage the core bank accounts for the state of Vermont in August 2017.[13]

On February 22, 2021, M&T Bank, based in Buffalo, New York, announced an agreement to acquire People's United Bank in an all-stock transaction valuing at approximately $7.6 billion.[14]

Acquisition history[edit]

From its founding as Bridgeport Savings Bank to the present, People's United has acquired several banks and other financial institutions in New England including:

In 1955, the company acquired Southport Savings Bank.[5] In 1981, the company acquired the assets of First Stamford Bank and Trust Company.[5][6] In 1982, the company acquired Guardian Federal Savings and Loan Association of Bridgeport.[5][6]

In 1986, the company acquired First Federal Savings Bank.[5][6] In 1991, the company acquired the deposits of Hartford-based Landmark Bank.[5] In 1998, the company acquired Norwich Financial Corporation for $164 million in cash.[15][16]

On January 1, 2008, the bank acquired Chittenden Corporation for $1.9 billion.[17][18] Also in 2008, the bank acquired Ocean Bank of New Hampshire, Maine Bank & Trust, Merrill Bank, Flagship Bank, and Bank of Western Massachusetts.[19]

In February 2010, the company acquired Financial Federal Corporation, an equipment financing company.[20] In April 2010, the company acquired Butler Bank, which was seized by the Federal Deposit Insurance Corporation.[21][22][23] In December 2010, the company acquired LSB Corporation and Smithtown Bancorp.[24] In July 2011, the company acquired Danvers Bancorp.[25]

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.[26] In October 2015, the company's insurance agency subsidiary acquired Kesten-Brown Insurance.[27]

In April 2017, the company acquired Suffolk Bancorp and in July, it acquired LEAF Commercial Capital.[28][29] In June 2018, People's United Bank agreed to purchase Farmington Bank in a deal valued at $544 million.[30]

Headquarters[edit]

People's United Financial's headquarters was built in 1989, designed by architect Richard Meier. Rising 18 stories above the northern side of I-95, the People's Bank Building (known officially as Bridgeport Center) is the tallest building in downtown Bridgeport.

References[edit]

  1. ^ a b c "People's United Financial, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Largest Banks in the United States 2017". www.relbanks.com. Retrieved 2017-12-25.
  3. ^ "M&T Bank Corporation Completes Acquisition of People's United Financial, Inc" (Press release). M&T Bank. April 2, 2022.
  4. ^ a b "People's United cedes its S&L charter". Hartford Business Journal. February 10, 2015.
  5. ^ 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.
  6. ^ a b c d "Bank Mergers and Acquisitions – 1980 to 1989". Connecticut Department of Banking.
  7. ^ "People's Bank Will Sell Its Credit Card Business". The New York Times. Reuters. February 4, 2004.
  8. ^ Higgins, Steve (February 4, 2004). "People's sells credit card division". New Haven Register.
  9. ^ "RBS to Acquire Credit Card Business of People's Bank of Connecticut" (PDF) (Press release). Royal Bank of Scotland. February 3, 2004.
  10. ^ Fonseca, Brian (May 30, 2008). "Bank loses tapes with data on 4.5M clients". International Data Group.
  11. ^ Fitzgerald, Jay (November 20, 2010). "People's United bank opening up in Boston". The Boston Herald.
  12. ^ "Treasurer Deborah Goldberg Announces New Banking Services Contract" (Press release). Treasurer of Massachusetts. November 10, 2016. Retrieved February 22, 2018.
  13. ^ "People's United Bank is Selected to Manage Core Banking Services for the State of Vermont" (Press release). People's United Financial. August 15, 2017 – via PRNewswire.
  14. ^ McCaffrey, Orla. "M&T Bank to Buy People's United for $7.6 billion". The Wall Street Journal.
  15. ^ Gosselin, Kenneth R. (September 5, 1997). "People's To Buy Parent Firm Of Norwich Savings". Hartford Courant.
  16. ^ "Connecticut Banks Agree To Merge $164 Million Deal". The New York Times. Dow Jones & Company. September 5, 1997.
  17. ^ "People's United Financial, Inc. to Acquire Chittenden Corporation" (Press release). Peoples United Bank. June 27, 2007 – via Business Wire.
  18. ^ "Chittenden: People's United Financial to acquire Chittenden for $1.9 bln". Reuters. June 27, 2007.
  19. ^ Sanders, Bob (July 1, 2010). "Ocean Bank to take People's name". New Hampshire Business Review.
  20. ^ Stynes, Tess (November 24, 2009). "People's United to Acquire Financial Federal". The Wall Street Journal.
  21. ^ "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.
  22. ^ Gosselin, Kenneth R. (April 16, 2010). "People's Bank To Acquire Butler, A Failed Massachusetts Bank". Hartford Courant.
  23. ^ Carter, Angela (April 17, 2010). "People's United Bank acquires Butler Bank". New Haven Register.
  24. ^ "People's United Financial, Inc. Completes Acquisitions of LSB Corporation and Smithtown Bancorp, Inc" (Press release). PRNewswire. December 1, 2010.
  25. ^ "People's United Financial, Inc. Completes Acquisition of Danvers Bancorp, Inc" (Press release). People's United Financial. July 1, 2011 – via PRNewswire.
  26. ^ "People's United Completes Purchase of Citizens Bank Branches In New York". Hartford Courant. June 25, 2012.
  27. ^ "People's United Insurance Agency Announces Acquisition Of Connecticut-Based Kesten-Brown Insurance" (Press release). People's United Financial. October 15, 2015 – via PRNewswire.
  28. ^ "People's United Financial, Inc. Completes Acquisition of Suffolk Bancorp" (Press release). People's United Financial. April 3, 2017 – via PRNewswire.
  29. ^ "People's United Bank Completes Acquisition of LEAF Commercial Capital, Inc" (Press release). People's United Financial. July 31, 2017 – via PRNewswire.
  30. ^ Gosselin, Kenneth R. "People's United CEO Says $544M Purchase Of Farmington Bank Signifies Confidence In Connecticut".

External links[edit]

    • Historical business data for People's United Financial, Inc.:
    • SEC filings