People’s United Bank in Bridgeport is retiring the Chittenden name on Vermont’s largest bank after 106 years, the Burlington Free Press reports.
People’s United bought Burlington-based Chittenden Bank’s $7.4 billion in assets and 140 branches in 2008.
As of July 19, Chittenden Bank will no longer answer to the name of Vermont’s first governor and its most-populous county, the newspaper reports on its Web site. Instead, it will officially bear the People’s United name.
All 46 Chittenden locations in Vermont will be re-christened with the People’s moniker and so will at least five other New England banks that were purchased by People’s in the Chittenden deal. These include the Merrill Bank, Maine Bank, and Trust and Flagship Bank.
Operating under one name will be more efficient and remind customers that they have access to their bank all over northern New England, said Kathleen Schirling, senior vice president of marketing and community services at Chittenden.
“It was a tough decision,” she said. “We’re bringing together two very good companies. A lot of different names were considered, but People’s United seems to fit the company that we are.”
Chittenden, chartered in 1904 as Chittenden County Trust Company, employs just over 1,000 people in Vermont and is a division of People’s United, which has approximately $21 billion in assets.
Interim People’s United CEO John “Jack” Barnes is a former Chittenden executive.
