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.
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