February 10, 2015

People's United cedes its S&L charter

Bridgeport financial giant People's United Bank, one of the nation's oldest and largest savings and loans, is now a nationally chartered bank, a regulatory filing shows.

The U.S. Comptroller of the Currency last Friday approved People's application to convert from a federally chartered savings bank to a national banking association, according to the bank's 8-K filing Monday with the Securities and Exchange Commission.

People's United Bank N.A. is its new name.

This follows approval last Dec. 16 from the Federal Reserve Bank of New York for People's United Financial to become a bank holding company, in accordance with national-bank guidelines, once its charter conversion was completed, the filing said.

"The company believes that the national bank charter is better aligned with the bank's commercial banking business model,'' People's said in the SEC filing. "Conversion to the new charter is expected to become effective later this month."

Founded in 1842 as Bridgeport Savings Bank and renamed People's Bank in 1983 and People's United in 2007, the lender has more than $28 billion in assets and hundreds of branches throughout New England.

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