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People's United Financial, Inc. (NASDAQ: PBCT) will hold a conference call on October 22, 2020, at 5 p.m. EDT, to discuss its third quarter 2020 earnings results. This follows the release of the results at approximately 4 p.m. on the same day. The call will be accessible via the company's investor relations website and archived for 90 days for future reference. With over $61 billion in assets, People's United Bank operates across several states in the Northeast, offering a wide range of financial services.
People's United Bank (NASDAQ: PBCT) announced a definitive agreement to sell People's United Insurance Agency (PUIA) to AssuredPartners for $120 million in cash, expected to close in Q4 2020. This transaction represents a 3.7x multiple of LTM revenue. The sale enables People's United to monetize its investment in PUIA and shift focus towards core banking and digital services. AssuredPartners, a rapidly growing insurance agency with a strong national presence, will enhance PUIA's customer service capabilities.
As of September 11, 2020, People's United Financial (NASDAQ: PBCT) reported a significant reduction in loans in forbearance, totaling approximately $1.6 billion, down from over $7.1 billion at the end of Q2 2020. This reduction includes approximately $1.4 billion in second deferrals and $249 million still under the first deferral period. CEO Jack Barnes highlighted the concentration of deferrals in the hospitality sector but expressed confidence in the resilience of hotel operators within their portfolio, reflecting the company's conservative underwriting practices.
People's United Advisors announced the appointment of Anne Donahue and David Murphy as senior executives, enhancing its wealth management capabilities in New York and Massachusetts. Both leaders bring over 30 years of experience in wealth management, focusing on business development and client retention. Donahue previously held roles at U.S. Bank and The Bank of New York Mellon, while Murphy has a rich background at Boston Private Wealth and TD Bank Wealth. Their appointments aim to strengthen client relationships and tailor wealth solutions amidst economic uncertainty.
People's United Bank has established a Business Transformation Office (BTO) to enhance its digitization efforts, process optimization, and Fintech collaborations. This initiative aims to create value-added, digitally driven products tailored to customer expectations. CEO Jack Barnes emphasized the need for personalization and innovative solutions in banking.
Ravi Vakacherla will lead the BTO, focusing on strategic advancements over the next three years to retain and attract customers, aligning with evolving market demands.
People's United Financial, Inc. (NASDAQ: PBCT) has declared a quarterly cash dividend of $0.3515625 per share on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock. This dividend is scheduled for payment on September 15, 2020 to shareholders on record as of September 1, 2020. The company, which operates over 400 locations across several northeastern states and has total assets surpassing $61 billion, continues its commitment to returning value to its shareholders.
People's United Bank announced the appointment of Jan Garvey as SVP, Head of Treasury Management Products on July 15, 2020. Garvey brings over 25 years of experience in financial services, particularly in product and sales management. She previously served at CIT Bank, where she drove strategic growth in treasury management. In her new role, she will focus on product strategy development, leveraging technology, and enhancing customer experience. This appointment is part of the bank's ongoing growth and digital transformation efforts.
People's United Bank announced the launch of AlwaysChecking, a premium digital identity and credit protection service in partnership with Experian, exclusively for personal checking account customers. This service offers comprehensive monitoring, including credit, family, and online monitoring, all from a user-friendly dashboard. Users receive alerts for potential breaches, along with 24/7 access to Identity Care Specialists for assistance. This initiative aims to enhance customer security and differentiate the bank in a competitive market, reflecting a commitment to safeguarding customers' digital identities.
People's United Bank has expanded its Treasury Management Payment offerings by partnering with FIS and MineralTree to launch advanced Accounts Payable (AP) automation solutions. This initiative aims to enhance the client experience and streamline traditionally paper-based processes with secure digital capabilities. The Integrated Payables solution allows clients to manage payments efficiently, while MineralTree's Invoice-to-Pay solution integrates with existing ERPs for digitized invoice handling. The bank focuses on investing in technology to support client business continuity, especially during challenging times.
People's United Financial (NASDAQ: PBCT) will host a conference call on July 23, 2020, at 5 p.m. EDT to discuss its Q2 2020 earnings results, following the release at approximately 4 p.m. The call will be accessible via the company’s investor relations website, where it will also be archived for 90 days.
People's United Bank, a subsidiary with over $60 billion in assets, provides comprehensive financial services through more than 400 retail locations across the Northeastern U.S.
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