Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 02, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K/A | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity Registrant Name | People’s United Financial, Inc. | ||
Entity File Number | 001-33326 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-8447891 | ||
Entity Address, Address Line One | 850 Main Street | ||
Entity Address, City or Town | Bridgeport | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06604 | ||
City Area Code | (203) | ||
Local Phone Number | 338-7171 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 7,330 | ||
Entity Common Stock, Shares Outstanding | 431,316,352 | ||
Amendment Flag | true | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001378946 | ||
Amendment Description | Explanatory Note This Amendment No. 1 (the “Amendment”) on Form 10-K/A is being filed with respect to People’s United Financial, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2022 (the “Form 10-K”). This Amendment updates Part III (Items 10-14) to contain certain additional information required therein. This information was previously omitted from the Form 10-K in reliance on General Instruction G(3) to Form 10-K, which permits the information in the above referenced items to be incorporated in the Form 10-K by reference from the Company’s definitive proxy statement if such statement is filed no later than 120 days after the Company’s fiscal year-end. This Amendment amends and restates in their entirety Items 10, 11, 12, 13 and 14 of Part III of the Form 10-K. In addition to the changes to Part III to provide the omitted information, this Amendment amends Item 15 of Part IV to include certain exhibits in the exhibit index. Because no financial statements have been included in this Amendment and this Amendment does not contain or amend any disclosure with respect to Items 307 and 308 of Regulation S-K, paragraphs 3, 4 and 5 of the certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith have been omitted. The cover page of the Form 10-K is also amended to delete the reference to incorporation by reference with respect to Part III information. This Amendment makes no other changes to the Form 10-K. This Amendment does not reflect events occurring after the filing of the Form 10-K or modify disclosures affected by subsequent events. Accordingly, this Amendment should be read in conjunction with our Form 10-K and with our filings with the SEC subsequent to the filing of our Form 10-K. On February 22, 2021, People’s United Financial, Inc. and M&T Bank Corporation (“M&T”) announced the execution of a definitive Agreement and Plan of Merger, dated as of February 21, 2021 (the “Merger Agreement”), pursuant to which M&T will acquire the Company in an all-stock transaction. On March 4, 2022, M&T received regulatory approval from the Board of Governors of the Federal Reserve. The transaction previously received approval from both the New York State Department of Financial Services and the Connecticut Department of Banking. No further regulatory approvals are required and the Company and M&T expect the merger to close on or about April 1, 2022, subject to the satisfaction of remaining customary closing conditions. Therefore, the Company will not hold a 2022 Annual Meeting or file a corresponding definitive proxy statement. As used in this Amendment, the terms the “Company,” “we,” “our” and “us” refer to People’s United Financial, Inc. and the “Bank” refers to People’s United Bank, N.A., a wholly-owned subsidiary of the Company. Other terms used but not defined herein are as defined in the Form 10-K. As required by Rule 12b-15 under the Exchange Act, new certifications by our principal executive officer and principal financial officer are filed as exhibits to this Amendment under Part IV, Item 15. | ||
Auditor Name | KPMG LLP | ||
Auditor Firm ID | 185 | ||
Auditor Location | Stamford, CT | ||
Common Stock, $0.01 par value per share | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | PBCT | ||
Security Exchange Name | NASDAQ | ||
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, $0.01 par value per share | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, $0.01 par value per share | ||
Trading Symbol | PBCTP | ||
Security Exchange Name | NASDAQ |