All core state banking business will be funneled through People’s United Bank for the first time, following a competitive bidding process, according to the office of State Treasurer Deborah Goldberg.
Connecticut-based People’s United Bank, which has branches in Central Massachusetts, will take over these services beginning in the first quarter, pending successful contract negotiations, Goldberg’s office announced Wednesday. The core banking services are the state’s primary bank accounts for concentrating and managing balances and the disbursing of funds to taxpayers, beneficiaries, employees, retirees and lottery winners.
People’s United Bank is a wholly owned subsidiary of People’s United Financial, Inc. The bank has more than $40 billion in assets with 5,000 employees and more than 400 branches in Connecticut, Massachusetts, Vermont, New York, New Hampshire and Maine.
