People's United Financial

Last updated
People's United Financial, Inc.
Type Subsidiary
Nasdaq: PBCT
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
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 assets Increase2.svg $58.590 billion (2019)
Total equity Increase2.svg $7.947 billion (2019)
Number of employees
5,188 (2017)
Parent M&T Bank
Website www.peoples.com
Footnotes /references
[1]
Map of People's United branches as of March 2013. People's United footprint 2013-03.png
Map of People's United branches as of March 2013.

People's United Financial, Inc., was an American bank holding company that owned People's United Bank. [1] The bank operated 403 branches in Connecticut, southeastern New York State, Massachusetts, Vermont, Maine, and New Hampshire. [1] It was 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]

Contents

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

History

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 then 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

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:

20th century

21st century

Headquarters

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.

Related Research Articles

Washington Mutual, Inc. was an American savings bank holding company based in Seattle. It was the parent company of WaMu Bank, which was the largest savings and loan association in the United States until its collapse in 2008.

East West Bank, the primary subsidiary of East West Bancorp, Inc., is the largest publicly traded bank headquartered in Southern California, United States. It was founded in 1973 in Los Angeles to serve the Chinese American community in Southern California. It is a premier bank focused exclusively on the United States and Greater China markets and operates over 120 locations in the U.S. and China, including in the markets of California, Georgia, Massachusetts, Nevada, New York, Texas and Washington. In China, East West Bank has full-service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, and Xiamen. In 2023, East West expanded its footprint in Asia with the opening of a representative office in Singapore. Forbes magazine has recognized East West Bank as one of “America’s Best Banks” since 2010. In 2018, Forbes ranked East West Bank number five of "America's 100 Biggest Banks."

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. It is ranked 117th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

<span class="mw-page-title-main">Citizens Financial Group</span> Eastern U.S. bank

Citizens Financial Group, Inc. is an American bank headquartered in Providence, Rhode Island, which operates in the states of Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, and Virginia, as well as Washington, DC.

<span class="mw-page-title-main">M&T Bank</span> Large American Regional Bank

M&T Bank Corporation is an American bank holding company headquartered in Buffalo, New York. It operates 1,000+ branches in 12 states across the Eastern United States, from Maine to Southern Virginia. Until May 1998, the bank's holding company was named First Empire State Corporation.

<span class="mw-page-title-main">National City Corp.</span> American bank and part of National City Corp

National City Corporation was a regional bank holding company based in Cleveland, Ohio, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.

TD Banknorth, formerly Banknorth, was a wholly owned subsidiary of the Toronto-Dominion Bank which conducted banking and insurance activities, primarily serving the northeastern area of the United States, headquartered in Portland, Maine. The bank became TD Bank, N.A. on May 31, 2008.

<span class="mw-page-title-main">National Bank of Detroit</span> Defunct American commercial bank

The National Bank of Detroit (NBD), later renamed NBD Bank, was a bank that operated mostly in the Midwestern United States. Following its merger with First National Bank of Chicago, the bank was ultimately acquired and merged into Bank One, at which point the NBD name was discontinued. Today, what was once NBD is owned by JPMorgan Chase & Co.

NewAlliance Bancshares, doing business as NewAlliance Bank, was the second largest Connecticut-based savings bank. It was formed in 2004 through the union of The Savings Bank of Manchester, New Haven Savings Bank, and Tolland Bank.

<span class="mw-page-title-main">Webster Bank</span> American regional bank

Webster Bank is an American commercial bank based in Stamford, Connecticut. It has 177 branches and 316 ATMs located in Connecticut; Massachusetts; Rhode Island; and Westchester County, New York.

Valley National Bancorp, doing business as Valley Bank, is a regional bank holding company headquartered in Wayne, New Jersey, with approximately $64 billion in assets. Its principal subsidiary, Valley National Bank, currently operates over 230 branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois. Valley Bank is one of the largest commercial banks headquartered in New Jersey.

