BRIDGEPORT, Conn., Aug. 15, 2017 /PRNewswire/ -- As announced
by Vermont State Treasurer Beth
Pearce on August 11, People's
United Bank, N.A., a subsidiary of People's United Financial, Inc.
(NASDAQ: PBCT) has been selected to manage the State of Vermont core banking services.
Implementation and service changes are expected to roll out during
the fourth quarter of 2017.
"We are extremely pleased and proud to have been chosen as the
new banking partner for the State of
Vermont," said Michael
Seaver, President of People's United Bank in Vermont. "The award reflects our significant
commitment to providing high level banking products and services to
organizations and individuals in Vermont, which in turn helps to support
economic growth in the greater Vermont community."
The core banking services are the State of Vermont's primary bank accounts for
concentrating and managing balances and the disbursing of funds to
taxpayers, beneficiaries, employees, retirees and Lottery winners,
among other entities.
"At the Treasurer's Office, we do frequent requests for
proposals to obtain the best value for Vermont taxpayers," said Treasurer
Beth Pearce. "The Treasurer's Office
maintains a complex cash management system to process short-term
investments, revenue streams and expenditures. After an exhaustive
review, we determined that People's United Bank provided the best
value and lowest cost service to the State and Vermont's taxpayers. I look forward to working
with People's United Bank as we continue to optimize the
Treasurer's Office's cash management operations."
About People's United Bank
People's United Bank, N.A.
is a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT),
a diversified financial services company with over $43 billion in assets. People's United Bank,
founded in 1842, is a premier, community-based, regional bank in
the Northeast offering commercial and retail banking, as well as
wealth management services through a network of over 400 retail
locations in Connecticut,
New York, Massachusetts, Vermont, New
Hampshire and Maine.
People's United Bank. "What know-how can
do." ®
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SOURCE People's United Bank, N.A.