Peoples United Financial Inc
People’s United Financial, Inc. (People’s United Financial) is
a savings and loan holding company and is incorporated under the state laws
of Delaware. People’s United Financial was formed for the purpose of effectuating
the conversion of People’s Bank and People’s Mutual Holdings from
the mutual holding company structure to the stock holding company structure.
On April 16, 2007, People’s United Financial, People’s Bank and
People’s Mutual Holdings completed their second-step conversion from a
mutual holding company structure to a fully-public stock holding company structure.
People’s Mutual Holdings merged with and into People’s Bank, with
People’s Bank as the surviving entity, and People’s Bank became
a wholly-owned subsidiary of People’s United Financial. The name “People’s
United Bank” is used to refer to the Bank both before and after the name
change. People’s United Bank is a federally-chartered stock savings bank
headquartered in Bridgeport, Connecticut.
The principal business of People’s United Financial is to provide, through
People’s United Bank and its subsidiaries, a full range of financial services
to individual, corporate and municipal customers. Traditional banking activities
are conducted primarily within the state of Connecticut and include extending
secured and unsecured commercial and consumer loans, originating mortgage loans
secured by residential and commercial properties, and accepting consumer, commercial
and municipal deposits. In addition to traditional banking activities, People’s
United Bank provides specialized services tailored to specific markets including:
personal, institutional and employee benefit trust; cash management; and municipal
banking and finance. Through its non-bank subsidiaries, People’s United
Bank offers: brokerage, financial advisory services, investment management services
and life insurance through People’s Securities, Inc.; equipment financing
through People’s Capital and Leasing Corp. and other insurance services
through R.C. Knox and Company, Inc.
People’s United Bank’s operations are divided into two primary
business segments that represent its core businesses, Commercial Banking and
Consumer Financial Services. Commercial Banking consists principally of commercial
and industrial lending, commercial real estate lending and commercial deposit
gathering activities. This segment also includes the equipment financing operations
of People’s Capital and Leasing, cash management, correspondent banking
and municipal banking. Consumer Financial Services includes, as its principal
business lines, consumer deposit gathering activities, residential mortgage
lending and home equity and other consumer lending. In addition to trust services,
this segment also includes brokerage, financial advisory services, investment
management services and life insurance provided by People’s Securities
and other insurance services provided through R.C. Knox. In addition, the Treasury
area is responsible for managing People’s United Financial’s and
People’s United Bank’s securities portfolio, short-term investments
and wholesale funding activities.
People’s United Bank’s primary market area is the state of Connecticut.
However, substantially all of the equipment financing activities of People’s
Capital and Leasing involve customers outside of Connecticut. People’s
Capital and Leasing provides equipment financing for customers in 48 states.