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People's United Bank

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People's United Bank

People's United Financial Inc.
Public
Traded as Template:Nasdaq
S&P 500 Component
Industry Banking
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
Headquarters Bridgeport, Connecticut, United States
Area served Connecticut, Vermont, New Hampshire, Massachusetts, Maine & Westchester County, New York
Key people John Barnes[1] (CEO)
Kirk W. Walters[2] (CFO)
Net income $198,800,000[3]
Employees 4,788[4]
Website


People's United Bank is a federally chartered stock savings bank headquartered in Bridgeport, Connecticut, and held under People’s United Financial, Inc. (“People’s United Financial” or the “Company”), a savings and loan holding company incorporated under the state laws of Delaware.[6] According to CEO John Barnes, People's United Bank is the largest Independent Bank based in New England, United States.[7] As a diversified financial services company with over $28 billion in assets, this bank provides consumer and commercial banking services through a network of subsidiary banks with approximately 416 branches in Connecticut, Vermont, New Hampshire, Massachusetts, Maine and New York.[8] Through People's United Financial, monies are used to provide equipment financing, asset management, brokerage and financial advisory services, and insurance services.[9] People's United also offers a People's United Bank credit card through RBS' Citizens Financial Group.[10]

History

People's United Bank, formerly People's Bank, was founded in 1842 as a savings bank in Bridgeport, CT.[11] In 1981, People's Bank was the first in the country to provide a telephone bill paying service.[12] By 2002, People's Bank was the 40th largest company in the state of Connecticut by revenue.[13] On November 22, 2010, the bank opened its first location in Boston.[14]

Financial crisis

On April 13, 2007, a share of People's Bank was valued at $43.27. However, due to the financial crisis, the price of a share fell to $20.74 on April 20, 2007.[15]

People's Bank becomes People's United Bank

People's Bank changed its name to People's United Bank on June 7, 2007.[16] The same year, it announced its acquisition of Chittenden Corporation for $1.9 billion.[17] 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.[18]

Community involvement

Hispanic Chamber of Commerce

Presently, Virgilio Lopez of People's United Bank serves as the treasurer for the Hispanic Chamber of Commerce of Greater Bridgeport.[19] Jorge Atencio of People's United Bank also serves as the secretary for the Hispanic Chamber of Commerce of Greater Bridgeport.[19]

University of Bridgeport

People's United Bank is a corporate partner of the University of Bridgeport. As a partner, employees of People's United Bank receive a 10% tuition discount.[20]

Acquisitions

People's Bank

  • 1981 - Assets of First Stamford Bank and Trust Company[21]
  • 1982 - Guardian Federal Savings and Loan Association of Bridgeport[21]
  • 1986 - Norwalk-based First Federal Savings Bank[21]
  • 1991 - Deposits of Hartford-based Landmark Bank[21]
  • 1998 - Norwich Financial Corp., the parent company of the Norwich Savings Society[21]

People's United Financial

  • 2008 - Chittenden Corporation, comprising Chittenden Bank, headquartered in Burlington, VT; Ocean Bank, headquartered in Portsmouth, NH; Maine Bank & Trust, headquartered in Portland, ME; Merrill Bank, headquartered in Bangor, ME; Flagship Bank, headquartered in Worcester; MA; and Bank of Western Massachusetts, headquartered in Springfield, MA.[21]
  • 2010 - Financial Federal Corporation, an equipment financing company headquartered in Houston, TX (February); Butler Bank, based in Lowell, MA (April); LSB Corporation, a bank holding company whose principal subsidiary, RiverBank, is headquartered in North Andover, MA (December), Smithtown Bancorp, a bank holding company whose principal subsidiary, Bank of Smithtown, is headquartered in Smithtown, NY (December).[21]
  • 2011 - Danvers Bancorp, Inc, a bank holding company whose sole subsidiary, Danversbank, is headquartered in Danvers, Massachusetts (July).[21]
  • 2012 - 57 branches in the greater New York metro area from RBS Citizens, N.A. Fifty-three of the branches are in Stop & Shop supermarkets, complementing the bank’s existing traditional branches in the metro area, and adding to its 87 existing Connecticut Stop & Shop locations. The bank has enjoyed a strong relationship with the supermarket company since 1995.(June)[21]

Data loss

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 27, supposedly en route to Archive America, a data storage firm.[22] 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".[23]

In that same year, James Hastings, a homeless, unemployed roofer of Fairfield, CT located hundreds of sensitive documents while dumpster diving.[24] In November 2008, Hastings was fined $800 by a Superior Court Judge Richard Gilardi in Bridgeport, CT saying, "You have made yourself into a public pest." The fine was enforced because he did not keep silent about what he found in the dumpster.[25] Mr. Hastings was also fined $2,500 in March 2009 by Judge Gilardi for confronting People's United Bank Customers and Employees.[26] Hastings claims that it was for a documentary he was creating called, "I Can See Dumb Peoples" and the fine violated his Constitutional rights.[27]

President and CEO annual salary

People's Bank has traditionally had a single person in the dual role of President and CEO. A recent list includes:[28]

  • Norwick Goodspeed
  • 1997 - David E.A. Carson (retired 2000) - $871,913[5][29]
  • 2001 - John A. Klein - $1.13 million[30]
  • 2002 - John A. Klein - $783,272[30]
  • 2010 - Philip R. Sherringham - $9.95 million (resigned April 26, 2010)[31]
  • 2012 - John P. Barnes - $3,750,050[1]

Divisions

  • R.C. Knox and Company, Inc - insurance

Subsidiaries

  • Official Website of The Bank of Western Massachusetts
  • Butler Bank (acquired April 2010)[32]
  • 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

See also

References

External links

  • Official Website of People's United Bank
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