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People's United Financial Inc. Message Board

  • laser2sail laser2sail Feb 23, 2011 6:44 PM Flag

    New CFO

    Never mind the comments whether People's bought Chittenden or the other way around. Chittenden didn't have the sophistication for Boston or Connecticut before the purchase, now Connecticut has to deal with another piece of Barnes' 1970's banking mentality?

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    • PBCT is going in the wrong direction. The Danvers debacle is a prime example. Who did the due diligence on that one.

      • 1 Reply to antsyindapantsy
      • What are your objections to the Danvers deal? You think they paid too much? Danvers is a good bank. They have had strong growth and a decent branch network. Certainly gives Peoples a more solid base of operation in the greater Boston area and for the affluent suburbs on the North Shore. The bigger issue may be how much Peoples manages to run off the Danvers customers due to product and pricing changes or just a sloppy systems conversion. If all of that goes smoothly, Peoples should be pretty happy with what they have acquired from Danvers.

    • Actually it's the complete reverse - Chittenden had the smarts and sophistication and peoples had cash. Barnes was just a worker at Chittenden for the real brains.

      • 1 Reply to pj900
      • I agree with the comment about the Chittenden folks. They were very smart, capable bankers. Yes, Paul Perrault was the brains of the outfit, but both Barnes and Walters are very sharp guys who know how to grow a franchise through acquisition and how to blend cultures of acquired banks. I expect that together they will be very aggressive in identifying acquisition opportunties and will do them profitably. It wouldn't shock me to see Brookline Bank and Peoples get together, given the close past working relaitionships between the two CEOs and now the new CFO.

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