peoples federal savings bank boston ma

Fred Taw. director at peoples federal savings bank. peoples federal savings bank. Brookline, Massachusetts, United States27 connections Boston, MA. Following the merger Rockland Trust has 86 Eastern Massachusetts bank branch locations, including the former Peoples Federal branches in the. Peoples Federal Savings Bank was established in January 1916 and headquartered in Brighton, Massachusetts. Peoples Federal Savings Bank was classified as a.

Peoples federal savings bank boston ma -

My problems with Peoples Federal Savings Bank

by Jonathan Kamens<[email protected]>

Last updated: $Date: 2018/08/22 22:28:09 $

Recent changes

2006-06-21: Believe it or not, today, over four years after I closed my last Peoples account, I got spam from them that began "Dear Valued Customer"! What a riot!
2003-03-26: I haven't updated this page in a Long Time. I actually closed my Peoples accounts on March 18, 2002. When I closed the accounts, no one at the bank asked why or whether they could do anything do change my mind. Great customer service.
I moved my accounts to Mercantile Bank. There were a couple of minor bumps at the beginning, but overall I'm much happier with them than with Peoples. Interestingly enough, Mercantile recently went through the same computer upgrade that Peoples did, and they avoided nearly all the mistakes about which I complained to Peoples. Maybe they visited this Web site when planning their upgrade!
A few months ago we ended up moving some of our accounts from Mercantile to Citizens Bank to get a low rate on a home equity loan. We're happy with their service as well.
2002-01-10: I received a new version of the letter I'd received on January 7, this one with the correct date on it.
2002-01-09: I received E-mail from Gaffney about the date error in his letter.
2002-01-07: I received a letter from Peoples, dated December 4 but postmarked January 5, inviting me to come to the bank to discuss my concerns with them. I declined the invitation.
2002-01-02: An Allston/Brighton Tab reporter came to my house to take my picture for the story they're supposedly going to run about my problems with Peoples.
2001-12-22: Almost five months after I first asked them to do so, Peoples finally explained the discrepancy between my interest calculation and theirs.

What's the story?

I have been a customer of Peoples Federal Savings Bank in in Brighton, Massachusetts, for several years. I was perfectly satisfied with their service until June 2001, when they decided to "upgrade" their computer systems.

From my perspective, the upgrade was a disaster. The manner in which they did it was not secure, they messed up ATM access to my accounts, they messed up the status of my accounts in their computer, they charged me service charges they should not have charged me, they messed up the ATM user interface, etc.

We've all heard stories about terrible customer service from banks, so you might say these problems aren't particularly noteworthy. However, most of the horror stories come from the "big banks" (e.g., everyone in Massachusetts knows at least one horror story about Fleet, its predecessor BankBoston, or its predecessor BayBank). What makes my story different is that Peoples is small (with only a few branches) and claims to be a "neighborhood bank."

As if all the problems mentioned above weren't bad enough, my calculations suggested that they also miscalculated the interest on one of my accounts for the month of June. I spent almost six months trying to get them to explain the discrepancy between my calculations and theirs, or, if my calculations were correct, to admit that an error had occurred and take steps to apologize for, publicize and correct it. It turns out that their interest calculations were correct (see this letter for an explanation), but they couldn't be bothered to explain why until I contacted the local news media and several regulatory agencies asking them to investigate the situation.

What did it take to get them to answer you?

When I finally gave up on waiting for Peoples to do the right thing in response to my inquiries. I contacted the Boston Globe, the Boston Herald, the Allston/Brighton Tab, WBZ (channel 4) TV news, WCVB (channel 5) TV news, WHDH (channel 7) TV news, WFXT (channel 25) TV news, WLVI (channel 56) TV news, the Massachusetts Division of Banks, the FDIC, and the Federal Office of Thrift Supervision (OTS) and asked them to investigate.

The Tab and the OTS responded to my inquiries, so when Peoples finally explained to me why their interest calculations were correct, I contacted the Tab and the OTS and notified them of this.

