June 26, 2018

People's United's Barnes named chairman

PHOTO | Contributed
PHOTO | Contributed
People's United CEO John "Jack" Barnes.

John "Jack" Barnes, the People's United Financial Inc. chief executive who engineered its pending estimated $544 million buyout of Farmington Bank and its parent and other past bank buys, has added the chairman's post to his leadership mantle.

Barnes succeeds George Carter, who was named lead director, as chair of both institutions as part of People's United's long-term strategic succession plan, the bank said Tuesday.

Barnes announced last week People's United's agreement with Farmington's First Connecticut Bancorp to acquire by year-end its lead bank, with 28 offices and $3.1 billion in assets in central Connecticut and western Massachusetts.

On his watch, Barnes has overseen three other out-of-state acquisitions by People's United in the last two years.

"Jack is uniquely qualified to take on this important role for People's United," Carter said. "His demonstrated ability to successfully lead the bank over the past eight years, combined with his leadership qualities and knowledge of the business, make him the perfect choice to lead the board going forward.''

Barnes has been president and CEO and a director of People's United Financial and its Bridgeport-based flagship bank since July 22, 2010, arriving two years earlier from former Vermont lender Chittenden Corp. after People's acquired it.

Barnes also chairs the People's United Community Foundation.

Carter, the former president of Connecticut Foods Inc. in Shelton, was elected to the People's United board in 1976, and appointed chairman in 2007.

People's United is one of the Northeast's largest regional banks, with $44 billion in assets and nearly 400 branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.

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