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People’s Pulls a Two-Fer
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Business New Haven
11/27/2000
By: BNH
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BRIDGEPORT - Earlier this month, People's Bank proved that it could open more new bank branches in one day than most banks could open in…two days?
Actually, People's is in the middle of an aggressive expansion plan that calls for opening 30 new branches within five years. And on November 17, it did indeed hold two grand openings: branch offices in Super Stop & Shop supermarkets in Seymour and New Britain.
Offering retail customers access to the bank where they shop for other things has been a cornerstone of People's expansion, and it pioneered the tactic in 1979 by opening a branch in Grand Union of Westport. Its alliance with Stop & Shop has been copied by other institutions - e.g., BankBoston (now Fleet) and Shaw's supermarkets.
“We believe our Stop & Shop branches represent the most successful network of supermarket branches in the country,” proclaims Robert R. D'Amore, People's executive vice president for marketing and retail banking.
Founded in 1842, People's is the largest state-chartered bank in Connecticut, with managed assets in excess of $13 billion, 145 branches and some 220 ATMs.
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