People’s United Sees Earnings Increase 90 percent
In its first full quarter since announcing in late February its sale to Buffalo-based M&T Bank, People’s United saw earnings almost double compared to the same quarter last year.
Community Good Works
From lifting up neighbors doing good to helping raise money for cancer research, local banks and credit unions gave back in many ways recently.
Community Groups Watch for Effects of Mergers
The mergers and acquisitions transforming the Massachusetts banking industry this year will also have a significant effect on another group: the community development organizations that partner with banks on affordable housing and lending programs.
Community Good Works
From paying for the clean-up of a local memorial to helping clean and landscape neighborhood streets, local banks, credit unions and developers helped make their communities better in many ways in recent weeks.
Shareholders Approve People’s United, M&T Deal
The merger of Connecticut-based People’s United Bank into M&T Bank moved a step closer to completion yesterday as the shareholders of both banks’ parent companies approved the deal in special meetings, the banks said in a statement.
People’s United-M&T Merger Faces Lawsuits
Connecticut-based People’s United Bank and M&T Bank face 12 lawsuits challenging their proposed merger and have disclosed additional information about the deal in response to the legal actions.
Mutual Banks Look to Gain from M&A Wave
While the level of turmoil will likely vary with each of the five major mergers planned by banks based locally or with significant presence here, mutual bank leaders see opportunities to gain customers and skilled employees.
Community Good Works
Banks, credit unions and a developer made big donations to fund racial equity and teen health, among other investments in their communities.
Community Good Works
Local banks contributed to a range of causes in recent weeks, from upgrades to local libraries and support for young mothers to support for affordable housing developers.
People’s United Execs to Receive Millions for Non-Compete Agreements
Two People’s United Bank executives will receive multi-million-dollar payments to ensure that they do not compete with M&T Bank for three years after the merger takes place.
Massive Bank Merger Not Expected to Rock the Boat
While M&T’s entry into the market will change the state’s banking landscape, analysts believe the well-run institution will not disrupt the local industry – and it could even open a few opportunities for competitors.
M&T and People’s United Look to Expand Markets With Merger
Buffalo-based M&T Bank will acquire People’s United Bank in a $7.6 billion deal that M&T executives say is more about growth opportunities than cutting expenses.
Personnel File
From new VPs to fresh project managers, see who’s been hired, promoted and honored: it’s The Personnel File.
M&T Bank to Acquire People’s United Bank
The parent company of Buffalo-based M&T Bank has agreed to acquire Connecticut-based People’s United Bank for a deal valued at $7.6 billion.
People’s United Forms Renewable Energy Lending Specialty
People’s United Bank has formed a new corporate banking specialization that will focus in part on the renewable energy industry.
More Branch Closures Ahead
New England will lose dozens of bank branches in the next couple of years as several lenders shutter locations inside supermarkets, as persistently small margin spreads make these locations unprofitable.
People’s United to Close 140 Grocery Store Branches in CT, NY
Connecticut-based People’s United Bank said yesterday it would close 140 branches in Connecticut and New York located inside Stop & Shop stores.
Methuen Man Charged with Four Bank Robberies
A Methuen man has been charged with robbing four Middlesex County banks in August and September, escaping each time on a motorcycle.
Webster, People’s United See Improving Loan Deferrals
The two largest Connecticut-based banks, both with strong presences in Massachusetts, had fewer clients needing loan deferrals during the third quarter compared to the early months of the pandemic.
People’s United to Sell Insurance Division
Bridgeport, Connecticut-based People’s United Bank plans to sell its insurance division to Florida-based AssuredPartners in a cash deal valued at $120 million.
