PeoplesBank
- Company typePrivate
- Founded1885
- HeadquartersHolyoke, United States
- Headcount251–500
- GTM typeB2B and B2C
- OfferingServices
PeoplesBank firmographics
Firmographics- Name
- PeoplesBank
- Legal name
- PeoplesBank
- Website
- https://bankatpeoples.com
- Company type
- Private
- Founded year
- 1885
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Ownership category
- akta.pro rank
PeoplesBank industry classification
Industry- Product category
- Community Banking
- NAICS
- Offices of Bank Holding Companies (551111)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Cooperative Banks (Member-Owned Commercial/Retail) (FSABAEAF)
- akta.pro secondary industry
- Digital Banking & Neobank Platforms (BPAMAFAD)
Keywords
Where PeoplesBank is headquartered
LocationHeadquarters
- HQ city
- Holyoke
- HQ country
- United States
- HQ region
- North America
Offices6 records
Markets served
PeoplesBank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others
Revenue model
- Interest Income: Traditional banking revenue from interest earned on loans including mortgages, home equity loans, business loans, and commercial lending. The bank offers fixed rate mortgages, adjustable rate mortgages, construction loans, and various commercial loan products.
- Fee-based Banking Services: Revenue from account maintenance fees, ATM fees (for non-Allpoint ATMs), overdraft fees, wire transfer fees, and other banking service charges. Some checking accounts have monthly maintenance fees based on balance requirements.
- Wealth Management: Investment, insurance, and retirement services offered through PeoplesWealth Advisory Group partnership with Raymond James Financial Services.
- Digital Banking Services: Revenue generated through digital banking operations including the ZYNLO Bank digital brand targeting nationwide customers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Free Checking - No monthly fees with basic banking features |
| Subscription | Monthly | Choice Checking - Enhanced ATM access with fee rebates |
| Subscription | Monthly | Interest Checking - Earn interest with unlimited ATM rebates |
| Subscription | Monthly | Primary Savings - Basic savings with interest |
| Subscription | Monthly | Growth Savings - Higher interest with balance requirements |
| Subscription | Monthly | Elite Tiered Money Market - Highest returns with tiered rates |
| Usage-based | Monthly | Home Equity Line of Credit - Variable rate credit line |
| Subscription | Monthly | Fixed Rate Home Equity Loan |
| Subscription | Monthly | Business Premium Savings |
| Subscription | Monthly | Free Business Checking |
| Subscription | Monthly | BusinessEdge Checking |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels7 records
PeoplesBank product offering
Product offeringCore offering
PeoplesBank is a community bank offering personal and business checking and savings accounts, mortgages and home equity loans, business and commercial lending, cash management, merchant services, payroll solutions, and wealth management. It distributes these products through retail branches in Massachusetts and Connecticut, mobile and online banking, VideoBanker ITMs, the Allpoint ATM network, the PeoplesBank-at-Work employer program, and the digital-only ZYNLO Bank brand built on a cloud-native core platform completed in 2024.
Product overview
PeoplesBank is a community bank offering a comprehensive suite of personal and business banking products through multiple delivery channels including branches, online, mobile, and ITMs. The product portfolio spans deposit accounts (checking, savings, money markets, CDs), lending (mortgages, home equity, business/commercial loans), cash management services, wealth management (PeoplesWealth through Raymond James), and a Private Client Group for premium customers. Key platforms include PeoplesOnline Banking (consumer and business), Mobile Banking App, Cash Management platform, and the newly launched ZYNLO Bank digital brand. The bank operates a cloud-native core banking platform built with Nymbus following a five-year technology transformation completed in 2024. Additional services include merchant services, payroll solutions via CheckWriters, mobile payments (Apple Pay, Google Pay, Samsung Pay), and employer-sponsored PeoplesBank-at-Work programs.
Differentiator
Problem solved
Functional benefit
Brands
- ZYNLO Bank: Digital-only banking brand launched by PeoplesBank, serving customers nationwide with $200 million in deposits and 7,500+ customers.
Products and services
- Free Checking Personal checking account with no monthly maintenance service charge, no minimum balance requirement, and free ATM transactions at over 55,000 PeoplesBank or Allpoint ATMs. A $3.00 fee is charged for non-PeoplesBank/non-Allpoint ATM use, with a $10 minimum opening deposit.