The Tab is supposedly going to print a story about my problems with Peoples. They sent a photographer out to my house on January 2 to take a picture of me to run with the story.

I also created this Web page and put pointers to it in various forums, such as the ne.general newsgroup and the RISKS Digest.

Why did you bother?

You might wonder why I spent so much time pursuing this complaint. After all, Peoples did finally refund the errant service charges, and as for the apparent interest miscalculation, I was overpaid, not underpaid, and by a trivial amount, so why didn't I just drop it? Because I believed that Peoples has demonstrated through their actions that they were capable of harming not just me, but many of their customers.... How many other people's interest payments were miscalculated? Were some of them underpaid rather than overpaid? Were they all for trivial amounts, or were some of them large? If Peoples can do it once and refuse to acknowledge or correct it, who's to say that they won't do it again? I have been unable to get Peoples to provide satisfactory answers to any of these questions, certainly not for lack of trying (as you can see from the record of correspondence below). I cannot stand idly by and do nothing while Peoples continues to conduct business in a manner which could be materially damaging to its account-holders.

Now that I know that the bank's interest calculations were correct, I still believe that Peoples has shown through their actions that they are not to be trusted. Why should anyone trust a bank which so thoroughly botches an upgrade to its computer systems and then fails to promptly fix the problems while claiming that it has already done so? Why should anyone trust a bank whose officers either are incapable of explaining how their interest calculations are performed or simply refuse to do so when asked?

Can I see all the sordid details?

Here is a complete record of my correspondence with Peoples since June. If you don't want to be bored by reading everything, you can get the story by reading just the ones in bold.

  • June 11: a message I sent Peoples through their Web site
  • June 17: another one
  • June 20: another one
  • June 22: an E-mail message from Charles L. Gaffney, the bank's "Operations Officer"
  • June 22: two E-mail messages to Gaffney
  • July 19: an article by me about these problems published in the ACM Forum on Risks to the Public in Computers and Related Systems, a.k.a. The RISKS Digest
  • July 20: a letter to Tom Leetch, President and CEO of the bank
  • July 27: Leetch's response
  • July 31: an E-mail message I sent to Gaffney while trying to determine why my interest calculations were not matching up with the bank's
  • August 8: an E-mail message to Leetch in response to his letter and to the fact that Gaffney did not respond to my July 31 E-mail
  • September 9: a letter I sent to Leetch, enclosing a copy my previous E-mail because he had not responded
  • October 19: a letter I sent to Leetch after playing phone tag with him, his secretary and Gaffney and failing in my efforts to make an appointment to speak with Leetch in person
  • October 24: a letter from Gaffney in response to my letter to Leetch
  • October 26: an E-mail message to Gaffney
  • October 29: an E-mail message from Gaffney
  • December 4: an E-mail message to Gaffney
  • December 6: an E-mail message from Gaffney
  • December 21: a letter from Gaffney, finally explaining the discrepancy between my interest calculation and the bank's
  • January 7: a letter from Gaffney arrives, dated December 4 but postmarked January 5, inviting me to come to the bank to talk to them
  • January 8: my response
  • January 9: an E-mail message from Gaffney
  • January 10: another letter from them inviting me to come talk things over, this one with a corrected date (January 4, 2002)

I've got something to say!

If you'd like to comment about this page, you can send me E-mail.


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Peoples Federal Savings Bank v. People's United Bank

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(Archived Content)


Treasury Secretary Robert E. Rubin announced today that the Community Development Financial Institutions (CDFI) Fund awarded 48 community organizations a total of $38.3 million in financial and technical assistance in the second round of CDFI Program. In addition, 55 insured depository institutions will receive $16.9 million in incentive grants in the second round of the Funds Bank Enterprise Award (BEA) Program.

The CDFI Fund was created by President Clinton in 1994 to expand the availability of credit, investment capital, and financial services in distressed urban and rural communities. The CDFI Fund administers two main programs: the CDFI Program and the BEA Program.

