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PBCT on NASDAQ

People's United Financial

Logo: People's United Financial, Inc., Public domain, via Wikimedia Commons5

American banking company

People's United Financial, Inc., was an American bank holding company that owned People's United Bank. The bank operated 403 branches in Connecticut, southeastern New York State, Massachusetts, Vermont, Maine, and New Hampshire. It was the second-largest full-service bank in New England, one of the largest in the northeast, and the 46th-largest in the United States.3 Its shares trade on NASDAQ under the symbol PBCT.1 It ceased to exist in 2022.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1842Founded1

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  • TickerPBCT on NASDAQ1
  • Industryeconomics of banking, financial sector, financial services1
  • HeadquartersBridgeport1
  • Websitewww.peoples.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business addressC/O People'S Bank, 850 Main Street, Bridgeport, Ct 066046
  • Filer categoryLarge accelerated filer6
  • LEIROPY7PEPIPIDJNF0BO694
  • StatusInactive4
  • LEI statusRetired4
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 42450964

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Photo: MrFib, CC BY-SA 4.0, via Wikimedia Commons8

People's United Financial, Inc., was an American bank holding company that owned People's United Bank. The bank operated 403 branches in Connecticut, southeastern New York State, Massachusetts, Vermont, Maine, and New Hampshire. It was the second-largest full-service bank in New England, one of the largest in the northeast, and the 46th-largest in the United States.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income910111213$604.9M in 2021+133% since 2015
0$200.0M$400.0M$600.0M$800.0M2015: $260.1M$260.1M20152016: $281.0M$281.0M2016+8%2017: $337.2M$337.2M2017+20%2018: $468.1M$468.1M2018+39%2019: $520.4M$520.4M2019+11%2020: $219.6M$219.6M2020−58%2021: $604.9M$604.9M2021+175%
Fiscal year20152016201720182019202020212022
Interest$136.8M9$155.1M10$201.9M11$320.3M12$468.8M13$239.2M13$102.2M13
Income before tax$757.2M13
Income tax$130.4M9$128.5M10$129.9M11$108.2M12$132.0M13$129.0M13$152.3M13
Net income$260.1M9$281.0M10$337.2M11$468.1M12$520.4M13$219.6M13$604.9M13
Earnings per share$0.869$0.9210$0.9811$1.3012$1.2813$0.4913$1.4013
Earnings per share (diluted)$0.869$0.9210$0.9711$1.2912$1.2713$0.4913$1.3913
Shares (weighted, basic)420.8M shares13
Shares (weighted, diluted)424.5M shares13

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Corporate structure

People's United Financial sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of People's United Financial

  • People's United Financial Bridgeport, Connecticut, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What People's United Financial reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$48.0M13 Dec 31, 2021$51.1M13 Dec 31, 2020−6.1%
Buildings and improvements$303.5M13 Dec 31, 2021$313.6M13 Dec 31, 2020−3.2%
Furniture and fixtures$280.7M13 Dec 31, 2021$277.3M13 Dec 31, 2020+1.2%
Leasehold improvements$166.5M13 Dec 31, 2021$169.6M13 Dec 31, 2020−1.8%
Property and equipment, before depreciation$798.7M13 Dec 31, 2021$811.6M13 Dec 31, 2020−1.6%
Accumulated depreciation$556.9M13 Dec 31, 2021$534.9M13 Dec 31, 2020+4.1%
Property and equipment, net$241.8M13 Dec 31, 2021$276.7M13 Dec 31, 2020−12.6%
Finance-lease assets$2.1M13 Dec 31, 2021$2.3M13 Dec 31, 2020−8.7%
Operating-lease assets (leased space)$210.6M13 Dec 31, 2021$234.9M13 Dec 31, 2020−10.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$10.6B13 Dec 31, 2021$4.2B13 Dec 31, 2020+149.6%
Marketable securities, current$10.3B13 Dec 31, 2021$3.8B13 Dec 31, 2020+172.7%
Debt securities available for sale$4.9B12 Dec 31, 2020$3.6B12 Dec 31, 2019+38.2%
Debt securities held to maturity$4.0B12 Dec 31, 2020$3.9B12 Dec 31, 2019+3.3%
Equity securities at fair value$013 Dec 31, 2021$5.3M13 Dec 31, 2020−100.0%
Stakes in other companies (equity method)$14.4M13 Dec 31, 2021$14.7M13 Dec 31, 2020−2.0%
Loans, net of allowance$37.5B13 Dec 31, 2021$43.4B13 Dec 31, 2020−13.7%
Deposits held (banks)$53.8B13 Dec 31, 2021$52.1B13 Dec 31, 2020+3.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$2.7B13 Dec 31, 2021$2.7B13 Dec 31, 20200%
Intangible assets, net (excluding goodwill)$127.8M13 Dec 31, 2021$165.1M13 Dec 31, 2020−22.6%
Finite-lived intangibles, gross$536.5M13 Dec 31, 2021$536.5M13 Dec 31, 20200%
Accumulated amortization$408.7M13 Dec 31, 2021$371.4M13 Dec 31, 2020+10.0%
Finite-lived intangibles, net$127.8M13 Dec 31, 2021$165.1M13 Dec 31, 2020−22.6%