- Choice Checking Personal checking account that allows use of any ATM with up to $6.00 of ATM fees rebated per statement cycle, with the $10 monthly maintenance fee waived when total deposits of $2,000+ are maintained per statement cycle.
- Interest Checking Interest-earning personal checking account with unlimited ATM fee rebates at any ATM and free checks/money orders; the $20 monthly maintenance fee is waived with a $5,000+ average daily balance. APY of 0.05% as of 01/02/26.
- Primary Savings Basic interest-earning personal savings account with no checking account required to open; $10 minimum to open with free ATM access through the Allpoint network.
- Growth Savings Personal savings account with no transaction limits and competitive interest rates; the $10 monthly maintenance fee is waived with a $2,500 average balance.
- Elite Tiered Money Market Highest-tier personal savings product with tiered interest rates that increase with higher balance levels and no monthly maintenance charges.
- Fixed Rate Mortgage Mortgage product with a locked interest rate ensuring the monthly principal and interest payment remains constant throughout the loan term, for personal home purchases.
- Adjustable Rate Mortgage Residential mortgage with an initial fixed rate period followed by adjustable rates; adjustments are capped at 2% per review and 6% over the life of the loan.
- Jumbo Loan Residential mortgage for loan amounts above $832,750, available with fixed or variable rate options for higher-balance home purchases.
- Construction Loan Single-closing residential construction loan financing up to 80% of construction cost or appraised value, with interest-only payments during construction.
- HomeStart Program Homebuyer program for Connecticut and Massachusetts residents offering competitive rates on up to 100% financing with local expert guidance.
- Veterans & Community Heroes Program Special mortgage program for veterans and community service professionals offering as little as 3% down payment to qualifying applicants.
- Professionals Mortgage Program Mortgage program for physicians, dentists, pharmacists, attorneys, CPAs, and professors offering 100% financing up to $1M with no PMI and loans up to $2M.
- Equity Builder Program Down payment and closing cost grant program for income-eligible first-time homebuyers, providing up to $28,000 for down payment or $4,000 for closing costs.
- Housing Our Workforce Mortgage assistance grant program providing $21,000 in down payment assistance for working individuals and families seeking to afford home purchasing.
- Lift Up Homeownership Enhanced mortgage assistance program providing up to $40,000 for down payment and closing costs for first-generation home buyers.
- Home Equity Line of Credit Revolving credit line secured by home equity with an introductory rate of Prime-1.25% for the first 12 months (5.500% intro APR), allowing borrowing up to 90% LTV; $50 annual fee during draw period and $500 early termination fee if closed within 24 months. Max APR 18%.
- Home Equity Loan Fixed-rate installment loan using home equity as collateral, with constant monthly payments throughout the loan term; available 5-year (7.750% APR), 10-year (8.250% APR), and 15-year (8.750% APR) terms, maximum 90% LTV.
- Energy Efficiency Home Equity Loan Home equity loan offering a 0.25% rate discount when at least 50% of the borrowed funds are used for energy efficiency improvements to the property.
- PeoplesOnline Banking Online banking platform providing 24/7 account access, bill pay, transfers, eStatements, and account alerts for personal banking customers.
- Mobile Banking App Mobile banking application for iOS and Android offering account access, mobile check deposit, Face ID/Touch ID login, debit card controls, and person-to-person payments.
- Pay a Person Proprietary person-to-person payment service replacing Zelle, enabling fast secure money transfers to anyone with enhanced control and flexibility for personal banking customers.
- Mobile Payments Digital wallet service supporting Apple Pay, Google Pay, and Samsung Pay, allowing customers to add their PeoplesBank Visa Debit Card for contactless in-store, in-app, and online payments.
- Free Business Checking Business checking account with no maintenance fee, no minimum balance, and up to 250 free deposited items and 250 free checks paid monthly; $0.50 per item over limits.
- BusinessEdge Checking Business checking account for higher-transaction-volume operations, offering up to 100 checks deposited by Remote Deposit Capture and 100 ACH transactions monthly; eligible for Cash Management Solutions.
- Commercial Checking Commercial checking account for businesses with higher transaction activity, offering a competitive earnings credit rate to offset service charges.
- IOLTA (Interest on Lawyers Trust Account) Interest-bearing trust account for legal professionals to hold client deposits temporarily, with no maintenance charge or transaction fees.
- Business Premium Savings Interest-earning business savings account with 0.15% APY (as of 01/02/26) and a $10 minimum balance, with free ATM transactions.
