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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C 20549

 

 

FORM 11-K

 

 

 

☒

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

OR

 

☐

TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period: N/A

Commission File Number 001-33326

 

 

 

A.

Full title of the plan and the address of the plan, if different from that of the issuer named below:

PEOPLE’S UNITED BANK, N.A. 401(k) EMPLOYEE SAVINGS PLAN

 

B.

Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

PEOPLE’S UNITED FINANCIAL, INC.

850 Main Street

Bridgeport, Connecticut 06604

 

 

 

Table of Contents

PEOPLE’S UNITED BANK, N.A. 401(k)

EMPLOYEE SAVINGS PLAN

Table of Contents

 

     Page  

Report of Independent Registered Public Accounting Firm

     1-2  

Financial Statements:

  

Statements of Net Assets Available for Plan Benefits at December  31, 2020 and 2019

     3  

Statements of Changes in Net Assets Available for Plan Benefits for the years ended December 31, 2020 and 2019

     4  

Notes to Financial Statements

     5-13  

Supplemental Schedule*:

  

Schedule H - Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2020

     14  

 

*

Other schedules required by Section 2520.103-10 of the Employee Retirement Income Security Act of 1974 are not applicable.

Table of Contents

Report of Independent Registered Public Accounting Firm

The People’s United Bank, N.A. Human Resources Administrative Committee and Participants of the People’s United Bank, N.A. 401(k) Employee Savings Plan:

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for plan benefits of the People’s United Bank, N.A. 401(k) Employee Savings Plan (the “Plan”) as of December 31, 2020 and 2019, and the related statements of changes in net assets available for plan benefits for the years then ended. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2020 and 2019, and the changes in its net assets available for plan benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the auditing standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

1

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Supplemental Information

The supplemental Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedules, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedules is fairly stated in all material respects in relation to the financial statements as a whole.

We have served as the Plan’s auditor since March 28, 2013.

/s/ McSoley McCoy & Company

June 29, 2021

VT Reg. No. 92-349

 

2

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PEOPLE’S UNITED BANK, N.A. 401(k)

EMPLOYEE SAVINGS PLAN

Statements of Net Assets Available for Plan Benefits

December 31, 2020 and 2019

(In thousands)

 

     2020      2019  

Assets:

     

Investments (note 3):

     

Mutual fund shares

   $ 479,946      $ 543,150  

People’s United Financial, Inc. common stock

     67,839        89,576  

Self-directed brokerage account

     17,915        10,649  

Common/collective trusts

     636,668        389,502  
  

 

 

    

 

 

 

Total investments

     1,202,368        1,032,877  
  

 

 

    

 

 

 

Receivables:

     

Notes receivable from participants (note 4)

     16,675        17,312  

Employer contributions (note 5)

     14,938        13,291  

Participant contributions (note 5)

     799        462  

Plan transfer in transit (note 1)

     —          16,616  

Securities sold

     —          5  
  

 

 

    

 

 

 

Total receivables

     32,412        47,686  
  

 

 

    

 

 

 

Total assets available for plan benefits

     1,234,780        1,080,563  
  

 

 

    

 

 

 

Liabilities:

     

Accrued plan expenses

     83        37  
  

 

 

    

 

 

 

Total liabilities

     83        37  
  

 

 

    

 

 

 

Net assets available for plan benefits

   $ 1,234,697      $ 1,080,526  
  

 

 

    

 

 

 

See accompanying notes to financial statements.

 

3

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PEOPLE’S UNITED BANK, N.A. 401(k)

EMPLOYEE SAVINGS PLAN

Statements of Changes in Net Assets Available for Plan Benefits

Years Ended December 31, 2020 and 2019

(In thousands)

 

     2020      2019  

Additions to net assets attributed to:

     

Net appreciation in fair value of investments (note 3)

   $ 117,944      $ 165,036  

Interest and dividends

     24,723        22,561  
  

 

 

    

 

 

 

Net investment income

     142,667        187,597  
  

 

 

    

 

 

 

Contributions:

     

Participant

     45,741        43,371  

Employer

     32,977        29,757  
  

 

 

    

 

 

 

Total contributions

     78,718        73,128  
  

 

 

    

 

 

 

Interest, notes receivable from participants (note 4)

