In 1977, the federal Community Reinvestment Act (CRA) was enacted to encourage regulated deposit-taking
institutions to extend credit to low- and moderate-income communities. CRA updates through the years have
led to the act’s current focus on lending, investment and service tests.
People’s United has an extensive legacy of meeting the needs of all communities in our footprint, including
those of low- or moderate-income. Our long history of serving communities continues as we utilize both our
banking and philanthropic skills to help make a difference throughout our service areas.
The CRA rates a bank’s compliance with its regulations and, after a through review, will assign one of the
following ratings: Outstanding, High Satisfactory, Low Satisfactory, Needs to Improve, or Substantial
Noncompliance. Since the law’s enactment, our company has a proud record of “Outstanding” CRA ratings.
Click to see a map of our assessment
areas.
An individual bank’s performance relative to CRA standards is based on three areas: lending, investment and
service tests.
Community development lending at People’s United Bank is focused on low- and moderate- income households and
communities, and includes a broad array of responsive and specialized products including home mortgages, small
business loans, economic development loans and loans for affordable housing, supportive services and rural
development. The bank uses its own lending capability and partners with a variety of federal and state
agencies to provide responsive lending products.
At People’s United Bank, investing in our communities includes working with the Federal Home Loan Bank of
Boston, purchasing low-income housing tax credits, state tax credits and historic tax credits, and participating
in equity funds designed to meet needs of communities in our banking markets. People’s United Bank
continually reviews opportunities to deploy capital which can lead to successful economic development, job
creation and affordable home ownership.
People’s United Bank provides numerous services to reach all our constituencies. Those services include
our extensive branch network, well-designed and affordable banking products, and a remarkable array of
bank-supported activities including homeowner advocacy, mortgage counseling, nonprofit board membership, loan and
investment committee membership, and volunteerism by our engaged workforce in all banking offices throughout our
six-state footprint. Our community relations and philanthropic activities are coordinated to provide the best
combination of banking expertise and corporate citizenship.
For the lending component of CRA, People’s United Bank has recently made the following loans in our geographic
footprint:
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A. W. Richards Affordable Housing
$5.9 million in construction loan and equity-bridge finance
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Railroad Square
Senior Housing
$3.2 million loan for acquisition and construction
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Finance Authority of Maine
$5.5 million in flexible loans to support business and education
Veazie Village Senior Housing
$2.0 million construction loan and AHP application support
|
Gateway Park in Worcester
$3.6 million in finance for acquisition and redevelopment
South Middlesex Opportunity Council
$3.9 million in total commitments for real estate acquisition and rehab
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Housing Development Fund
$5 million to purchase subordinate mortgages on rehab affordable housing
Connecticut Economic Development Fund
$300,000 capital contribution to small business loan pool
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For the investment component of CRA, People’s United Bank has made the following
investments in our geographic footprint:
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People’s United Bank has approved a active CRA-related investment program
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Investments range from LIHTC partnerships to direct ownership of preferred equity in a minority-owned bank
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In many cases, our real estate and lending expertise allowed for both debt and equity investment to produce
affordable housing
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People’s United Bank and the People’s United Community Foundation provided more than $5 million in CRA-eligible
grants during the recent exam period
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Our credit union deposit program helps keep local credit unions liquid
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Investment committee expertise has aided not-for-profit partners including the New Hampshire CDFA, Northern New
England Housing Investment, and a City of Bridgeport collaborative.
For the service component of CRA, People’s United Bank has made the following investments in our geographic
footprint:
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People’s United Bank continues to be New England’s leading regional bank with 293 branches and $15 billion in
deposits; 76% of our branches are in low, moderate or middle income census tracts
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Deposit products, ATMs, branches and loan products are easily accessible
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Active participation and leadership in FHLB-Boston programs led to numerous Affordable Housing Program (AHP)
loans and Equity Builder loans (EBP)
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Dedicated mortgage outreach and counseling programs kept borrowers in homes; People’s United Bank did
not originate sub-prime mortgages
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283 People’s United Bank employees provided more than 24,000 hours of community development services to 414
organizations
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Boards, loan committees and investment committees throughout our footprint are staffed with knowledgeable
People’s United Bank financial experts.
People’s United Bank seeks to:
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Deliver an “Outstanding” CRA rating for the company
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Build a comprehensive program integrated across divisions and activities of the organization
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Serve communities by satisfying credit, investment and service needs – our highest value is to be an effective
bank with strategy appropriate to each market
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Find partnership opportunities with other financial institutions, government entities and not-for-profits that
share our objectives
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Educate and involve management, staff, board members and community
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Engage and inform our regulator about objectives, progress and challenges
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Rely on area and line managers for strategic guidance, resources and program oversight.
People’s United Bank currently has an "Outstanding" CRA rating.
Equal Housing Lender
