People's United Financial

People's United Financial, Inc.

Company type	Public
Industry	Banking
Founded	1842
Fate	Merged with M&T Bank
Headquarters	Bridgeport, Connecticut , United States
Products	Banking services

People's United Financial, Inc. functioned as a U.S.-based bank holding company that owned People's United Bank, which operated a network of 403 branches throughout Connecticut, southeastern New York State, Massachusetts, Vermont, Maine, and New Hampshire. It held the position of the second-largest comprehensive bank in New England, ranked among the top financial institutions in the Northeastern United States, and was the 46th-largest bank nationwide.

On April 2, 2022, People's United completed a merger with M&T Bank and was fully consolidated by the third quarter of 2022.

History

Established in 1842 under the name Bridgeport Savings Bank in Bridgeport, Connecticut, the institution was an early adopter of telephone bill payment services in 1981. Following its acquisition of People's Bank of Vernon, CT, in 1983, it adopted the People's Bank name and grew through several acquisitions to become New England's second-largest banking entity.

The bank began issuing credit cards in 1985 but divested this unit to the Royal Bank of Scotland for $360 million in 2004. In 1989, it moved its headquarters to a building designed by architect Richard Meier. The company rebranded as People's United Bank in 2007 to align with its expansion objectives.

In November 2010, People's United inaugurated its inaugural branch in Boston. It secured major contracts to provide core banking services for the states of Massachusetts (2016) and Vermont (2017), thereby increasing its influence within public sector financial services.

On February 22, 2021, M&T Bank revealed plans for a $7.6 billion all-stock acquisition of People's United, representing a strategic effort to broaden M&T's regional presence.

Acquisition history

Since its inception as Bridgeport Savings Bank, People's United expanded extensively through acquisitions across New England:

20th century

• 1955: acquired Southport Savings Bank
• 1981: purchased assets from First Stamford Bank and Trust Company
• 1982: acquired Guardian Federal Savings and Loan Association of Bridgeport
• 1986: acquired First Federal Savings Bank
• 1991: took over deposits from Hartford-based Landmark Bank
• 1998: acquired Norwich Financial Corporation for $164 million

21st century

• January 2008: completed acquisition of Chittenden Corporation for $1.9 billion; also absorbed Ocean Bank of New Hampshire, Maine Bank & Trust, Merrill Merchants Bank, Flagship Bank, and Bank of Western Massachusetts
• February 2010: acquired Financial Federal Corporation, specializing in equipment financing
• April 2010: took over Butler Bank following seizure by the Federal Deposit Insurance Corporation
• December 2010: acquired LSB Corporation and Smithtown Bancorp
• July 2011: acquired Danvers Bancorp
• 2012: obtained 57 branches in the greater New York metropolitan area from Royal Bank of Scotland, including 53 located within Stop & Shop supermarkets
• October 2015: subsidiary purchased Kesten-Brown Insurance
• April 2017: acquired Suffolk Bancorp
• July 2017: acquired LEAF Commercial Capital
• June 2018: agreed to acquire Farmington Bank for $544 million
• November 2019: completed acquisition of Connecticut-based United Financial Bancorp

These targeted acquisitions played a pivotal role in broadening People's United's market share, diversifying its product and service portfolio, and reinforcing its competitive standing throughout the region's banking sector.

Headquarters

The headquarters of People's United Financial is situated in Bridgeport Center, an 18-story structure crafted by architect Richard Meier and finalized in 1989. As the tallest edifice in downtown Bridgeport, Connecticut, it represents the firm's significant regional market position and strategic foothold.