- Business Tiered Money Market Business money market account offering tiered interest rates and check-writing ability for higher balances.
- Business Term Loan Term financing for business expansion, equipment purchases, or facility upgrades with fixed rates and terms up to seven years.
- Business Line of Credit Revolving credit facility for managing cash flow and seizing business opportunities with quick access to funds.
- Business Mortgage Real estate financing for owner-occupied or investment properties with competitive rates and flexible terms for business borrowers.
- SBA Guaranteed Loan Small Business Administration loan programs including 7(a), 504, SBA Express, and Patriot Express, offered under PeoplesBank's Preferred SBA Lender status.
- Commercial Mortgage Customized commercial real estate financing solutions for various property types and business needs.
- Construction Mortgage Construction financing that automatically converts to permanent mortgage upon project completion, with competitive construction-to-permanent terms.
- Commercial Term Loan Fixed-rate commercial term financing for equipment, vehicles, renovations, or permanent working capital needs.
- Commercial Line of Credit Revolving credit facility for managing cash flow and seizing business opportunities with flexible access to funds.
- Commercial Letter of Credit Guarantee instrument for payments to suppliers or vendors, including Export/Import, Standby, or Performance Letters of Credit.
- Merchant Services Credit and debit card processing, gift/loyalty card programs, and eCommerce solutions enabling businesses to accept customer payments.
- Payroll Solutions Payroll processing service delivered through a CheckWriters partnership, providing paperless payroll, tax filing, direct deposit, multiple payment options, and HR resources for business customers.
- Cash Management Comprehensive business cash flow management platform including deposit, payment, fraud prevention, and funds management solutions for businesses and institutions.
- PeoplesWealth Wealth management services offered through a Raymond James Financial Services partnership, including investment, insurance, and retirement planning, delivered by registered representatives.
- Private Client Group Premium banking service offering qualifying customers dedicated relationship managers, customized financial solutions, and access to wealth and commercial banking products.
- PeoplesBank-at-Work Employer-sponsored banking program providing on-site account opening, direct deposit setup, dedicated relationship manager support, and employee benefits including a $100 bonus for adding direct deposit, plus mortgage discounts.
- VideoBanker ITM Interactive Teller Machine service providing face-to-face banking with drive-thru convenience, available 7 days a week with extended hours.
- ZYNLO Bank Digital-only banking brand launched as part of PeoplesBank's technology modernization, serving customers nationwide on the cloud-native core, with $200 million in deposits and 7,500+ customers nationwide.
Quantifiable outcome
- $18 million in philanthropic grants to area non-profits and causes since 2013
- +4 more outcomes
Companies that use PeoplesBank
Customer profileNamed customers2 records
Segments6 records
Ideal customer profiles6 records
PeoplesBank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
AI capability6 records
Feature5 records
PeoplesBank partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and strategic.
- NymbuscoreFive-year technology transformation partnership where Nymbus provided cloud-native core banking platform replacing legacy 1980s system. Completed ahead of schedule in 2024 with 24,000+ customers enrolled on launch day. Enables digital-only ZYNLO Bank brand and 100+ new digital initiatives including AI and RPA.
- CheckWriterscorePayroll solutions partnership providing business customers with payroll compliance and procedures technology. Offers paperless payroll, direct deposit, multiple payment options, tax filing services, and HR resources.
- Raymond James Financial ServicescoreWealth management partnership where Raymond James provides brokerage and investment advisory services through PeoplesWealth Advisory Group. Offers investment, insurance, and retirement services through registered representatives.
- Hartford HealthCarestrategicFirst 'Founding Partner' of PeoplesBank Arena branding opportunity. Following $140 million state-backed arena renovation, Hartford HealthCare secured prominent visibility throughout the 16,000-seat venue as part of capital city economic resurgence.
- Cornerstone BankstrategicPending merger of holding companies announced June 2024. Combined entity to be called PeoplesBancorp, MHC with approximately $6 billion in assets. Both banks will continue operating separately as brands while consolidating financial strength, expected Q1 2025 close.
- Allpoint NetworkcoreATM network partnership providing fee-free access to 55,000+ ATMs worldwide for PeoplesBank customers.
Scale indicators13 records
Recent moves8 records
Expansion highlights6 records
PeoplesBank competitors and assessment
Company assessmentDirect peers
- Berkshire Hills Bancorp (Berkshire Bank): Berkshire Hills Bancorp operates Berkshire Bank as a community bank across New England and the Northeast with retail, commercial, and wealth services, comparable in scale and product breadth to PeoplesBank's Massachusetts/Connecticut footprint.
