Description
People's United Financial is an American bank holding company that owns People's United Bank. The bank operates 403 branches in Connecticut, southeastern New York State, Massachusetts, Vermont, Maine, and New Hampshire. 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.
History
The company was founded in 1842 as Bridgeport Savings Bank in Bridgeport, Connecticut. In 1981, the bank became the first in the country to provide a telephone bill paying service. After acquiring People's Bank of Vermont in 1983, the company was renamed People's Bank. 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, but by 2004, it sold its credit card division to the Royal Bank of Scotland at a premium of $360 million. The company moved to a new headquarters building designed by Richard Meier in 1989.
On June 7, 2007, the bank changed its name to People's United Bank.
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. On November 22, 2010, the bank opened its first location in Boston.
People's United was notably selected to manage the core bank accounts for the commonwealth of Massachusetts in November 2016, and was also selected to manage the core bank accounts for the state of Vermont in August 2017.
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.
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:
In 1955, the company acquired Southport Savings Bank. In 1981, the company acquired the assets of First Stamford Bank and Trust Company. In 1982, the company acquired Guardian Federal Savings and Loan Association of Bridgeport.
In 1986, the company acquired First Federal Savings Bank. In 1991, the company acquired the deposits of Hartford-based Landmark Bank. In 1998, the company acquired Norwich Financial Corporation for $164 million in cash.
On January 1, 2008, the bank acquired Chittenden Corporation for $1.9 billion. Also in 2008, the bank acquired Ocean Bank of New Hampshire, Maine Bank & Trust, Merrill Bank, Flagship Bank, and Bank of Western Massachusetts.
In February 2010, the company acquired Financial Federal Corporation, an equipment financing company. In April 2010, the company acquired Butler Bank, which was seized by the Federal Deposit Insurance Corporation. In December 2010, the company acquired LSB Corporation and Smithtown Bancorp. In July 2011, the company acquired Danvers Bancorp.
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. In October 2015, the company's insurance agency subsidiary acquired Kesten-Brown Insurance.
In April 2017, the company acquired Suffolk Bancorp and in July, it acquired LEAF Commercial Capital. In June 2018, People's United Bank agreed to purchase Farmington Bank in a deal valued at $544 million.
