Pitney Bowes Inc. is one of the top small-business lenders in the nation, as ranked by Entrepreneur magazine using data from the U.S. Small Business Administration.
Stamford-based Pitney Bowes provides financing for customers of its mailing systems, which are used both by small businesses and large corporations. The company was the second-ranked provider of small-business loans of less than $1 million, and the third for micro loans of less than $100,000. American Express was the only other company to rank higher on both lists.
Bridgeport-based People”™s United Financial Inc. cracked the top 20 for small-business loans, while Waterbury-based Webster Financial Inc. made the list of top micro-loan providers.
PEOPLE”™S UNITED
People”™s United Financial is erasing the Chittenden name from the Vermont bank it acquired in 2008, as well as from several subsidiaries it acquired in Massachusetts, Maine and New Hampshire.
Named for Vermont”™s first governor and largest county, Chittenden traces its history to 1904. As part of the acquisition, People”™s United also bought the Bank of Western Massachusetts, Flagship Bank, Merrill Bank, Maine Bank and Trust, and Ocean Bank. All will convert to the People”™s United brand.
For the second time, People”™s United finds itself facing a trademark dispute in Massachusetts. After the company revealed plans to enter the Boston market, Brighton, Mass.-based Peoples Federal Savings Bank sued in federal court seeking an injunction preventing People”™s United from using its name in Massachusetts and unspecified monetary damages. Peoples Federal says it has used derivatives of the Peoples moniker since 1937; the bank has a half-dozen branches in the Boston area.
In December 2008 Holyoke, Mass.-based PeoplesBank sued People”™s United over similar concerns, with the case still in litigation.
WEBSTER FINANCIAL
Webster Financial Inc. saw non-performing loans drop 9 percent between the first and second quarter, when it recorded net income of $17.6 million.
The Waterbury-based owner of Webster Bank reported increased loan originations of 46 percent over the past three months.
“Webster”™s performance continues to strengthen as credit trends and earnings have improved,” said CEO James Smith, in a prepared statement. “Our results signal clearly that the regional economy is slowly recovering.”
