A welcome letter from our President & CEO

Mutual Matters

Thank you for visiting bankatpeoples.com and getting to know PeoplesBank. There are certain qualities that really make our bank different, and I would like to take this opportunity to introduce you to them.

Tom Senecal

Our mutual charter is really the foundation that supports everything we do and why we are succeeding as a community bank. The meaning of a mutual charter is not widely known or appreciated, which is why I would like to explain it briefly.

It is an organizational structure that allows us to focus on the long-term viability of the bank and the best interests of our customers and our communities we serve. We are not owned by shareholders, we are owned by our depositors. That is an important difference - important in that it compels us to first serve the best interests of our depositors and account holders. We have also taken steps to ensure that any potential future conversion of the bank to a stockholder-owned company would be exceedingly difficult. We are committed to that mutual charter for the long term, which means PeoplesBank will be around for a while as well.

That focus on the long-term viability of the bank has enabled us to become the market leader amongst community banks. We are frequently the first amongst our peers in terms of the adoption of new technologies, as well as, financial support of local charitable causes. We opened three LEED® certified branches, hired several Data Scientists and made a significant investment in our business intelligence platform.

Because of our size, success, and mutual charter, we have a unique ability to help the communities we serve through volunteer efforts and millions of dollars in donations to charitable and civic causes. Our associates devote an average of 10,000 hours to volunteer work each year, and 48 of the bank's officers serve on the boards of directors and committees of 115 nonprofit organizations in the area. The Boston Business Journal has recognized these efforts by naming us a Top Corporate Charitable Contributor 11 years in a row.

We are an organization that is focused on growth and stability. Our associates contribute significantly to our success, and therefore, it is our responsibility to help ensure both their career development and healthy work-life balance. To that end, The Boston Globe has named PeoplesBank a Top Place to Work six times based on their satisfaction surveys of our associates.

PeoplesBank is able to do all of these things because we are an independent, mutually chartered bank, and that is worth preserving. I believe it is my responsibility to ensure that this bank is here for the next 135 years as it was for the first 135 years. Our stability fosters customer loyalty. We are here for the long term, and our customers value that.

Tom Senecal, President and Chief Executive Officer, PeoplesBank

President and Chief Executive Officer