People’s United Bank in Stamford CT Will Close
Having been in business for almost three centuries, People’s United Bank is a Connecticut state-chartered bank with twelve employees at its Stamford location. However, with its recent acquisition by M&T Bank, the local community will have to face some major changes in the months to come. Several branches will close, including a number of Stop & Shop supermarket locations. And while the bank will still be offering several services, some customers may find themselves left out in the cold.
As of September 30th, People’s United had $7.0 billion in assets, compared to $8.3 billion in April. It has a full service retail office at 1937 West Main Street in Stamford, with 12 employees, according to its website. The company also has offices in New London, Newton and Bridgeport, with its headquarters in Bridgeport. During its long and illustrious history, it has acquired several other banks, most notably the former Glastonbury Bank and Trust Company in Bristol, which was renamed First Massachusetts Bank, National Association (FBNA).
Among its many offerings, the company’s e-bill service is the most notable. It offers electronic billing and account aggregation for vendors, as well as a mobile app for checking account holders. In order to make the most of its mobile app, the company has partnered with Visa to offer the company’s cardholders a bonus for signing up. This is in addition to a special promotion extending through the end of August for an introductory interest rate. Customers can expect to see some initial changes this Friday, with the bulk of the conversion to take place over Labor Day weekend.
One of the things that the people at People’s United are most proud of is its customer service. In a press release announcing the aforementioned deal, the company said it will make a few changes to help ensure that its customer experience is “as positive as possible.” These changes include closing the bank’s one-of-a-kind E-Bills service, which will be converted to a M&T bank-to-bank transfer option. Also, some of the bank’s more popular products and services, like its high-interest savings accounts, will be discontinued, while others will be augmented or improved. While the new system isn’t yet up and running, officials are encouraging customers to sign up for the company’s new Zelle service, a peer-to-peer money transfer service.
Despite its numerous innovations and impressive offerings, the folks at People’s United are facing a tough transition, as M&T Bank will be taking over their assets and converting two of their systems. According to the filing, the company will cut its workforce by nearly a quarter of a million, and will close some of its more notable achievements, like the aforementioned E-Bills service. Meanwhile, the company has a number of other plans to improve the customer experience, such as enhancing its online banking, mobile, and digital channels. A company representative has confirmed that the company will be making a major push to help people understand how to get the most out of its services and products, and said the company is in the process of planning its first employee orientation event, which will take place on October 1.
One of the more exciting parts of this merger will be the integration of Peoples’ renowned e-bill service into the M&T Bank system, which will help improve the bank’s efficiency, while at the same time benefiting its customer base. With this consolidation, the people at People’s United will be able to concentrate their attention on other aspects of the banking business.