BRIDGEPORT, Conn., May 28, 2020 /PRNewswire/ -- People's United
Bank, N.A. a subsidiary of People's United Financial, Inc. (NASDAQ:
PBCT) today announced that is has registered and obtained approval
for more than 16,000 Paycheck Protection Program (PPP) loans
through the U.S. Small Business Administration (SBA), delivering
more than $2.5 billion to business
customers. These loans supported the paychecks of more than 250,000
employees across the Northeast.
"We knew the Paycheck Protection Program was going to be in high
demand, and we brought together employees bank-wide, not just
cross-functionally but across multiple lines of business, to
establish the required infrastructure to allow us to begin
accepting and processing PPP loans as quickly as possible," said
Jack Barnes, CEO, People's United
Bank. "As a result, we were among a small group of banks that were
first to submit a significant number of customer applications to
the SBA, giving our customers confidence in knowing that they would
receive this critical funding. These loans serve as a lifeline for
business owners, their employees and families, and we are proud to
support them during this challenging time so we can all emerge from
this pandemic stronger, and more united than ever."
Ensuring that PPP loans reached small businesses was an
important objective. Eighty percent of loans processed by
People's United for both phases of funding were for small business
loans under $150,000. In addition,
among the top industries funded include social services &
healthcare, retail, professional services and construction.
"In addition to PPP loans, it is our goal to provide
individualized assistance to customers, including consumer and
business loan forbearance, access to state or municipal loan
programs, and fee waivers, among other types of personalized
relief," added Barnes. "It has taken a tremendous amount of work
from virtually all areas of the bank, working around the clock to
document and fund these loans. We thank our business customers for
their patience during this process, and we are committed to being
here for them through the recovery and beyond, financially strong
and ready to support all of our customers' needs."
Consistent with the Bank's legacy of supporting their
communities, People's United Bank and its two charitable
Foundations have also collectively allocated an anticipated target
of more than $3 million in funding to
our communities and non-profit partners in the face of
COVID-19.
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 more than $60 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.
© 2020 People's United Bank, N.A. | Member FDIC | Equal Housing
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SOURCE People's United Bank