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People's United Financial Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: PBCT

Through these branches, we will be reaching approximately 900,000 weekly visitors to Stop & Shop stores, which will significantly strengthen our brand awareness in the country's largest MSA. We now serve customers in approximately 100 branches in the New York metro area. As is the case throughout our footprint, we strive to bank the market. As we continue to build our deposit footprint in the New York metro area, we are simultaneously adding asset generation capabilities.

First, as we have said about our Stop & Shop branches in Connecticut, we generate a substantial portion of our residential mortgage and home equity originations through these in-store branches. We also see significant commercial activity in these branches. In time, we expect the recently acquired branches will also become significant asset generators.

In addition, we have expanded our C&I and asset-based lending efforts in New York metro area, adding 5 seasoned in-market C&I lenders on Long Island and 2 ABL professionals.

Recently, we also added 3 senior New York commercial real estate professionals. These individuals have spent their careers focused on New York commercial real estate relationships and are well known to both the market and our management team. Further, within the last week, we added a senior private banking professional, who will lead our private banking business, including expansion in the New York metro and Boston.

Second, over the last few quarters, we have built upon the depth of our cash management talent, and we are now starting to see the benefit of their efforts. In addition, we've been working to deepen our brokerage penetration throughout the footprint.

Read the rest of this transcript for free on seekingalpha.com

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