The company was founded in 1842 as Bridgeport Savings Bank inBridgeport, Connecticut.[4] In 1981, the bank became the first in the country to provide a telephone bill paying service.[citation needed] After acquiring People's Bank of Vernon, CT, in 1983, the company was renamed People's Bank.[5][6] It then acquired several other banks in New England to become the second largest in the region.
In 1985, the company began issuing credit cards,[5] but by 2004, it sold its credit card division to theRoyal Bank of Scotland at a premium of $360 million.[7][8][9] The company moved to a new headquarters building designed byRichard Meier in 1989.[5]
On June 7, 2007, the bank changed its name to People's United Bank.[4][5]
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 ofThe Bank of New York Mellon.[10] On November 22, 2010, the bank opened its first location inBoston.[11]
People's United was notably selected to manage the core bank accounts for theCommonwealth ofMassachusetts in November 2016,[12] and was also selected to manage the core bank accounts for the state ofVermont in August 2017.[13]
On February 22, 2021,M&T Bank, based inBuffalo, New York, announced an agreement to acquire People's United Bank in an all-stock transaction valued at approximately $7.6 billion.[14]
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:
January 1, 2008: acquiredChittenden Corporation for $1.9 billion[17][18] Also in 2008, the bank acquired Ocean Bank of New Hampshire, Maine Bank & Trust,Merrill Merchants Bank, Flagship Bank, and Bank of Western Massachusetts.[19]
February 2010: acquired Financial Federal Corporation, an equipment financing company[20]
People's United Financial'sheadquarters was built in 1989, designed by architectRichard Meier. Rising 18 stories above the northern side ofI-95, the People's Bank Building (known officially as Bridgeport Center) is the tallest building in downtownBridgeport.
$58.590 billion (2019)