     933        910  
  

 

 

    

 

 

 

Plan transfers in (note 1)

     18,604        17,179  
  

 

 

    

 

 

 

Total additions

     240,922        278,814  
  

 

 

    

 

 

 

Deductions from net assets attributed to:

     

Distributions to participants

     86,751        72,133  
  

 

 

    

 

 

 

Total deductions

     86,751        72,133  
  

 

 

    

 

 

 

Net increase in net assets available for plan benefits

     154,171        206,681  

Net assets available for plan benefits, beginning of year

     1,080,526        873,845  
  

 

 

    

 

 

 

Net assets available for plan benefits, end of year

   $ 1,234,697      $ 1,080,526  
  

 

 

    

 

 

 

See accompanying notes to financial statements.

 

4

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PEOPLE’S UNITED BANK, N.A. 401(k)

EMPLOYEE SAVINGS PLAN

Notes to Financial Statements

December 31, 2020 and 2019

 

(1)

Plan Description

The People’s United Bank, N.A. 401(k) Employee Savings Plan (the “Plan”) is a defined contribution plan sponsored by People’s United Bank, N.A. (“People’s”, the “Bank”, or the “Plan Sponsor”). Under the terms of a trust agreement, Fidelity Management Trust Company (as “Trustee”) and Fidelity Investments (as “Recordkeeper”) (collectively “Fidelity”) have been empowered to perform such trust and administrative services as may be necessary to carry out the purposes of the Plan. However, the Trustee does not have any discretionary authority concerning the investment of the trust fund or the payment of distributions to participants. The Plan is administered by the Human Resources Administrative Committee, appointed by the board of directors of People’s, and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.

In general, all employees become eligible to participate in the Plan on their date of hire. Contributions made by Plan participants and by People’s are invested (as directed by the individual participants) in People’s United Financial, Inc. common stock, BrokerageLink (a self-directed brokerage account), or any of a series of mutual funds or common/collective trust investment options offered by the Plan.

Participant accounts are credited with the participants’ voluntary payroll contributions, allocations of People’s matching contribution percentages, and Plan earnings. Allocations are based on the participants’ eligible earnings (as defined) and payroll contribution percentages. Forfeitures are utilized to reduce future employer contributions. Participants are fully vested in their own contributions at all times, and in People’s matching contributions after one year of credited service. Participants who receive an additional People’s contribution in lieu of participation in the People’s United Bank Employees’ Retirement Plan (see note 5) vest as follows: 25% after two years of credited service; 50% after three years of credited service; 75% after four years of credited service; and 100% after five years of credited service.

On termination of service, death, disability, or retirement, a participant (or their beneficiary, subject to certain Plan provisions) may elect to receive a lump-sum amount equal to the full value of the participant’s vested interest in his or her account, or monthly, quarterly, semi-annual or annual installments over a period of time not to exceed the life expectancy of the participant or the joint life and last survivor expectancy of the participant and his or her beneficiary.

Effective January 15, 2020, the LEAF Investment Savings Plan as adopted by LEAF Commercial Capital, Inc. was merged with and into the Plan and assets totaling approximately $15.7 million were transferred into the Plan.

 

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PEOPLE’S UNITED BANK, N.A. 401(k)

EMPLOYEE SAVINGS PLAN

Notes to Financial Statements

December 31, 2020 and 2019

Effective January 16, 2020, the VAR Resources, Inc. 401(k) Plan as adopted by VAR Technology Finance was merged with and into the Plan and assets totaling approximately $2.6 million were transferred into the Plan.

Effective December 31, 2019, the Farmington Bank 401(k) Plan as adopted by Farmington Bank was merged with and into the Plan and assets totaling approximately $17.2 million were transferred into the Plan. The Plan was amended to credit certain employees vesting for prior service rendered to previous entities, as defined.

The foregoing Plan description is presented for general information purposes only. Participants should refer to the Plan document for more complete information.

 

(2)

Summary of Significant Accounting Policies

 

  (a)

Basis of Presentation

The accompanying financial statements have been prepared on the accrual basis of accounting.

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management of the Plan to make estimates and assumptions that affect the reported amounts of net assets available for Plan benefits and changes therein. Actual results of the Plan could differ significantly from those estimates and assumptions.

