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.
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SOURCE People's United Bank