BRIDGEPORT, Conn., March 24, 2020 /PRNewswire/ -- People's United
Bank, N.A. a subsidiary of People's United Financial, Inc. (NASDAQ:
PBCT), today announced support and relief initiatives for
customers, communities, and businesses experiencing hardship as a
result of COVID-19 that may include loss of work and business
revenue, or increased requests for non-profit aid.
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"As a community-oriented bank, we have a responsibility to
ensure the health and well-being of our customers, colleagues, and
communities, especially during this time of uncertainty," said
Jack Barnes, Chairman & CEO,
People's United Bank. "Consistent with our long history of
providing support in times of need, these relief initiatives are
designed to mitigate the hardship to customers and businesses
caused by COVID-19, and support our non-profit partners whose
services are critical in easing the pressure of recent events. We
encourage our customers and non-profit partners to reach out to our
bankers and Community Foundations to discuss individualized
approaches to reducing hardship they may be experiencing. Our goal
is to provide increased flexibility so that we can collectively
emerge from this crisis more united and stronger than ever."
People's United's COVID-19 support and relief initiatives
include:
- Waiver of Fees: On a case-by-case basis for
late/overdraft, ATM fees, CD penalty waivers, and postponement of
some planned fee changes for April 1,
2020.
- Consumer Loans: Individualized support is available,
which includes a 90-day foreclosure moratorium on eligible
residential loans for customers who may need it. Customers should
contact People's United's loss mitigation team to discuss repayment
and forbearance support at 1 (800) 463-0416.
- Business Loans: Individualized support is available for
clients who may need it. Clients should contact their relationship
manager or local branch directly to discuss.
- Business Credit Card: Offering extended payment terms
and waiving associated fees from April
1 to May 31.
- SBA, State, Municipal Support: Access to government
enacted SBA emergency loans and curated educational resources, as
well as state or municipal loan programs for customers seeking
assistance.
- Community Support: Actively engaging with community
organizations and government officials to ensure a coordinated
approach that complements national, state, and local relief
efforts. Monetary support will be provided to response funds and
non-profits who are meeting the basic needs of vulnerable
populations, including low-income residents, first responders,
healthcare workers, and small businesses.
Barnes added, "Our primary focus remains on the safety and
well-being of our employees, customers, and communities, while
providing the level of support and service they've come to
expect."
In addition, People's United has implemented a prevention and
social distancing protocol company-wide that includes a
remote-enabled workforce where possible, and additional
paid-time-off for those who are unable to work remotely. The Bank
has also augmented branch service, including reduced hours and
appointment-only banking, limiting foot-traffic, and focusing on
serving customers through the Bank's digital and online channels,
ATMs, drive-ups, and phone banking, from which customers can
conduct many of the same transactions as they would in a
branch.
Additional relief may be available to the Bank's customers on an
individualized basis. Customers should contact their relationship
manager, branch banker, or customer service at 1 (800) 894-0300 for
assistance. The Bank will continue to evaluate the situation
and relief measures may be subject to change.
Please visit the Bank's dedicated COVID-19 webpage for updates
on branch hours and educational resources with preventive tips and
articles designed to help guide customers through this time of
hardship, and protect against COVID-19 related scams.
About People's United Bank
People's United Bank, N.A.
is a subsidiary of People's United Financial, Inc., a diversified,
community-focused financial services company headquartered in the
Northeast with approximately $59
billion in assets. Founded in 1842, People's United Bank
offers commercial and retail banking through a network of over 400
retail locations in Connecticut,
New York, Massachusetts, Vermont, New
Hampshire and Maine, as
well as wealth management and insurance solutions. The company also
provides specialized commercial services to customers
nationwide.
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SOURCE People's United Bank