 

  (b)

Investment Valuation and Income Recognition

Investments representing shares of mutual funds, BrokerageLink investments and People’s United Financial, Inc. common stock are stated at fair value based on quoted market prices.

The common/collective trusts are valued at the net asset value (“NAV”) of units held by the Plan. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. The practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV.

The net unrealized appreciation or depreciation for the year is reported together with realized gains and losses in the statements of changes in net assets available for plan benefits. Purchases and sales of investments are recorded on a trade-date basis. Realized investment gains and losses are determined based on the weighted average historical cost basis of the investment sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date.

 

6

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PEOPLE’S UNITED BANK, N.A. 401(k)

EMPLOYEE SAVINGS PLAN

Notes to Financial Statements

December 31, 2020 and 2019

 

  (c)

Fair Value Measurement of Investments

The Plan’s investments are reported at fair value in the accompanying statements of net assets available for plan benefits. Accounting Standards Codification 820, Fair Value Measurements and Disclosures (“ASC 820”) establishes a framework for measuring fair value. That framework provides a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

U.S. GAAP guidance provides for the use of NAV as a practical expedient for estimating fair value of alternative investments. Pursuant to U.S. GAAP guidance, alternative investments where fair value is measured using NAV are not categorized within the fair value hierarchy.

The three levels of the fair value hierarchy under ASC 820, along with a brief description of each, are as follows:

Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

Level 2 – Inputs to the valuation methodology include:

 

  •  

quoted prices for similar assets or liabilities in active markets;

 

  •  

quoted prices for identical or similar assets or liabilities in inactive markets;

 

  •  

observable inputs for the asset or liability other than quoted prices; and

 

  •  

inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

 

7

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PEOPLE’S UNITED BANK, N.A. 401(k)

EMPLOYEE SAVINGS PLAN

Notes to Financial Statements

December 31, 2020 and 2019

A description of the valuation methodologies used to measure Plan assets at fair value is provided below:

Common Stock – Valued at the closing price as reported in the active market on which the identical security is traded.

Mutual Fund Shares – Valued at the NAV per share as reported in the active markets on which the individual securities are traded. There are no restrictions as to the redemption of these investments nor does the Plan have any contractual obligations to further invest in any of the individual mutual funds.

BrokerageLink Investments – The fair value of this self-directed brokerage account is based on quoted values of underlying shares of equities held within the account. There are no restrictions as to redemption of investment nor does the Plan have any contractual obligations to further invest in this account.

Common Trusts (T. Rowe Price Retirement Trusts) – The fair value of mutual funds or other common trust funds held by the trusts are valued based on quoted NAV per share or unit. The fair value of securities and certain other investments held by the trusts are valued based on the quoted market values of the underlying shares.

Collective Trusts – Valued based on reported NAV, as provided by the Plan administrator of the fund. The NAV is used as a practical expedient to estimate fair value. If available, quoted market prices (NAV) are used to value investments in the trust. The fair value of certain other investments for which quoted market prices are not available are valued based on yields currently available on comparable securities of issuers with similar credit ratings. There are no imposed redemption restrictions nor does the Plan have any contractual obligations to further invest in the trusts.

The preceding methods described may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although Plan management believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There were no changes in the Plan’s valuation methodologies during 2020.

 

8

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PEOPLE’S UNITED BANK, N.A. 401(k)

EMPLOYEE SAVINGS PLAN

Notes to Financial Statements

December 31, 2020 and 2019

 

  (d)

Notes Receivable from Participants

Participant loans are accounted for as notes receivable from participants, segregated from plan investments and measured at their unpaid principal balance plus any accrued but unpaid interest, which approximates fair value.

 

  (e)

Payments of Distributions

Distributions to participants and beneficiaries are recorded when paid.

 

  (f)

Administrative Expenses

Certain direct expenses and fees related to the administration of the Plan are paid from Plan assets. All other administrative expenses are paid by participants.

 

  (g)

Forfeited Accounts

Forfeitures of nonvested People’s contributions for participants may be used to reduce future People’s matching contributions. During 2020 and 2019, $1,038,393 and $543,980 in forfeitures were used to reduce People’s matching contributions, respectively. There was $159,874 and $121,722 in forfeitures available to reduce future employer matching contributions at December 31, 2020 and 2019, respectively.