The CDFI Program provides capital to specialized, community-based financial institutions known as Community Development Financial Institutions (CDFIs) that work in underserved market niches.

The BEA Program provides incentives to insured depository institutions to invest in CDFIs and to increase lending and financial services in distressed communities.

The CDFI Fund is a sound investment for the Federal government, said Secretary Rubin. The Fund is helping to bring hope and opportunity to communities that have long been left behind. Local community-based institutions that have received CDFI funding are creating jobs and revitalizing Americas neighborhoods. This public-private partnership is essential to ensuring the nations financial system works to the benefit of all Americans.

The assistance being provided by the CDFI Program will dramatically strengthen the 48 CDFI awardees, enabling them to provide needed capital and financial services in the distressed communities they serve and to low-income individuals otherwise lacking access to these services. CDFIs provide critical lending and investing for such activities as home purchase and rehabilitation, multi-family and special needs housing, microenterprise development, small business and agriculture enterprises, community facilities such as child care and health care centers; in addition to providing needed financial services such as checking and savings accounts.

The BEA Program works hand-in-hand with the CDFI Program by rewarding insured depository institutions that increase their level of qualified community development activities. The institutions were selected for increasing their direct investment in CDFIs; and for increasing their level of lending, investment, and the provision of financial services within the distressed communities they serve.

BEA awards are disbursed only after the activities proposed by the institutions have actually been completed. Approximately $83 million has been provided in direct community investment by BEA awardees, including $59 million in new lending for multi-family housing. BEA recipients have financed such projects as the construction of new health clinics, a senior care facility, a homeless shelter and a home for people with AIDS. In addition, nearly $66 million in loans, equity investments and grants have been provided directly to CDFIs.

The CDFI Program will help build the capacity of the CDFI awardees to more effectively serve their communities and to expand into new areas. Rather than funding specific projects, the CDFI Fund allows decisions about how to best meet community needs to be made by the local organizations.

The CDFI Program leverages Federal dollars by requiring that each CDFI provide a one-to-one match with funds from non-Federal sources for each dollar of assistance it receives. In addition, CDFIs receiving assistance from the Fund are held to performance standards that help ensure that the Federal investment will result in significant community development impact.

The CDFIs receiving assistance from the Fund include community development banks, multi-bank community development corporations, credit unions, loan funds, venture funds and microenterprise loan funds. The assistance may be made in various forms, including equity investments, grants, loans, and funding for technical assistance.

In order to leverage assistance to even more CDFIs, for the first time, the CDFI Fund is providing assistance to two CDFIs under a new Intermediary Component of the CDFI Program. This assistance will be passed on to smaller, newer, and harder to reach CDFIs.

These intermediary institutions, which meet the same criteria as other CDFIs, will be able to provide financial and specialized technical assistance to approximately 200 community development credit unions and community development loan funds across the country.

Attached is the list of CDFI and BEA awardees.

CDFIs selected for funding under the Core Component of the CDFI Program are:

ACCION El Paso, Inc. El Paso, TX $130,000 grant & $200,000 loan

Alaska Growth Capital BIDCO, Inc. Anchorage, AK $1,000,000 equity investment

Albina Community Bancorp Portland, OR $400,000 equity investment

Alternatives Federal Credit Union Ithaca, NY $750,000 grant & $57,000 technical assistance

Boston Community Capital, Inc. (formerly BCLF, Inc.) Jamaica Plain, MA $435,000 grant & $565 equity investment

Boston Bank of Commerce Boston, MA $750,000 equity investment

Central Appalachian Peoples Federal Credit Union Berea, KY $425,000 grant & $100,000 loan & $50,000 technical assistance

Chowan Credit Union, Inc. Edenton, NC $150,000 grant & $25,000 technical assistance

Coastal Enterprise, Inc. Wiscasset, ME $2,500,000 grant

College Heights Credit Union Fayetteville, NC $175,000 grant & $30,000 technical assistance

