People’s Bank of Vernon, CT
The People’s Bank of Vernon, CT has been in business for over 150 years. Since then it has grown into a full service bank with over 5,000 employees and more than 400 retail branches in the New York metro area, as well as in the Northeast. As of September 30, 2022, it had a total of $7.0 billion in assets. In addition, it has over 140 Stop & Shop locations in Connecticut. Moreover, it has a large number of specialized commercial branches and a full service mortgage lending division. Among other things, it is known for its customer service and its commitment to community.
Its flagship location is located in the tallest building in downtown Bridgeport, Connecticut. The People’s Bank Building was designed by Richard Meier. In addition, it is the headquarters of People’s United Financial, Inc., which acquired it in 1983. Aside from its main office, the company has a total of 57 satellite offices, and an insurance agency in addition to its main location.
Among the company’s many products and services are consumer and small business loans, credit cards, deposit accounts, and insurance. They also boast a solid array of mobile banking features, including mobile deposit, m-commerce, and mobile check deposits. Additionally, the company offers its customers a variety of conveniences like remote deposit capture and remote deposit review. Nevertheless, the company’s main purpose is to serve its clients with financial solutions.
One of the highlights of this merger is the five year community growth plan, which will provide loans and investments in low and moderate income communities. Specifically, the plan will provide loans for small businesses and families, a community-focused lending program, and low-cost home equity lines of credit. Also, the bank has a robust mobile and online banking platform and is committed to providing its customers with convenient, on-site locations.
Among the company’s achievements are its first telephonic bill pay service, which it rolled out in 1981. Among its other notable accomplishments are its use of artificial intelligence to improve customer service and reduce costs, and its acquisition of several smaller banks in the New England area. Among its other innovations are its Peoples Premium Finance product line, which allows its customers to borrow up to $100,000 for a term of up to six months. Other notables include its seven-day ATM service and a new website that offers more than 30,000 digital banking products and services.