 

(3)

Investments

The following tables set forth the fair value of Plan assets, by level, within the ASC 820 fair value hierarchy:

 

     Fair Value Measurement Using  

As of December 31, 2020 (in thousands)

   Level 1      Level 2      Level 3      Total  

Mutual funds

   $ 479,946      $ —        $ —        $ 479,946  

People’s United Financial, Inc. common stock

     67,839        —          —          67,839  

Self-directed brokerage account

     17,915        —          —          17,915  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments, at fair value

     565,700        —          —          565,700  

Common/collective trusts *

     —          —          —          636,668  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

   $ 565,700      $ —        $ —        $ 1,202,368  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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PEOPLE’S UNITED BANK, N.A. 401(k)

EMPLOYEE SAVINGS PLAN

Notes to Financial Statements

December 31, 2020 and 2019

 

     Fair Value Measurement Using  

As of December 31, 2019 (in thousands)

   Level 1      Level 2      Level 3      Total  

Mutual funds

   $ 543,150      $ —        $ —        $ 543,150  

People’s United Financial, Inc. common stock

     89,576        —          —          89,576  

Self-directed brokerage account

     10,649        —          —          10,649  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments, at fair value

     643,375        —          —          643,375  

Common/collective trusts *

     —          —          —          389,502  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

   $ 643,375      $ —        $ —        $ 1,032,877  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

*

In accordance with ASC 820, the fair value of the common/collective trusts reflected in the tables above have been determined using the NAV per share (or its equivalent) practical expedient and, as such, have not been categorized within the fair value hierarchy. The fair values presented in the tables are intended to permit reconciliation of the fair value hierarchy table to amounts presented in the Statements of Net Assets Available for Plan Benefits.

 

(4)

Notes Receivable from Participants

Participants may borrow up to 50% of their vested account balances (subject to a maximum loan amount of $50,000) and may have up to two loans outstanding at any time (subject to a minimum loan amount of $1,000). Loans generally have a five-year term (longer if used for the purchase of a primary residence) but may be repaid in full at any time.

The interest rate for each loan, which remains fixed through the duration of the loan, is the Prime lending rate as listed in The Wall Street Journal in effect on the first business day of the month in which the participant requests the loan, plus 1%. Loans granted at different times may bear different interest rates. Interest begins to accrue on the date the loan proceeds are disbursed to the participant and will continue to accrue until the entire loan balance is paid in full, whether before or after maturity or default. Loan interest rates ranged from 4.25% to 8.50% at both December 31, 2020 and 2019.

 

(5)

Employer and Participant Contributions

Effective January 1, 2009, participating employees could contribute from 1% to 50% of their pre-tax earnings (as defined) and allocate their contributions to the Plan’s various investment funds. Participant contributions may not exceed a specified base amount, adjusted annually for cost-of-living increases, as determined by the Internal Revenue Service (the “IRS”). The base amount per participant was $19,500 in 2020 and $19,000 in 2019.

 

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PEOPLE’S UNITED BANK, N.A. 401(k)

EMPLOYEE SAVINGS PLAN

Notes to Financial Statements

December 31, 2020 and 2019

Participants who are age 50 and older at any time during the Plan year may make “catch up contributions” in that year. These contributions are additional tax deferred contributions that eligible participants are permitted to make in excess of annual IRS tax-deferred contribution limits. The maximum amount of “catch up contributions” permitted to have been made to the Plan was $6,500 in 2020 and $6,000 in 2019. People’s makes matching contributions equal to 100% of a participant’s contributions (excluding catch up contributions) up to and including 4% of the participant’s eligible earnings.

The Plan also allows for Roth contribution options.

All eligible employees hired on or after January 1, 2015 are automatically enrolled in the Plan with a 1% deferral percentage (increased to 4% effective March 1, 2017), unless the employee elects a different percentage, including 0%.

During 2006, the Plan was amended to allow employees hired on or after August 14, 2006 to receive an additional annual contribution equal to 3% of their eligible pre-tax earnings (as defined) in lieu of participation in The People’s United Bank, N.A. Employees’ Retirement Plan (the “ERP”), which was closed to new participants effective August 14, 2006. In July 2011, People’s amended the ERP to “freeze”, effective December 31, 2011, the accrual of pension benefits for participants in that plan.