Colorado Enterprise Fund Denver, CO $250,000 grant $25,000 technical assistance

Community Investment Corporation Chicago, IL $1,000,000 grant

Community Loan Fund of New Jersey, Inc. Trenton, NJ $800,000 grant & $400,000 loan & $30,000 technical assistance

Community Ventures Corporation Lexington, KY $350,000 grant

Cooperative Business Assistance Corporation Camden, NJ $500,000 grant & $500,000 loan

Enterprise Development Corporation The Plains, OH $125,000 grant

The Enterprise Foundation Columbia, MD $2,500,000 grant

Housing Development Fund of Lower Fairfield County, Inc. Stamford, CT $78,500 grant

Institute for Community Economics, Inc. Springfield, MA $1,125,000 grant & $96,100 technical assistance

Jackson/Hinds Minority Capital Fund, Inc. Jackson, MS $700,000 grant

Leviticus 25:23 Alternative Fund, Inc. Yonkers, NY $250,000 grant

Local Initiative Support Corporation New York, NY $1,000,000 grant

Low Income Housing Fund San Francisco, CA $165,000 technical assistance

Minority Investment Development Corporation Providence, RI $750,000 equity investment

Neighborhood Bancorp San Diego, CA $1,500,000 equity investment

Neighborhood Housing Services of Chicago, Inc. Chicago, IL $960,000 grant

New Mexico Community Development Loan Fund, Inc. Albuquerque, NM $600,000 grant

Northcountry Cooperative Development Fund, Inc. Minneapolis, MN $185,000 equity investment

Northeast Entrepreneur Fund, Inc. Virginia, MN $250,000 grant & $35,000 technical assistance

PPEP Microbusiness and Housing Development Corporation Tucson, AZ $250,000 grant

Primary Care Development Corporation New York, NY $2,500,000 grant

Renaissance Economic Development Corporation New York, NY $300,000 grant

Rural Community Assistance Corporation Sacramento, CA $600,000 grant & $300,000 technical assistance

Sable Bancshares, Inc. Chicago, IL $1,000,000 equity investment

San Antonio Business Development Fund, Inc. San Antonio, TX $500,000 grant

Southern Dallas Development Corporation, Inc. Dallas, TX $600,000 grant

St. Luke Credit Union Windsor, NC $230,000 grant & $20,000 technical assistance

Tampa Bay Community Reinvestment Corporation Tampa, FL $2,500,000 grant

Tri-County Credit Union Ahoskie, NC $250,000 grant & $25,000 technical assistance

Unified Singers Federal Credit Union Thomasville, GA $250,000 grant & $21,000 technical assistance

Union Settlement Federal Credit Union New York, NY $200,000 grant

United Bank of Philadelphia Philadelphia, PA $500,000 grant

Vermont Community Loan Fund, Inc. Montpelier, VT $465,000 grant & $35,000 technical assistance

Vermont Development Credit Union Burlington, VT $500,000 grant

Washington County Council on Economic Development Washington, PA $250,000 grant

Wendell Phillips Community Development Federal Credit Union Minneapolis, MN $80,000 grant

CDFIs selected for funding under the Intermediary Component of the CDFI Program are:

National Association of Community Development Loan Funds Philadelphia, PA $1,750,000 grant

National Federation of Community Development Credit Unions New York, NY $3,250,000 grant

Insured depository institutions awarded under the BEA Program are:

