People's United Bank
Encyclopedia
People's United Bank, a diversified financial services company with over $22 billion in assets, provides consumer and commercial banking services through a network of subsidiary banks with approximately 300 branches in Connecticut, Vermont, New Hampshire, Massachusetts, Maine and New York. Through additional subsidiaries, People's United Financial, the parent of People’s United Bank, provides equipment financing, asset management, brokerage and financial advisory services, and insurance services. The bank is incorporated in Delaware.
, is the largest bank based in New England
, United States
and is headquartered in Bridgeport
, Connecticut.
In 1981, People's Bank was the first in the country to provide a telephone bill paying service.
By 2002, People's Bank was the 40th largest company in the state of Connecticut by revenue.
People's Bank changed its name to People's United Bank on June 7, 2007. The same year, it announced its acquisition of Chittenden Corporation
for $1.9 billion.
In 2008 the bank was involved in the loss of unencrypted backup tapes which included the "names, birthdays, Social Security numbers and other information" of BNY Mellon and People's United Bank customers. The tapes were lost on February 27th, supposedly en route to Archive America, a data storage firm.
Connecticut Attorney General Richard Blumenthal
stated that "as many as 4.5 million accounts were on a single tape and hundreds of thousands of them were Connecticut residents and about 550,000 were People's United Bank depositors or accounts".
On November 22, 2010, the bank opened its first location in Boston
.
Fiscal health
As of July 2010, the bank announced a $5 billion market cap on its stock, which it pays a 4.5% dividend on. It is also known to have over $2 billion on its balance sheet.History
People's United Bank, formerly People's Bank, founded in 1842 as a savings bankSavings bank
A savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to...
, is the largest bank based in New England
New England
New England is a region in the northeastern corner of the United States consisting of the six states of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut...
, United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and is headquartered in Bridgeport
Bridgeport, Connecticut
Bridgeport is the most populous city in the U.S. state of Connecticut. Located in Fairfield County, the city had an estimated population of 144,229 at the 2010 United States Census and is the core of the Greater Bridgeport area...
, Connecticut.
In 1981, People's Bank was the first in the country to provide a telephone bill paying service.
By 2002, People's Bank was the 40th largest company in the state of Connecticut by revenue.
People's Bank changed its name to People's United Bank on June 7, 2007. The same year, it announced its acquisition of Chittenden Corporation
Chittenden Corporation
Chittenden Corporation was a banking company founded in Burlington, Vermont. The stock was traded on the New York Stock Exchange from 1974 to 2007. The company merged on January 1, 2008, with People's United Bank in Bridgeport, Connecticut....
for $1.9 billion.
In 2008 the bank was involved in the loss of unencrypted backup tapes which included the "names, birthdays, Social Security numbers and other information" of BNY Mellon and People's United Bank customers. The tapes were lost on February 27th, supposedly en route to Archive America, a data storage firm.
Connecticut Attorney General Richard Blumenthal
Richard Blumenthal
Richard Blumenthal is the junior United States Senator from Connecticut and a member of the Democratic Party. Previously, he served as Attorney General of Connecticut....
stated that "as many as 4.5 million accounts were on a single tape and hundreds of thousands of them were Connecticut residents and about 550,000 were People's United Bank depositors or accounts".
On November 22, 2010, the bank opened its first location in Boston
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
.
President and CEOs
People's Bank has traditionally had a single person in the dual role of President and CEO. A recent list includes:- Norwick Goodspeed
- David E.A. Carson (retired 2000)
- John Klein
- Philip R. Sherringham (resigned April 26, 2010)
- John P. Barnes (interim)
Subsidiaries
- Official Website of The Bank of Western Massachusetts
- Butler Bank (acquired April 2010)
- Official Website of Chittenden Trust Company (acquired January 1, 2008)
- Official Website of Flagship Bank
- Official Website of Maine Bank and Trust
- Official Website of Merrill Bank
- Official Website of Ocean Bank