The story

The company was founded in 1842 as Bridgeport Savings Bank in Bridgeport, Connecticut. After acquiring People's Bank of Vernon, CT, in 1983, the company was renamed People's Bank. It then acquired several other banks in New England to become the second largest in the region.

In 1985, the company began issuing credit cards, but by 2004, it sold its credit card division to the Royal Bank of Scotland at a premium of $360 million. The company moved to a new headquarters building designed by Richard Meier in 1989.

On June 7, 2007, the bank changed its name to People's United Bank.

In February 2008, a data storage company, Archive America, lost backup tapes in transit containing the "names, birthdays, Social Security numbers and other information" of customers of the bank and of The Bank of New York Mellon. On November 22, 2010, the bank opened its first location in Boston.

People's United was notably selected to manage the core bank accounts for the Commonwealth of Massachusetts in November 2016, and was also selected to manage the core bank accounts for the state of Vermont in August 2017.

On February 22, 2021, M&T Bank, based in Buffalo, New York, announced an agreement to acquire People's United Bank in an all-stock transaction valued at approximately $7.6 billion.

Acquisition history

From its founding as Bridgeport Savings Bank to the present, People's United has acquired several banks and other financial institutions in New England including:

20th century

1955: acquired Southport Savings Bank

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1981: acquired the assets of First Stamford Bank and Trust Company

1982: acquired Guardian Federal Savings and Loan Association of Bridgeport

1986: acquired First Federal Savings Bank

1991: acquired the deposits of Hartford-based Landmark Bank

1998: acquired Norwich Financial Corporation for $164 million in cash

21st century

January 1, 2008: acquired Chittenden Corporation for $1.9 billion Also in 2008, the bank acquired Ocean Bank of New Hampshire, Maine Bank & Trust, Merrill Merchants Bank, Flagship Bank, and Bank of Western Massachusetts.

February 2010: acquired Financial Federal Corporation, an equipment financing company

April 2010: acquired Butler Bank, which was seized by the Federal Deposit Insurance Corporation

December 2010: acquired LSB Corporation and Smithtown Bancorp

July 2011: acquired Danvers Bancorp

2012: acquired 57 branches in the greater New York metro area from Royal Bank of Scotland, including 53 branches in Stop & Shop supermarkets

October 2015: People's United subsidiary acquired Kesten-Brown Insurance

April 2017: acquired Suffolk Bancorp

July 2017: acquired LEAF Commercial Capital

June 2018: People's United Bank agreed to purchase Farmington Bank in a deal valued at $544 million

November 2019: acquired Connecticut-based United Financial Bancorp.

From Wikipedia’s article on People's United Financial, shared under CC BY-SA 4.0.7

Leadership

Who has led People's United Financial, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Philip R. Sherringham2007–2010
  2. John P. Barnes2010–2022

Chair

  1. John P. Barnes2019–2022

President

  1. Philip R. Sherringham2008–2010
  2. John P. Barnes2010–2019
  3. Jeffrey J. Tengel2019–2022

Chief financial officer

  1. Philip R. Sherringham2007–2008
  2. Paul D. Burner2008–2011
  3. Kirk W. Walters2011–2013
  4. R. David Rosato2016–2022
197019801990200020102020
Board members and other officers (47)

Timeline

  1. Apr 22, 2022Dissolved Dissolved1
  2. Apr 4, 20228-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights72
  3. Mar 8, 20228-K Other events73
  4. Feb 18, 20228-K Entered a material agreement; Other events74
  5. Jan 21, 20228-K Results of operations75
  6. Dec 20, 20218-K Shareholder vote76
  7. Nov 8, 20218-K Regulation FD disclosure77
  8. Oct 21, 20218-K Results of operations78
  9. Jul 26, 2010New chief executive John P. Barnes becomes CEO18
  10. Dec 4, 2007New chief executive Philip R. Sherringham becomes CEO19
  11. Mar 26, 1990Went public Listed on NASDAQ1
  12. 1842Founded Founded1

