BRIDGEPORT, Conn., April 22 /PRNewswire/ -- People's United Bank has
entered into an agreement with the Stop & Shop supermarket chain to occupy
the bank branch locations in its Maine Super Stop & Shop stores. The first
Maine Super Stop & Shop supermarket opened in Kennebunk in June 2007. The
bank branch in that store will open in June of this year.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070607/NYTH047LOGO )
"Our relationship with Stop & Shop continues to grow," said Philip R.
Sherringham, President and CEO of People's United Bank. "Our business model
has proven that the convenience of a banking franchise within Stop & Shop
supermarkets works well when it complements a strong regional franchise, as
is the case for People's United Bank in Connecticut. In Maine, People's
United has that same strong regional franchise, as a result of our
acquisition of the Chittenden Corporation. We believe our business model in
Connecticut will be easily replicated in Maine."
"Today, 75 of our 162 Connecticut branches are located in Super Stop &
Shop stores, providing our customers with superior convenience and helping
us deliver an unparalleled customer experience," said Robert R. D'Amore,
Senior Executive Vice President, Retail and Small Business Banking,
People's United Bank. "Our relationship with Stop & Shop also allows us to
leverage our brand with the approximately 1.9 million shoppers who visit
Connecticut Super Stop & Shop stores every week."
"Stop & Shop is pleased to have the opportunity to extend its
relationship with People's United Bank beyond Connecticut's borders," said
John Hernon, Vice President of Leasing and Asset Management for the Stop &
Shop Supermarket Co. "Jointly, People's United, one of our first in-store
partners, and Stop & Shop have identified the synergies of convenience and
volume that exist for our customers who may shop and bank in the same
trip."
People's United's acquisition of the Chittenden Corporation included
three banks that operate in Maine: Maine Bank & Trust, Merrill Bank and
Ocean Bank. Depending on the location in Maine, the branches in the Super
Stop & Shop stores will carry one of these three People's United brands.
Ocean Bank will occupy the bank branch in the new Kennebunk supermarket.
Founded in Kennebunk, Maine in 1854, Ocean Bank has 43 branches in New
Hampshire and southern Maine.
"Ocean Bank is returning to its hometown to start this new venture with
Stop & Shop supermarkets," said Danny H. O'Brien, President and Chief
Executive Officer, Ocean Bank, now headquartered in Portsmouth, New
Hampshire. "We have always prided ourselves on customer service and
customer convenience. It is only fitting that we are the bank chosen to
extend to Maine residents the very positive supermarket banking experience
that People's United has created in Connecticut."
Ocean Bank is a subsidiary of People's United Bank, a diversified
financial services company with $21 billion in assets that provides
consumer and commercial banking services through a network of more than 300
branches in Connecticut, Vermont, New Hampshire, Massachusetts, Maine and
New York. Through its subsidiaries, People's United Financial provides
equipment financing, asset management, brokerage and financial advisory
services, and insurance services.
The Stop & Shop Supermarket Company, based in Quincy, Massachusetts,
employs more than 59,000 associates and operates 377 stores throughout
Massachusetts, Connecticut, Rhode Island, Maine, New Hampshire, New York
and New Jersey.
People's United Bank. Everything Starts With You.
SOURCE People's United Bank
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Related links:
http://www.peoples.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20070607/NYTH047LOGO
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PRN Photo Desk, photodesk@prnewswire.com
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CONTACT:
Brent DiGiorgio, Corporate Communications,
+1-203-338-5280, Fax, +1-203-338-3461,
brent.digiorgio@peoples.com
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