People's United Bank
From Wikipedia, the free encyclopedia
| People's United Bank | |
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| Type | Public (NASDAQ: PBCT) |
| Founded | 1842 as Bridgeport Savings Bank 1842-1927 as Bridgeport-People's Savings Bank 1927-1955 as People's Savings Bank-Bridgeport 1955-1983 as People's Bank 1983-2007 |
| Headquarters |  Bridgeport, Connecticut, United States |
| Area served | Connecticut & Westchester County, New York |
| Website | http://www.peoples.com |
People's United Bank, formerly People's Bank, founded in 1842 as a savings bank, is one of the largest independent banks in Connecticut, United States, based in Bridgeport.
People's Bank changed its name to People's United Bank on June 7, 2007. [1]
The bank's parent company is People's United Financial Inc.
John Klein, People's United Financial's chief executive officer, took two leaves of absence in 2007 to recover from cancer surgery. In November 2007, the bank named its chief financial officer as acting CEO until Klein's return. Klein died from his battle with cancer on January 25th 2008 and on February 6th, 2008, the board confirmed Philip Sherrigham as the CEO.
People's United Bank announced on June 27th, 2007 that they were acquiring the Burlington, Vermont, based bank Chittenden Corporation. [2]
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[edit] Information on Chittenden Corporation and respected Banks
[edit] Chittenden Trust Company
Chittenden Bank directly dates back to the foundation in 1904 and Established in 1906 as Chittenden County Trust Company. Today Chittenden's legal name is still Chittenden Trust Company.
Some of the Banking companys that makes up Chittenden Today are as fallows: Montpelier National Bank 1824, Rutland Savings Bank 1850, The County National Bank Of Bennington 1878, Ethan Allen National Bank 1879, Bellows Falls Trust Company 1902, Vermont National Bank 1906, Windsor Federal Savings & Loan Association 1917, Randolph Savings & Loan Association 1920, Middlebury Savings & Loan Association 1928, Vermont Federal Bank 1936, Mountain Trust Company 1977, and Valley Bank 1987. This data was found on the FDIC website.
It should be noted that the merger in 1998 with Chittenden Corporation & Vermont Financial Services Corporation place Chittenden Bank as a Vermont & New Hampshire Bank. The leagal Name was Chittenden Trust Company D/B/A Chittenden Bank in Vermont and First Savings of New Hampshire in the respected state. More will be mentioned when we look at the Ocean Bank history.
[edit] Ocean Bank
Ocean Bank opened its door on Aug 1, 1854 in Kennebunk, Maine. In 1865 Ocean changed their name to Ocean National Bank of Kennebunk. The 1960's customer base remained focused in Kennebunk, with one branch in Kennebunkport. By 1980's the bank also had branches in Wells, York and Kittery, and in 1998 Ocean crossed the boarder into New Hampshire and opened an office in Portsmouth. The success attracted attention during 2001. In 2002 Ocean was acquired by Chittenden Corporation of Burlington, Vt., one of New England’s leading financial institutions, thereby gaining a strong parent and vastly expanding the resources and opportunities for its customers. During same year Ocean assumed responsibility for First Savings of New Hampshire branches in nine communities. A history of measured, prudent expansion culminated on June 1, 2004, when Ocean National Bank united with Granite Bank under the Ocean Nationl Bank name. During 2007 Ocean change the name to the orginal name when the bank opened it's doors to Ocean Bank.
The Fallowing is a list of banks that make up the Ocean Bank that exists today. Ocean National Bank 1854, First National Bank of Peterborough 1854, Peterborough Savings Bank 1859, Primary Bank 1859, Iona Savings Bank of Tilton 1870, Franklin Cooperative Bank 1888, Exeter Cooperative Bank 1892, First Savings of New Hampshire 1892, Granite Bank 1895, Keene Savings Bank 1895, Merchants Savings Bank 1901, Keene Co-operative Bank 1912, Durham Trust Co. 1947, Seacoast Savings Bank of Dover 1977, First Northern Cooperative Bank 1984, Hillsborough Bank & Trust Company 1986, Horizon Bank & Trust 1989, Community Bank & Trust Company 1991 This Information can be found on FDIC's website.
[edit] The Bank Of Western Massachusetts
The Bank of Western Massachusetts was established in 1987 as an independent commercial bank. Initiated by local business owners and other Western Massachusetts investors, the bank has focused its resources on serving the small and medium-sized businesses. The Bank was the first bank to be perchase by Chittenden Corporation in 1995. In 1999 the bank merged with United Bank. United Bank was owned by Vermont Financial Services Corporation. Unlike with First Savings of New Hampshire, United Bank was owned by the holding company and not by Vermont National Bank, therefor was merged with Bank of Western Massachusetts.
[edit] Flagship Bank & Trust Company
Flagship Bank and Trust Company opened for business on December 27, 1987. Situated in Central Massachusetts, Flagship was the first new bank to have opened in the Worcester area in 35 years. Flagship Bank is a state chartered commercial bank whose primary mission has been to serve the banking need of Central Massachusetts. The Flagship Bank was the second Bank Perchased by Chittenden Corporation and merged in 1996.
[edit] Maine Bank & Trust Company
Maine Bank & Trust Company was established in 1991 by a well-known Maine philanthropist, Elizabeth B. Noyce. The Bank was formed during a recession that overtook the New England, and at a time of major upheaval in the Maine banking industry. (This includes the loss of Maine National Bank) It was Mrs. Noyce's vision to establish the Bank to fulfill the need in Maine for a locally managed commercial bank and trust company, "a maine bank for maine people." Today the Bank maintains 12 offices. During the fall of 2002 the bank closed two branches in Kennebunk & York, Maine. The Reason behind this was in part do to Ocean National Bank. Ocean National Bank maintained more deposit share in York County market and with federal regulation required one of the banks to close their branches.
[edit] Merrill Merchants Bank
Merrill Bank is located in Bangor, Maine and was founded in 1992.
[edit] Notes
- ^ People's Bank Changes Name to People's United Bank to Accommodate Growth Plans, retrieved on June 15, 2007.
- ^ People's United Financial, Inc. to Acquire Chittenden Corporation, retrieved on August 17, 2007.
