Profit Down on Decrease in Lending, Investment Income for People's United

Profit for the parent company of People’s United Bank dropped in the second quarter, reports the Hartford Courant.

People’s United Bank has two locations in Beverly, including its wealth management unit downtown on Cabot Street and a branch at North Beverly Plaza. It’s parent, People’s United Financial Inc. is located in Bridgeport, Conn. The company bought Danversbank in 2011, two years after after Danversbank bought Beverly National Bank, which at the time called itself the oldest community bank in the country.

The Courant reported that People’s United’s net income was $62.1 million in the second quarter ending June 30, versus $64.6 million for the same quarter last year. The drop was attributed to a decrease in lending and investment income.

To read the Courant’s complete coverage, click here.