BRIDGEPORT, Conn., Dec. 12, 2016 /PRNewswire/ -- As announced by
Massachusetts Treasurer Deborah
Goldberg on November 10,
People's United Bank, N.A., a subsidiary of People's United
Financial, Inc. (NASDAQ: PBCT), has been selected to manage the
Commonwealth's core banking services.
The award is pending successful contract negotiations with the
Commonwealth. Implementation and service changes are expected to
roll out during the first quarter of 2017.
"We are extremely pleased and proud to have been chosen as the
new banking partner of Massachusetts," said Jack Barnes, President and Chief Executive
Officer, People's United Bank. "The award reflects our significant
commitment to serving the people of Massachusetts - one that has extended over
three decades - as well as our dedication to supporting the
Commonwealth's expanding economy."
The core banking services are the Commonwealth'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.
"People's United Bank has demonstrated an exceptional ability to
safeguard our public deposits, serve our residents and support the
financial needs of our communities," said Massachusetts Treasurer
Deborah Goldberg.
"We appreciate the confidence placed in us by Treasurer
Goldberg," said Patrick Sullivan,
Massachusetts President, People's United Bank. "Our strong
municipal relationships within Massachusetts also extend to the cities of
Worcester and Peabody and will soon include services
provided to the City of
Springfield. It is an honor to offer the Commonwealth and
its residents our exceptional customer service and expertise."
Read more about People's United Government Banking & Finance
services at peoples.com.
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 $40 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 nearly 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