Trade People's United Financial
United People's Financial, Inc. is a holding company of the American Bank which owns The United People's Bank. The bank operates 403 branches in Connecticut, southeast New York State, Massachusetts, Vermont, Maine and New Hampshire. It is the second largest full-service bank in New England, one of the largest in the Northeast, and ranked 46th in the United States. The company was founded in 1842 as Bridgeport Savings Bank in Bridgeport, Connecticut. In 1955, the company acquired Southport Savings Bank. In 1981, the Bank became the first bank in the country to offer telephone billing. In 1981, the company acquired the assets of First Stamford Bank and The Trust. In 1982, the company acquired the Federal Trustees Association of Savings and Loans in Bridgeport. In 1983, the company acquired the Vernon People's Bank and renamed the People's Bank. In 1985, the company started issuing credit cards. In 1986, the company acquired the first Federal Savings Bank. In 1989, the company moved into a new headquarters building designed by Richard Mayer. In 1991, the company acquired hartford-based Landmark Bank deposits. In 1998, the company acquired Norwich Financial for $164 million in cash. In 2004, the Bank sold its credit card division to the Royal Bank of Scotland at a premium of $360 million. On November 22, 2010, the bank opened its first location in Boston. On June 7, 2007, the bank changed its name to the United People's Bank. On January 1, 2008, the bank acquired Chittenden for $1.9 billion. Also in 2008, the Bank acquired On Ocean Bank of New Hampshire, Maine Bank & Trust, Merrill Bank, Leading Bank, and Bank of Western Massachusetts. In February 2008, the data storage company, The American Archives, lost spare tapes in transit containing "names, birthdays, Social Security numbers and other information" from bank and Bank of New York Mellon customers. In February 2010, the company acquired the Federal Finance Company, an equipment finance company. In April 2010, the company acquired the Butler Bank, which was confiscated by the Federal Deposit Insurance Corporation. In December 2010, the company acquired LSB and Smithtown Bancorp. In July 2011, the company acquired Danvers Bancorp. In 2012, the company acquired 57 branches in the Greater New York Metro area of Royal Bank of Scotland, including 53 branches in Stop & Shop stores. In October 2015, the company's insurance company acquired Kesten-Brown Insurance. In November 2016, the Bank was selected to manage the commonwealth of Massachusetts's core bank accounts. In April 2017, the company acquired Suffolk Bancorp and in July acquired LEAF's commercial capital. In August 2017, the bank was selected to manage Vermont's core bank accounts. In June 2018, The United People's Bank agreed to buy Farmington Bank in a $544 million deal.