Calendar

When it reported results

  1. Jan 21, 2022Reported quarterly or annual results75
  2. Oct 21, 2021Reported quarterly or annual results78

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

90 filings to the SEC since October 2021: 2 annual reports, 1 quarterly reports, 7 major events, 59 insider forms, 4 large holders, 17 other. The latest 20:

  1. Feb 13, 202313F-NT EDGAR
  2. Nov 14, 202213F-NT EDGAR
  3. Aug 5, 202213F-NT EDGAR
  4. May 10, 202213F-HR EDGAR
  5. Apr 15, 202215-12B EDGAR
  6. Apr 8, 2022SC 13G EDGAR
  7. Apr 4, 20224 PRIMARY DOCUMENT EDGAR
  8. Apr 4, 20224 PRIMARY DOCUMENT EDGAR
  9. Apr 4, 20224 PRIMARY DOCUMENT EDGAR
  10. Apr 4, 20224 PRIMARY DOCUMENT EDGAR
  11. Apr 4, 20224 PRIMARY DOCUMENT EDGAR
  12. Apr 4, 20224 PRIMARY DOCUMENT EDGAR
  13. Apr 4, 20224 PRIMARY DOCUMENT EDGAR
  14. Apr 4, 20224 PRIMARY DOCUMENT EDGAR
  15. Apr 4, 20224 PRIMARY DOCUMENT EDGAR
  16. Apr 4, 20224 PRIMARY DOCUMENT EDGAR
  17. Apr 4, 20224 PRIMARY DOCUMENT EDGAR
  18. Apr 4, 20224 PRIMARY DOCUMENT EDGAR
  19. Apr 4, 20224 PRIMARY DOCUMENT EDGAR
  20. Apr 4, 20224 PRIMARY DOCUMENT EDGAR

The 90 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 0 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Feb 3, 2022Tengel Jeffrey JPresidentSale302,634$19.78$6.0MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Members of Congress who traded it

6 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Mar 3, 2022Joe CourtneyDemocratic, HouseSale$15,001 - $50,000Report
Apr 2, 2020Dean Phillips, HouseBuy$1,001 - $15,000Report
Dec 18, 2019John B. LarsonDemocratic, HouseSale$1,001 - $15,000Report
Jun 24, 2019Donna Shalala, HouseSale$1,001 - $15,000Report
Feb 6, 2019Donna Shalala, HouseBuy$1,001 - $15,000Report
Feb 6, 2019Donna Shalala, HouseBuy$1,001 - $15,000Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How People's United Financial is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPeople's United Financial, Inc.2
  • CIK0001378946
  • Filer statusLarge accelerated filer2
  • Incorporated inDelaware2
  • Fiscal year endsDecember 312
  • Industry code (SIC)6035 Savings Institution, Federally Chartered2
  • Business addressC/O People'S Bank, 850 Main Street, Bridgeport, CT 066042
  • Phone203-338-41142
  • Shares outstanding431,316,352 as of Mar 2, 202217
  • Public float$7.3B as of Jun 30, 202117
  • On EDGAR sinceNov 2, 20052
  • Filings1,625 in all: 4 (883), 8-K (235), 425 (81), 13F-HR (60), 10-Q (45), 3 (45), SC 13G/A (30), 4/A (24)2
    All 42 form types

    11-K (21), UPLOAD (21), CORRESP (19), 10-K (16), DEF 14A (15), SC 13G (15), 424B3 (14), DEFA14A (14), S-4/A (10), S-8 POS (9), EFFECT (8), S-4 (8), S-8 (7), 3/A (5), 8-K/A (4), S-1/A (4), S-3ASR (4), 13F-NT (3), 424B2 (3), PRE 14A (3), 10-K/A (2), 8-A12B (2), CERTNAS (2), FWP (2), SE (2), 15-12B (1), 25-NSE (1), 424B5 (1), ARS (1), DEFM14A (1), DEFR14A (1), POSASR (1), S-1 (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Mar 1, 2022
    Quarterly report (10-Q) Nov 9, 2021
    Proxy statement (DEF 14A) Nov 19, 2021
    Latest 8-K (8-K) Apr 4, 2022

Sources

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    SEC EDGAROther events
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