The parent company of Bridgeport-based People”™s Bank completed its initial public offering of stock, raising $3.4 billion.
Selling at $20 per share, stock of People”™s United Financial Inc. gained 75 cents on its first day of trading following the bank”™s “second step” offering, which completed its conversion from a mutual holding company structure to public ownership.
People”™s shares are trading under the ticker symbol “PBCTD” on the Nasdaq Global Select Market for 20 days beginning April 16, after which they will use the symbol “PBCT.”
People”™s immediately donated $20 million to the People”™s Community Foundation, a new organization the company established to funnel donations into communities where People”™s Bank operates.
The bank has indicated that it may use some of the IPO proceeds for acquisitions. As first reported by the Fairfield County Business Journal, People”™s is in the process of opening its first branch in downtown White Plains, N.Y., its first in New York. In a regulatory document this month, the bank reiterated plans to open seven branches in Westchester County this year.
In 2006, People”™s had a $127 million profit, and $9.4 billion in loans outstanding, with loans up 9 percent from 2005.
Income declined 8 percent in commercial banking, reflecting in part lower loan-prepayment penalties in commercial real estate, and higher amortization expenses in its commercial equipment leasing business.
At the close of 2006, the company had 2,360 full-time employees and 500 part-time workers.
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