Information for People's United Bank Customers
You may have recently learned that People's United Bank will be selling its Retail, Commercial, and Wealth Management Franchise in Central Maine to Bar Harbor Bank & Trust. Bar Harbor Bank & Trust has a strong corporate culture and has been serving the people of Maine for over 130 years. We’re confident you’ll find great value in Bar Harbor Bank & Trust and our commitment to doing what’s best for our customers and the communities we’ve been serving for more than 130 years.
Upon regulatory approval and completion of the sale, currently targeted for fourth quarter of 2019, your account(s) will automatically transfer to Bar Harbor Bank & Trust. As the transfer date draws near, we will be contacting you to explain how your banking relationships will be handled following the transfer. There are at this time no contemplated changes in account relationship management, and your existing branch teams will continue to serve you daily.
You do not need to take any action at this time. Please continue to bank at any People's United Bank location or ATM, use your mobile app or online banking, your checks, and debit or ATM cards as usual. Continue to make loan or line of credit payments as you do today. Your direct deposits, pre-authorized payments, and transfers will continue as scheduled.
This FAQ resource is intended to provide you with answers to some of the questions you may have at this early stage of the transaction. We will provide additional information in the coming weeks and months as we progress through the various phases of the acquisition.
What changes can People’s United Bank customers expect as a result of this transaction?
For the moment it is “business as usual” and there will be no immediate changes for customers or employees. Once the transaction has closed and our system conversion is complete, former People’s United Bank and BHBT customers will have the added convenience of additional branches throughout Central and Downeast Maine.
What changes are occurring now?
Nothing is changing at this time. Please continue to visit People’s United branch locations and use your existing checks, debit cards, deposit slips, mobile banking, online banking and other services for your accounts.
I have deposits at both People’s United Bank and Bar Harbor Bank & Trust, how does FDIC deposit coverage work?
For the six months immediately following conversion (October 28, 2019), any funds previously held at People’s United Bank will be separately insured from any accounts previously held at Bar Harbor Bank & Trust, ie. each portion of deposits will be insured for $250,000. Remember that deposits held at a bank in different “ownership categories” — such as joint, single and retirement accounts — are separately insured to at least $250,000. That means, for example, that after the merger you could have up to $250,000 in single accounts and up to $250,000 in your share of joint accounts and still be fully insured.
Will my checking and savings account type and/or features change?
Yes. After conversion your account will be converted into a Bar Harbor Bank & Trust checking or savings product with similar features and benefits. Additional information will be provided prior to conversion.
Which People’s United Bank branches are becoming Bar Harbor Bank & Trust branches?
The eight branches include the locations below:
- Brewer Branch: 366 Wilson St.
- Main St. Bangor Branch: 183 & 201 Main St.
- Newport Branch: 44 Moosehead Trail
- Orono Branch: 69 Main St.
- Pittsfield Branch: 109 Main St.
- Stillwater Ave. Bangor Branch: 920 Stillwater Ave.
- Union St. Bangor Branch: 992 Union St.
- Waterville Branch: 335 Main St.
When will the acquired People’s United Bank branches begin to operate as Bar Harbor Bank & Trust?
Until closing, Bar Harbor Bank & Trust’s and People’s United Bank’s central Maine franchise will continue to operate as separate entities. We will convert People's United Bank branches to Bar Harbor Bank & Trust branches on October 26 and 27. People's United Bank branches normally open on Saturdays will be closed on October 26. All eight branches will begin operating as Bar Harbor Bank & Trust branches on October 28.
Where will I do my banking in the future?
After conversion, customers will have access to 22 Bar Harbor Bank & Trust locations throughout Maine, over 30 Bar Harbor Bank & Trust locations in New Hampshire and Vermont, as well as Bar Harbor Bank & Trust ATMs, Bar Harbor Mobile*, Bar Harbor Online*, telephone banking*, and our Customer Service Center. To learn more about our locations and these services, visit www.barharbor.bank.
What impact will this have on People’s United Bank employees?
Our utmost priority is to plan a secure, smooth and seamless transition. Employees will continue to deliver the same uncompromised service and commitment to the communities they have served as members of the People’s United Bank team. Until the transaction closes, it will be business as usual for People’s United Bank employees. Our two companies share a commitment to our customers and our employees, and to that end, we would like there to be minimal disruption for customers and employees.
At Bar Harbor Bank & Trust, we are committed to providing outstanding customer service, to be a great place to work for our employees, and to be involved in the communities we call home. These concepts influence and guide all that we do, and our integration process will be no exception.
Welcome to Bar Harbor Bank & Trust. We look forward to serving your financial needs for years to come.
*Online and/or carrier fees may apply.