Bridgeport, Conn.-based People’s Bank, whose headquarters are shown above, is now offering residential mortgages, home equity lines of credit and home loans to Massachusetts residents.
It’s been seven months since Bridgeport, Conn.-based People’s Bank opened a commercial loan production office in Burlington, and now the $11 billion bank is again reaching into the Bay State by offering residential mortgages, home equity lines of credit and home loans to Massachusetts residents.
People’s will advertise the retail mortgages by starting an aggressive newspaper campaign soon, and started sending direct mail to homeowners last week, according to Wayne C. Walker, the institution’s senior vice president for residential and consumer lending. The bank has no immediate plans to open offices in Massachusetts, but will have retail officers working from their home offices to originate first and second mortgages. People’s also will add brokers on the wholesale side and create partnerships with brokers in Massachusetts to sell its second-mortgage products. In addition, the bank will market its home equity products through mortgage companies that already do business with People’s, such as Cambridge Mortgage.
Because there is a bank in Massachusetts with a similar name – Holyoke-based PeoplesBank – the Connecticut-based People’s will do business under the name PBCT Mortgages in Massachusetts. The advertising will closely link the business unit with People’s Bank, since many Massachusetts residents are familiar with the bank’s brand, Walker said.
“[Massachusetts] is a natural extension of our market,” he said.
Many people work in Connecticut and live in Massachusetts, or vice versa, so People’s is a well-known name in both states. Walker said he also hopes the competitive pricing of the mortgages and loans will make the venture a success.
“Massachusetts is a natural geographic extension of People’s current market,” Walker said in a prepared statement. “As we previously announced our intention to expand consumer and residential lending into contiguous markets, we’re pleased to be providing consumers in Massachusetts with an additional source of new, competitively priced home financing.”
