December 18, 2002
People's Celebrates Milestone Anniversary
Financial Services Institution Marks 160 Years in Business
People's Bank will celebrate its 160th anniversary on Dec. 24. It was on that date in 1842 that the bank, originally chartered as the Bridgeport Savings Bank, accepted its first deposit. At a time when most banks served only commercial businesses, People's defined itself as a bank for the middle class. These customers were people of moderate means: the farmers, seafarers and small business owners.
In the early years, the bank encouraged working people to be thrifty, and its goals included "the extinction of pauperism and the advancement of morals." Deposits at the end of the first week of business totaled $97.
The bank's first employees were leading citizens in Bridgeport, and they accepted no salaries. It was 10 years before a clerk was hired at $2 per week.
Other interesting historical facts:
1880s - Loans P.T. Barnum $10,000 to build a model community of homes - complete with an 8-acre park for recreation - on Bridgeport's East Side.Circa 1900 - Hires its first female employee, believed to be the first female staff member employed by any bank in Connecticut.1917 - Begins "Save Where You Work" program at Remington Arms. The program makes it easier for blue collar workers to save a portion of their pay by sending bank staff directly to factory. Grows into a large, on-the-job banking program, at one time serving as many as 150 companies.1927 - First merger and a new name: People's Savings Bank.1930s - Advances $1 million to pay delinquent taxes of mortgage borrowers, thereby enabling them to keep their homes. Every dollar was repaid by the borrowers.1945 - Pays depositors a "victory dividend" after the Japanese surrender at the end of World War II.1953 - Opens first branch - in Stratford.1960s - Boasts largest Christmas Club customer base at a savings bank in the U.S.1976 - Introduces Telephone Banking, becoming the first bank in the U.S. to offer this service.1983 - Another name change: People's Bank. People's Securities, Inc. opens for business.1985 - Establishes Commercial division, and Trust and Credit Card departments.1988 - Forms a mutual holding company and does IPO on Nasdaq.1989 - Builds 16-story headquarters in Bridgeport.1995 - Introduces PC Banking and begins partnership with Stop & Shop Companies.1998 - Acquires People's Capital and Leasing Corp., Olson Mobeck & Associates, Inc. and Norwich Savings Society.1999 - Serves as lead bank for financing on Adrien's Landing project in Hartford;Acquires insurance firms RC Knox & Co., Inc. and Beardsley, Brown & Bassett.2000 - Opens first People's Financial Center™ - in Trumbull.2002 - Announces partnership with UConn. People's will support UConn's nationally recognized sports programs as "the official banking partner of the UConn division of athletics," and will serve the university community's financial needs through a new branch office in the state-of-the-art UConn Co-Op.
People's (peoples.com) is a diversified financial services company providing commercial, consumer, insurance and investment services. Founded in 1842, it is the largest state-chartered bank in Connecticut with managed assets of $13 billion, 155 branches and over 230 ATMs. People??s is a leader in consumer and commercial banking, residential lending, insurance sales, supermarket banking and is the nation's 16th-largest issuer of MasterCard and Visa credit cards. People's subsidiaries offer brokerage services, asset management, equipment financing and leasing, and insurance services.
# # #To receive an electronic photo of a cake-cutting ceremony held at People's headquarters, please contact Kelly Wallace at kgwalla@peoples.com.People's Bank. Opening possibilities in Connecticut for 160 years.
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