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Customer Q&A

Who is People’s United Bank? (www.peoples.com)

People's United Bank, N.A. is a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), a diversified financial services company with $47 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 and insurance services through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire, and Maine.

People’s United has approximately 5,900 employees. Strong, stable, and growing, People’s United closely aligns with Belmont Savings Bank’s values, an important component of this transition for our employees and customers.

People’s United was named to Forbes list of “America’s Best Employers” 2018. In addition, since 2009 Greenwich Associates has granted People's United 35 awards for Excellence in Middle Market Banking and Small Business Banking, including five national and two regional Excellence Awards in 2016.


How will customers benefit from the merger?

People’s United Bank is a strong, stable, highly regarded brand with a rich 176-year history.

Customers will benefit from their broader array of commercial and retail products, enhanced access to technology and digital capabilities, as well as access to over 400 retail locations throughout New England.


Will People’s United support Belmont Savings Bank’s communities?

Community partnership and philanthropy is extremely important to People’s United.

The Bank and its Foundations have provided over $8 Million dollars annually to programs and services that enhance the quality of life in the neighborhoods they serve, and they will continue to do so in our markets.

The People's United Community Foundation and the People's United Community Foundation of Eastern Massachusetts awarded more than 600 grants in 2018 to nonprofit organizations that align with its giving guidelines and funding priorities, with a special emphasis given to programs and services in low-income areas designed to promote economic stability, improve education, and facilitate affordable housing and homeownership.

People’s United Bank also invests in the financial health and well-being of its neighbors through charitable giving and community outreach – including Financial Education, Fraud Prevention, and Employee Volunteer Programs — in addition to community reinvestment initiatives, sponsorships, and community partnerships that make a positive difference in our communities.

In addition, the Belmont Savings Foundation will remain independent and continue to operate after the Peoples United acquisition, ensuring that funds will continue to be reinvested in the Belmont and neighboring communities. The Belmont Savings Foundation has already donated over $1M to organizations in the current bank communities of Belmont, Watertown, Waltham, Newton, and Cambridge.


Will any branches be closing as a result?

There are no plans to close any branches. Branch personnel will not be affected by this acquisition.


When will the acquisition by People’s United be completed?

The acquisition is expected to be completed by the second quarter of 2019.


Will there be any changes to customer account numbers, products or fees?

People’s United will be conducting a careful review of all account numbers, products and fees. If there are any changes, clear communication will be sent to customers well in advance of any changes.


Will my deposits with People’s United be insured by DIF?

DIF insurance will remain in effect through the close of the transaction by the second quarter of 2019. People’s United Bank is a $47 billion FDIC-insured bank with a premium brand built over 176 years. The Bank’s capital ratios are strong, especially given its diversified business mix and a long history of exceptional risk management. FDIC insures up to $250,000 of deposits for each individual. 


As more information becomes available, we will post it to this page.

If you have any questions, please contact us here or contact our executive offices at 617-489-1246.


Read Full Press Release



In connection with the proposed merger, People’s United Financial Inc. (“People’s United”) will file with the SEC a Registration Statement on Form S-4 that will include the Proxy Statement of BSB Bancorp, Inc. (“BSB Bancorp”) and a Prospectus of People’s United. INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. A free copy of the Proxy Statement/Prospectus, as well as other filings containing information about People’s United and BSB Bancorp, may be obtained at the SEC’s Internet site (http://www.sec.gov). Alternatively, these documents, when available, can be obtained free of charge from People’s United upon written request to People’s United Financial, Inc., 850 Main Street, Bridgeport, Connecticut 06604, Attn: Investor Relations, by calling (203) 338-4581, or by sending an email to Andrew.Hersom@peoples.com or from BSB Bancorp upon written request to BSB Bancorp, 2 Leonard Street, Belmont, Massachusetts 02478 Attn: Investor Relations, by calling (617) 484-0613 or by sending an email to John.Citrano@belmontsavings.com. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of BSB Bancorp stockholders in connection with the proposed transaction will be set forth in the Proxy Statement/Prospectus when it is filed with the SEC.

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