BRIDGEPORT, Conn. – People's United Bank, N.A., a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), today announced support and relief initiatives for customers, communities, and businesses experiencing hardship as a result of COVID-19 that may include loss of work and business revenue, or increased requests for non-profit aid.
“As a community-oriented bank, we have a responsibility to ensure the health and well-being of our customers, colleagues, and communities, especially during this time of uncertainty,” said Jack Barnes, Chairman & CEO, People’s United Bank. “Consistent with our long history of providing support in times of need, these relief initiatives are designed to mitigate the hardship to customers and businesses caused by COVID-19, and support our non-profit partners whose services are critical in easing the pressure of recent events. We encourage our customers and non-profit partners to reach out to our bankers and Community Foundations to discuss individualized approaches to reducing hardship they may be experiencing. Our goal is to provide increased flexibility so that we can collectively emerge from this crisis more united and stronger than ever.”
People’s United’s COVID-19 support and relief initiatives include:
Waiver of Fees: On a case-by-case basis for late/overdraft, ATM fees, CD penalty waivers, and postponement of some planned fee changes for April 1, 2020.
Consumer Loans: Individualized support is available, which includes a 90-day foreclosure moratorium on eligible residential loans for customers who may need it. Customers should contact People’s United’s loss mitigation team to discuss repayment and forbearance support at 1 (800) 463-0416.
Business Loans: Individualized support is available for clients who may need it. Clients should contact their relationship manager or local branch directly to discuss.
Business Credit Card: Offering extended payment terms and waiving associated fees from April 1 to May 31.
SBA, State, Municipal Support: Access to government enacted SBA emergency loans and curated educational resources, as well as state or municipal loan programs for customers seeking assistance.
Community Support: Actively engaging with community organizations and government officials to ensure a coordinated approach that complements national, state, and local relief efforts. Monetary support will be provided to response funds and non-profits who are meeting the basic needs of vulnerable populations, including low-income residents, first responders, healthcare workers, and small businesses.
Barnes added, “Our primary focus remains on the safety and well-being of our employees, customers, and communities, while providing the level of support and service they’ve come to expect.”
In addition, People’s United has implemented a prevention and social distancing protocol company-wide that includes a remote-enabled workforce where possible, and additional paid-time-off for those who are unable to work remotely. The Bank has also augmented branch service, including reduced hours and appointment-only banking, limiting foot-traffic, and focusing on serving customers through the Bank’s digital and online channels, ATMs, drive-ups, and phone banking, from which customers can conduct many of the same transactions as they would in a branch.
Additional relief may be available to the Bank’s customers on an individualized basis. Customers should contact their relationship manager, branch banker, or customer service at 1 (800) 894-0300 for assistance. The Bank will continue to evaluate the situation and relief measures may be subject to change.
Please visit the Bank’s dedicated COVID-19 webpage for updates on branch hours and educational resources with preventive tips and articles designed to help guide customers through this time of hardship, and protect against COVID-19 related scams.
About People’s United Bank, N.A.
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 approximately $59 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 and insurance solutions. The company also provides specialized commercial services to customers nationwide.