- Hingham Institution for Savings: Hingham Institution for Savings is a Massachusetts-chartered mutual savings bank with a similar community banking model, mortgage-heavy product mix, and consumer banking focus serving greater Boston-area customers.
- Cambridge Bancorp (Cambridge Savings Bank): Cambridge Bancorp operates Cambridge Savings Bank, a Massachusetts community bank offering personal, business, and wealth management services, comparable in scale and product mix to PeoplesBank's full-service community banking platform.
- BayCoast Bank: BayCoast Bank is a Massachusetts-headquartered community bank serving Southeastern MA and Rhode Island, comparable as a regional community bank with similar product breadth and target customer base to PeoplesBank.
- Rockland Trust (Independent Bank Corp): Rockland Trust is a Massachusetts-headquartered community bank offering personal, business, and wealth services across southern New England, the most direct geographic and product overlap with PeoplesBank's MA/CT retail and commercial banking franchise.
- Cornerstone Bank: Cornerstone Bank is a Massachusetts community bank entering into a holding company merger with PeoplesBank to form PeoplesBancorp, MHC; comparable in mutual community banking model, MA footprint, and product offerings to PeoplesBank.
- Salem Five Bank: Salem Five is a Massachusetts-based mutual savings bank offering personal and business banking, mortgages, and wealth services, serving a similar community-bank customer profile in the same New England geography as PeoplesBank.
- Washington Trust Bancorp: Washington Trust is a Northeast community bank headquartered in Rhode Island offering similar personal, commercial, and wealth management products to PeoplesBank, with comparable deposit gathering through branch networks in southern New England.
- Country Bank (Massachusetts): Country Bank is a Massachusetts community bank providing personal, business, and wealth services in central MA, with a comparable mutual/community focus and SMB lending orientation to PeoplesBank.
- East Cambridge Savings Bank: East Cambridge Savings Bank is a Massachusetts-chartered mutual savings bank offering deposit, mortgage, and business banking products in Eastern Massachusetts, directly comparable to PeoplesBank's mutual community banking model.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
PeoplesBank social profiles
Digital presencePeoplesBank compliance and trust
Trust signalCompliance4 records
PeoplesBank financial estimates
Financial estimateRevenue estimate
Valuation estimate
PeoplesBank leadership team
Management profileNumber of profiles
Profiles5 records
PeoplesBank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
PeoplesBank M&A and investment
M&A and investmentM&A1 record
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about PeoplesBank
What does PeoplesBank do?
PeoplesBank is a community bank offering personal and business checking and savings accounts, mortgages and home equity loans, business and commercial lending, cash management, merchant services, payroll solutions, and wealth management. It distributes these products through retail branches in Massachusetts and Connecticut, mobile and online banking, VideoBanker ITMs, the Allpoint ATM network, the PeoplesBank-at-Work employer program, and the digital-only ZYNLO Bank brand built on a cloud-native core platform completed in 2024.
Is PeoplesBank a public or private company?
PeoplesBank is a private company. It is classified as management employee owned and is currently operating.
When was PeoplesBank founded?
PeoplesBank was founded in 1885. It employs 251 to 500 people.
Where is PeoplesBank based?
PeoplesBank is headquartered in Holyoke, United States, in the North America region.
How does PeoplesBank make money?
Four revenue lines are on record. Interest Income is the primary driver. The others are fee-based Banking Services, wealth Management and digital Banking Services.
Who are PeoplesBank's main competitors?
Direct peers on record are Berkshire Hills Bancorp (Berkshire Bank), Hingham Institution for Savings, Cambridge Bancorp (Cambridge Savings Bank), BayCoast Bank, Rockland Trust (Independent Bank Corp), Cornerstone Bank, Salem Five Bank, Washington Trust Bancorp, Country Bank (Massachusetts) and East Cambridge Savings Bank.
Does PeoplesBank have an API?
No public API is recorded for PeoplesBank.
What industry is PeoplesBank in?
PeoplesBank's product category is Community Banking. Its primary akta.pro industry code is FSABAEAF, Cooperative Banks (Member-Owned Commercial/Retail), with a secondary code of BPAMAFAD, Digital Banking & Neobank Platforms. Its NAICS code is 551111 and its SIC code is 6022.