PeoplesBank

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

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

• Community banking services
• Retail banking products
• Commercial lending services
• Cash management solutions
• Wealth management services

Headquarters

HQ city

Holyoke

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. 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.
2. 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.
3. Wealth Management: Investment, insurance, and retirement services offered through PeoplesWealth Advisory Group partnership with Raymond James Financial Services.
4. Digital Banking Services: Revenue generated through digital banking operations including the ZYNLO Bank digital brand targeting nationwide customers.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core 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

Named customers2 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability6 records

Feature5 records

Partnerships

Six partnerships are on record, tiered core and strategic.

• NymbuscoreTechnology or Integration · 31 December 2024Five-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.
• CheckWriterscoreTechnology or IntegrationPayroll 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 ServicescoreTechnology or IntegrationWealth 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 HealthCarestrategicGTM or Marketing PartnerFirst '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 BankstrategicStrategic or Co-development PartnerPending 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 NetworkcoreTechnology or IntegrationATM network partnership providing fee-free access to 55,000+ ATMs worldwide for PeoplesBank customers.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct 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

• Xx.com/bankatpeoples
• Facebookfacebook.com/bankatpeoples
• LinkedInlinkedin.com/company/peoplesbank_2

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PeoplesBank