In conjunction with the ERP amendment, People’s amended the Plan to provide for contributions to the Plan on behalf of all ERP participants, effective January 1, 2012, in an annual amount equal to 3% of the employee’s eligible pre-tax earnings (as defined). At December 31, 2020 and 2019, the Plan recorded additional employer contributions receivable totaling $13,636,700 and $12,249,468, respectively, representing amounts due from People’s as a result of these Plan amendments.

People’s matching contributions are made at the same time as participant contributions, while contributions in lieu of retirement plan participation are made on an annual basis. All of People’s contributions are allocated to the investment funds in the same proportion elected by the participant with respect to a participant’s own contributions. If the participant does not have an investment election on file, the contribution is made to an appropriate age-based retirement fund offered by the Plan based upon the participant’s years to normal retirement eligibility (age 65).

 

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PEOPLE’S UNITED BANK, N.A. 401(k)

EMPLOYEE SAVINGS PLAN

Notes to Financial Statements

December 31, 2020 and 2019

 

(6)

Distributions to Participants

Participant contributions may not be withdrawn from the Plan prior to the termination of the participant’s employment with People’s, unless the participant has either attained age 59-1/2 or is able to demonstrate financial hardship, as defined in Section 401(k) of the Internal Revenue Code (the “IRC”). People’s contributions may be withdrawn subject to specified limitations. The Plan also provides for distributions upon termination, retirement or death, subject to specified conditions. The normal form of payment for participants is a lump sum distribution.

 

(7)

Risk and Uncertainties

The Plan invests in various types of investment securities that are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the accompanying statements of net assets available for plan benefits.

 

(8)

Plan Termination

Although it has not expressed any intention to do so, People’s has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of termination, partial termination, or complete discontinuance of contributions, all participants would become fully vested in their accounts and benefits would be payable under the terms of the Plan.

 

(9)

Income Tax Status

The Plan received a favorable tax determination letter from the IRS dated November 15, 2017, indicating that the Plan, as then designed, was in compliance with the applicable requirements of the IRC, and was therefore exempt from federal income taxes. The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.

GAAP requires the Plan administrator to evaluate tax positions taken by the Plan and recognize a tax liability (or derecognize an asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan and has concluded that, as of December 31, 2020, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or derecognition of an asset) or disclosure in the financial statements.

 

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PEOPLE’S UNITED BANK, N.A. 401(k)

EMPLOYEE SAVINGS PLAN

Notes to Financial Statements

December 31, 2020 and 2019

The Plan is no longer subject to income tax examinations for years prior to 2017.

 

(10)

Related Party Transactions

The Plan’s investments include shares of People’s United Financial, Inc. common stock. People’s is the Plan Sponsor and, therefore, these transactions qualify as party-in-interest transactions. Notes receivable from participants also qualify as party-in-interest transactions. Additionally, the Plan has a number of service providers which qualify as parties-in-interest. All of these party-in-interest transactions are exempt from the prohibited transaction rules of ERISA.

 

(11)

Subsequent Events

The Plan has evaluated subsequent events through June 29, 2021, the date these financial statements were issued.

On February 22, 2021, People’s United Financial, Inc. (“PUFI”) and M&T Bank Corporation (“M&T”) announced that they have entered into a definitive agreement under which M&T will acquire PUFI, pursuant to which PUFI will merge with and into M&T. The merger is expected to close in the fourth quarter of 2021, subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals.

 

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PEOPLE’S UNITED BANK, N.A. 401(k)

EMPLOYEE SAVINGS PLAN

Schedule H, Line 4(i) – Schedule of Assets (Held at End of Year)

December 31, 2020

(Dollars in thousands)

 

(a)

  

(b)

Identity of issue, borrower,

lessor, or similar party

  

(c)

Description of investment including

maturity date, rate of interest, collateral,

and par or maturity value

   (e)
Current
value 		 
   Mutual funds:      
  