<span class="mw-page-title-main">New York Community Bank</span> US Bank

New York Community Bancorp, Inc. (NYCB) is a bank holding company headquartered in Hicksville, New York. The holding company owns several businesses, most notably New York Community Bank and Flagstar Bank. In 2023, the two banks operated 395 branches in New York, Michigan, New Jersey, Ohio, Florida and Arizona. Some branches bear the New York Community Bank name, while others operate under other names. NYCB is on the list of largest banks in the United States.

<span class="mw-page-title-main">WesBanco</span> American bank holding company

WesBanco, Inc., is a bank holding company headquartered in Wheeling, West Virginia. It has over 200 branches in West Virginia, Ohio, Western Pennsylvania, Kentucky, Maryland, and Southern Indiana.

Premier Financial Corp. is an American company that owns and operates Premier Bank and First Insurance Group. Headquartered in Defiance, Ohio, the company operates full service branches and automated teller machines in Ohio, Indiana and Michigan. While the company's history dates back to 1920, it was re-branded in 2020 following the merger of the parent companies that owned First Federal Bank of the Midwest and Home Savings Bank.

<span class="mw-page-title-main">Northwest Bank</span> Pennsylvania Bank

Northwest Bank is a bank headquartered in Warren, PA. It is the leading subsidiary of Northwest Bancshares, Inc., a bank holding company. It operates 170 branches in central and western Pennsylvania, western New York, eastern Ohio, and Indiana.

<span class="mw-page-title-main">Dime Savings Bank of New York</span>

The Dime Savings Bank of New York, originally the Dime Savings Bank of Brooklyn, was a bank headquartered in Brooklyn, New York City. It operated from 1859 to 2002.

Eastern Bank is a bank based in Boston, Massachusetts. Before de-mutualizing in 2020, it was the oldest and largest mutual bank in the United States and the largest community bank in Massachusetts. With 95 branches, Eastern had a 3.2% market share in Massachusetts in 2016. It was founded in 1818 in Salem, and then moved to Lynn, Massachusetts. The company began an aggressive expansion campaign near the end of the 1990s and moved its headquarters to Boston's Financial District. In 2020, Eastern Bank announced plans to de-mutualize and become a publicly traded corporation.

United Financial Bancorp, Inc. United Bank, headquartered in Hartford, Connecticut, is a Connecticut state-chartered bank with $7.34 billion in assets, over 800 employees and 58 banking locations throughout Connecticut, Massachusetts and Rhode Island. United Financial Bancorp, Inc., the Bank’s Holding Company, trades on the NASDAQ Global Select Stock Market under the ticker symbol “UBNK.” In September 2017, Fortune Magazine ranked United Financial #39 on their 100 Fastest Growing Companies List.

Berkshire Bank is a bank headquartered in Boston, Massachusetts. It is a subsidiary of Berkshire Hills Bancorp, a bank holding company. The bank operates 130 branches in New England, New York and the Mid-Atlantic, and is the third largest regional bank headquartered in Massachusetts.

<span class="mw-page-title-main">TCF Financial Corporation</span> Former American financial services company

TCF Financial Corporation was a bank holding company based in Detroit, Michigan. The current incarnation of the company was formed by a 2019 merger between the former TCF, which was established in 1923 in Wayzata, Minnesota, and the Michigan-based Chemical Financial Corporation. In December 2020, TCF announced a merger with Huntington Bancshares. It was announced on May 26, 2021, that TCF Bank will be required by the Department of Justice to sell off 13 branches in Michigan. These branches were purchased by Horizon Bank at the end of the third quarter. The final approval has been given for the merger and the merger was complete on June 9, 2021. The combined bank has $175 billion in assets.

References

  1. 1 2 3 "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. 1 2 "People's United cedes its S&L charter". Hartford Business Journal . February 10, 2015.
  5. 1 2 3 4 5 6 7 8 9 "People's Bank Changes Name to People's United Bank to Accommodate Growth Plans" (Press release). PRNewswire. June 7, 2007.
  6. 1 2 3 4 "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 (22 February 2021). "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. (19 June 2018). "People's United CEO Says $544M Purchase Of Farmington Bank Signifies Confidence In Connecticut".
  31. "People's United Financial, Inc. Completes Acquisition of United Financial Bancorp, Inc". Cision US, Inc. 1 November 2019. Retrieved 10 July 2023.