People's United Named Top SBA 504 Lender In New England
Bank Tops in Lending for Vermont and Maine in U.S. Small Business
BRIDGEPORT, Conn., Nov. 5, 2013
BRIDGEPORT, Conn., Nov. 5, 2013 /PRNewswire/ --People's United Bank announced
today that it is the top U.S. Small Business Administration (SBA) 504 lender
in New England, the top 7alender in Vermont, and the top 504lender in Maine.
The SBA defines 7a as small business loans and 504 as real estate and
People's United Bank 504 volume in New England totaled 28 loans for
$21,859,907. The bank's 7a volume in Vermont totaled 18 loans for $3,782,500,
with an average loan size of $210,139. In Maine, the bank's 504 loans totaled
$6,813,000, making People's United the number one 504 lender in that state.
The 116 SBA loans generated by People's United in New England created 352 jobs
and retained 807 jobs, according to SBA data self-reported by the bank.
"We are extremely pleased with what this level of lending activity does for
the region in terms of supporting business and employment growth," said Bill
Samuelson, Senior Vice President, Business Banking for People's United. "Our
strong partnership with the SBA allows us to support the needs of many worthy
and successful businesses, and we couldn't be more proud of these results."
SBA rankings are issued annually in October, based on the number of loans
originated by banks in the SBA fiscal year, which runs October 1 to September
People's United Bank is a subsidiary of People's United Financial, Inc., a
diversified financial services company with $32 billion in assets. Founded in
1842, People's United Bank is a premier, community-based, regional bank in the
Northeast offering commercial and retail banking, as well as wealth management
services through a network of 412 retail locations in Connecticut, New York,
Massachusetts, Vermont, New Hampshire and Maine.
SOURCE People's United Bank
Contact: Valerie C. Carlson, Corporate Communications, 203.338.2351,
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