Peoples Bank of CT(PBCT) a Bridgeport, CT bank is planning to go national but it has the same local oriented management, The major shareholder is a woman who owns Omega International, a private company which made her millions of dollars and she also controls another small bank in Stamford, CT, where Omega is loacted. For many years, Peoples set up a holding company that controlled the majority of the stock and was operated by the same management that controlled the bank. The directors are all hand picked freinds of management including the egocentric Jack McGregor and several octogerians. In the last recession, Peoples almost went under except that the then CEO, Dave Carson, had an ace in the hole, his son worked for Congressman Chris Shays of CT. While Citytrust Bank, a commercial bank that was located near Peoples sought "forebearance" from the bank regulators, it was denied for Citytrust but granted to Peoples, despite the fact that Peoples was in far worse shape. Bill Kosturco is the head of the legal department and he takes forever to make a decision and it takes People longer to make a decision than most banks, Many of Peoples management is interwined with the corrupt mayor of Bridgeport, John Fabrizi, who was found to be a Cocaine addict but who refuses to resign. Peoples is interlocked with the fate of Fabrizi and the City of Bridgeport.
Despite the above, it is still the leading bank in the Fairfield County area. However, it lacks the sophistication to become a national bank.