People's United Bank Appoints Stephen Hoffman, Managing Director Utilities, Power and Renewable Energy, Corporate Banking

Rhea-AI Summary

People's United Bank has appointed Stephen Hoffman as Managing Director for its new Utilities, Power and Renewable Energy division within Corporate Banking. This initiative aims to support the transition to clean energy by providing financing and risk management services to energy infrastructure clients, including utilities and renewable energy companies. Hoffman's extensive experience in energy banking positions him to lead this growth opportunity, targeting the anticipated capital investments needed for achieving net-zero emissions by 2035.

Positive

• Appointment of Stephen Hoffman with 25+ years of energy banking experience.
• Launch of a Corporate Banking division focused on renewable energy, aligning with national sustainability goals.
• Potential for significant growth in serving the expanding energy infrastructure sector.

Negative

• None.

BRIDGEPORT, Conn., Feb. 18, 2021 /PRNewswire/ -- People's United Bank, N.A. a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT) today announced that Stephen Hoffman was appointed Managing Director, Utilities, Power and Renewable Energy, Corporate Banking. The newly formed Corporate Banking specialization will focus on clients both public and private that build, own, and operate energy infrastructure. People's United's focus on renewable energy is a part of their commitment to be a part of and support the major transition toward clean power that is underway in the country's energy industry. 

Under Hoffman's leadership, the team will deliver a wide range of financing, risk, and treasury management options. Prospective clients include: Investor-Owned Utilities; Local Distribution Companies; Electric Cooperatives; Municipal Utilities; Transmission Companies; Renewable Energy companies such as solar, wind and battery storage.

"We are excited to welcome Stephen to People's United as we continue to expand our value proposition and strengthen our focus on sustainability, social impact and change in our communities. His industry expertise and understanding of the complexities companies face and how to successfully navigate them, coupled with a relationship-based approach to service directly aligns with our strategy," said Amy Le Blanc Hackett, Managing Director, Corporate Banking, People's United Bank. "The Utilities, Power and Renewable Energy sector is one of the largest industries in the US and presents a significant opportunity for growth. We are thrilled to have Stephen lead this effort."

Hoffman joins People's United with more than 25 years of corporate and commercial banking experience, with a focus on the energy industry. Most recently he served as Managing Director and Director of Energy Banking at Huntington Bank where he founded their Energy Banking Group. Prior to that he was Managing Director for Bank of America's Natural Resources Group where he managed their Natural Resources portfolio, and before that, Director, Fleet Bank Energy and Utilities Division where he managed a portfolio of and mid-sized energy companies nationwide.

"I am excited to join the team at People's United at a time of strategic growth and expansion in their capabilities," said Hoffman. "The power and utilities industry are expected to lead the charge in the ambitious goal of net-zero greenhouse emissions by as early as 2035. These plans will require a significant capital investment and my goal is to serve as a trusted financial advisor to clients undertaking this project of major importance to the country."

The Corporate Banking team at People's United Bank focuses on building long-term relationships with US and multi-national corporations across all major industries. The team of experienced Relationship Managers focus is to deliver solutions and strategic insights to help streamline financial operations and minimize business and market risks, to achieve a Company's long-term goals.

About People's United Bank
People's United Bank, N.A. is a subsidiary of People's United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with more than $63 billion in assets. Founded in 1842, People's United Bank offers commercial and retail banking through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire, and Maine, as well as wealth management solutions. The company also provides specialized commercial services to customers nationwide.

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SOURCE People's United Bank

FAQ

What is the impact of Stephen Hoffman's appointment at People's United Bank?

Stephen Hoffman’s appointment as Managing Director is expected to enhance the bank’s capabilities in the renewable energy sector, leveraging his extensive experience to drive growth in financing and risk management services.

When was Stephen Hoffman appointed at People's United Bank?

Stephen Hoffman was appointed on February 18, 2021.

What does the new Corporate Banking division focus on?

The new Corporate Banking division focuses on utilities and renewable energy, providing tailored financial solutions to clients involved in energy infrastructure.