People’s United Bank Selected for Core Banking Services
BOSTON — Today Treasurer Deborah Goldberg announced that Peoples United Bank has been selected to manage the state's core banking services. This is the first time People's United has been awarded a banking services contract for the Commonwealth through a competitive bid process.
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 others.
People’s United Bank, a wholly owned subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), was founded in 1842 and is the largest regional bank headquartered in New England. The Bank has grown over the past decade to over $40 billion in assets with 5,000 employees and more than 400 branches in Connecticut, Massachusetts, Vermont, New York, New Hampshire and Maine. In Massachusetts, People’s United is currently providing banking services to the Cities of Worcester and Peabody.
The award is pending successful contract negotiations between the Commonwealth and the bank. Implementation and service changes are expected to roll-out during the first quarter of 2017.