People’s United Bank will begin managing the state’s core banking services early next year, Treasurer Deborah Goldberg announced Wednesday.

With more than $40 billion in assets, the Bridgeport, Connecticut-headquartered People’s is the largest regional bank headquartered in New England. People’s has focused on municipal deposit gathering as a key business line.

Those core banking accounts include the state’s primary bank for concentrating and managing balances and paying out funds to taxpayers, beneficiaries, employees, retirees, lottery winners and others.

The award is pending successful contract negotiations.