American Funds EuroPacific Growth Fund Class R6

   886,189.145 shares    $ 61,413  
  

Columbia Small Cap Value Fund II Class Y

   414,527.397 shares      7,113  
  

Dreyfus Treasury & Agency Cash Management Inst’l

   22,672.590 shares      23  
  

Invesco Diversified Dividend Fund R5 Class

   1,608,205.671 shares      32,100  
*   

Fidelity Government Money Market Fund

   11.950 shares      —    
  

Janus Henderson Venture Fund Class N

   410,874.309 shares      42,949  
  

MassMutual Select Mid-Cap Growth Fund Class I

   1,874,046.967 shares      52,942  
  

MFS Global Real Estate Fund Class R6

   84,404.480 shares      1,496  
  

Vanguard Institutional Index Fund IS

   432,504.458 shares      143,362  
  

Vanguard Mid Cap Index Fund IS

   571,859.734 shares      32,390  
  

Vanguard Small Cap Index Fund IS

   218,205.184 shares      20,341  
  

Vanguard Total Bond Market Index Fund IS

   2,176,841.403 shares      25,295  
  

Vanguard Total International Stock Index Fund IS

   86,340.752 shares      11,206  
  

Western Asset Core Plus Bond Fund Class IS

   3,926,449.294 shares      49,316  
        

 

 

 
  

Total mutual funds

        479,946  
   Common trusts:      
  

American Century U.S. Mid Cap Value Equity Trust

   656,621.816 shares      22,647  
  

Federated Capital Preservation Fund - ISP

   32,915.999 shares      329  
  

Putnam Stable Value Fund

   147,764,330.940 shares      147,764  
  

T. Rowe Price Growth Stock Trust B

   2,536,472.090 shares      142,702  
  

T. Rowe Price Retirement 2005 Collective Trust Class F

   201,962.520 shares      3,734  
  

T. Rowe Price Retirement 2010 Collective Trust Class F

   208,713.279 shares      4,072  
  

T. Rowe Price Retirement 2015 Collective Trust Class F

   553,455.167 shares      11,661  
  

T. Rowe Price Retirement 2020 Collective Trust Class F

   1,750,072.674 shares      39,692  
  

T. Rowe Price Retirement 2025 Collective Trust Class F

   2,756,610.418 shares      67,179  
  

T. Rowe Price Retirement 2030 Collective Trust Class F

   2,260,847.050 shares      58,624  
  

T. Rowe Price Retirement 2035 Collective Trust Class F

   1,461,438.841 shares      39,736  
  

T. Rowe Price Retirement 2040 Collective Trust Class F

   940,544.635 shares      26,476  
  

T. Rowe Price Retirement 2045 Collective Trust Class F

   974,716.781 shares      27,721  
  

T. Rowe Price Retirement 2050 Collective Trust Class F

   762,703.187 shares      21,684  
  

T. Rowe Price Retirement 2055 Collective Trust Class F

   564,634.597 shares      16,041  
  

T. Rowe Price Retirement 2060 Collective Trust Class F

   363,379.775 shares      6,606  
        

 

 

 
           636,668  
*    Fidelity BrokerageLink    17,913,495.630 shares      17,915  
*    People’s United Financial, Inc. common stock    5,246,381.235 shares      67,839  
*    Notes receivable from participants   

2,334 participant loans

Interest rates ranging from 4.25% to 8.50%.

Maturity dates of January 2021 to December 2035.

     16,675  
        

 

 

 
  

Total investments and loans (held at end of year)

      $ 1,219,043  
        

 

 

 

* Party-in-interest to the Plan.

See accompanying report of independent registered public accounting firm

 

14

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    PEOPLE’S UNITED BANK, N.A. 401(k) EMPLOYEE SAVINGS PLAN
    BY:   People’s United Bank, N.A.
Date: June 29, 2021     By:  

/s/ Jeffrey Hoyt

    Name:   Jeffrey Hoyt
    Title:   Senior Vice President and Chief Accounting Officer

Table of Contents

EXHIBIT INDEX

 

Exhibit
No.

  

Description

23    Consent of McSoley McCoy & Company
Grafico Azioni Peoples United Financial (NASDAQ:PBCT)
Storico
Da Mag 2024 a Giu 2024 Clicca qui per i Grafici di Peoples United Financial
Grafico Azioni Peoples United Financial (NASDAQ:PBCT)
Storico
Da Giu 2023 a Giu 2024 Clicca qui per i Grafici di Peoples United Financial