It has been a busy month for People’s United Bank both nationwide and right here in Burlington. On July 18th the company awarded $15,000 to the Boys and Girls Club of Burlington. Additionally on July 27th People’s United donated $5,000 to Camp Ta-Kum-Ta. Nationally People’s United and its subsidiaries completed two significant acquisitions.
“People’s United Bank has been an outstanding partner as we work to break the cycle of poverty and create a successful future for our youth” said Mary Alice MacKenzie, Executive Director of the Boys and Girls Club. The $15,000 award supports the Club’s Early Promise program which aims to help members be successful in school and prepare them for education beyond high school.
Over the past five years People’s United Bank has donated $22,000 to Camp Ta-Kum-Ta, a free camp in South Hero for kids dealing with cancer.
People’s United Bank subsidiary People’s Securities, Inc. has entered into a definitive agreement to acquire Gerstein Fisher, a $3 billion, New York City-based investment management firm serving individuals and families, institutions, and third-party platforms. The transaction is expected to bring People’s United Wealth Management’s total assets under administration to nearly $20 billion, of which approximately $8 billion is under discretionary management.Gerstein Fisher manages assets using a quantitative Multi-Factor® approach, which structures portfolios to overweight the factors that leading-edge academic research has identified as having the potential to deliver enhanced returns. “We look forward to bringing the firm’s pioneering Multi-Factor investment approach, as well as the guidance of Gregg Fisher, to our current and future clients,” said Galan Daukas, SEVP, People’s United Wealth Management.
In late June, People’s United also announced a definitive agreement pursuant to which People’s United Financial will acquire Suffolk Bancorp, of Riverhead, NY, the holding company for Suffolk County National Bank, in a 100% stock transaction valued at approximately $402 million.
“[The] strengths of our combined organizations [will] create additional value for all of our stakeholders,” said Howard C. Bluver, President and CEO of Suffolk Bancorp.