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People's United Financial

People's United Financial

People's United Financial is a Bridgeport, Connecticut-based company founded in 1842.

People's United Financial, Inc. 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.

As of April 2nd, 2022, the bank has merged with M&T Bank and will be fully integrated into M&T by the third quarter of 2022.

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.

Headquarters

Main article: Bridgeport Center

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.

Timeline

Patents

Further Resources

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