Type Public Net income $198,800,000 Founded 1842 | Industry Banking Total assets 39.18 billion USD (2016) | |
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Traded as NASDAQ: PBCTS&P 500 Component Area served Key people John Barnes (CEO)Kirk W. Walters (CFO) Stock price PBCT (NASDAQ) US$ 18.04 +0.16 (+0.89%)24 Mar, 4:00 PM GMT-4 - Disclaimer CEO John P Barnes (6 Apr 2010–) | ||
Company profile people s united financial inc nasdaq pbct
People's United Financial, Inc. is a savings and loan holding company incorporated under the state laws of Delaware. The company owns People's United Bank, a federally chartered stock savings bank headquartered in Bridgeport, Connecticut. People's United Bank is the largest independent bank headquartered in New England.
Contents
- Company profile people s united financial inc nasdaq pbct
- History
- Peoples Bank becomes Peoples United Bank
- Community involvement
- Peoples Bank
- Peoples United Financial
- Data loss
- Divisions
- Subsidiaries
- References
A diversified financial services company with over $39 billion in assets, the 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. Through People's United Financial provides equipment financing, asset management, brokerage and financial advisory services, and insurance services. People's United also offers a People's United Bank credit card through Citizens Financial Group.
History
People's United Bank, formerly People's Bank, was founded in 1842 as a savings bank in Bridgeport, Connecticut. In 1981, People's Bank became the first in the country to provide a telephone bill paying service. By 2002, People's Bank was the 40th largest company in Connecticut by revenue. On November 22, 2010, the bank opened its first location in Boston.
People's Bank becomes People's United Bank
People's Bank changed its name to People's United Bank on June 7, 2007 following its acquisition of Chittenden Corporation for $1.9 billion. In 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.
In the fall of 2016, the state of Massachusetts announced they would be moving their core accounts from Santander Bank to People’s United Bank. Approximately $50 billion moves through Massachusetts' banking account each year.
Community involvement
Virgilio Lopez of People's United Bank serves as treasurer for the Hispanic Chamber of Commerce of Greater Bridgeport. and Jorge Atencio of People's United Bank is its secretary.
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.
People's Bank
People's United Financial
Data loss
In 2008 the bank was involved in the loss of unencrypted backup tapes that 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. 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".
In that same year, James Hastings, a homeless, unemployed roofer of Fairfield, CT located hundreds of sensitive documents while dumpster diving. 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. Hastings was also fined $2,500 in March 2009 for confronting People's United Bank customers and employees. Hastings claims that it was for a documentary he was creating called, "I Can See Dumb Peoples" and the fine violated his Constitutional rights.