American State Bank Osceola, AR $15,000

First National Bank of Phillips County Helena, AR $7,500

Simmons First National Bank Pine Bluff, AR $30,000

Bank of America Community Development Bank Walnut Creek, CA $915,333

California Korea Bank Los Angeles, CA $31,250

CenFed Bank Pasadena, CA $62,500

Chevron Credit Bank, N.A. Concord, CA $9,750

Citibank, F.S.B San Francisco, CA $740,156

City National Bank Los Angeles, CA $12,500

Community Bank of the Bay Oakland, CA $1,657,750

Fidelity Federal Bank Los Angeles, CA $250,000

Hanmi Bank Los Angeles, CA $25,000

People's Bank of California Los Angeles, CA $62,500

Republic Bank California, N.A. Beverly Hills, CA $52,618

Norwest Bank Colorado, National Association Denver, CO $165,000

Crestar Bank Washington, DC $464,607

Florida International Bank Miami, FL $13,968

Bank of America, N.T. & S.A. Chicago, IL $18,000

Cole Taylor Bank Wheeling, IL $29,480

Harris Trust and Savings Bank Chicago, IL $5,400

The Northern Trust Company Chicago, IL $425,500

The South Shore Bank of Chicago Chicago, IL $848,320

Republic Bank & Trust Company Louisville, KY $1,100

Central Bank Monroe, LA $37,500

First National Bank of Commerce New Orleans, LA $112,500

BankBoston Boston, MA $128,300

Cambridge Savings Bank Boston, MA $1,732

Wainwright Bank and Trust Company Boston, MA $60,385

Atlantic Bank, N.A. Portland, ME $15,000

Bath Savings Institution Bath, ME $8,250

Kennebunk Savings Bank Kennebunk, ME $12,000

Ocean National Bank Kennebunk, ME $4,500

Peoples Heritage Bank Portland, ME $30,000

Pepperell Trust Company Biddeford, ME $7,500

Central Bank of Kansas City Kansas City, MO $83,808

Trustmark National Bank Jackson, MS $150,000

Branch Banking and Trust Company Winston Salem, NC $330,000

Central Carolina Bank and Trust Company Durham, NC $550,000

First Union National Bank Charlotte, NC $948,750

NationsBank, National Association Charlotte, NC $545,600

Amalgamated Bank of New York New York, NY $16,200

Bankers Trust Company New York, NY $957,000

Citibank, N.A. New York, NY $2,517,024

Community Capital Bank Brooklyn, NY $168,796

European American Bank Uniondale, NY $1,547,285

Manufacturers and Traders Trust Company New York, NY $218,770

Republic National Bank New York, NY $371,550

Roosevelt Savings Bank Garden City, NY $2,250

The Chase Manhattan Bank New York, NY $960,205

Bank of America, FSB Portland, OR $755,349

First Bank of Beverly Hills, Portland, Oregon Portland, OR $19,254

Girard Savings Bank Portland, OR $98,100

Washington Federal Savings Bank Washington, PA $83,250

NationsBank of Texas, NA Dallas, TX $334,400

The San Benito Bank & Trust Company Arroyo, TX $15,000

(a unit of Pacific Southwest Bank)


Peoples Federal Savings Bank Foundation in Brighton, Massachusetts (MA)

Organizations performing similar types of workIdNameAddressStateEstablishedTotal Income1State Street Foundation Inc1 Lincoln St Fl 24, Boston, MA 02111-2901MA2007-06$31,367,6982Spector Foundation10 St James Ave 11th Fl, Boston, MA 02116-3813MA2010-08$26,474,6363Ruby W And Lavon P Linn Foundation, Borek Jo Anne TteePO BOX 961019, Boston, MA 02196-1019MA2001-10$21,959,9904Lookout Foundation Inc60 State St 800, Boston, MA 02109-1800MA2010-08$10,559,4255Sherry And Alan Leventhal Family FoundationC/O Beacon Capital 200 State Street, Boston, MA 02109MA2010-04$10,475,5916Amg Charitable Foundation600 Hale St, Prides Crossing, MA 01965MA2011-08$10,000,0007The Romney Foundation For Children, Ann D & W Mitt Romney Ttee137 Newbury St, Boston, MA 02116-2912MA2000-09$9,066,8618[email protected] Global Foundation, Shue Chikong Ttee2 Possum Hollow Rd, Andover, MA 01810-2446MA2000-08$8,284,6559University Industry Research Corporation401 Edgewater Place Suite 600, Wakefield, MA 01880MA2014-09$7,912,90410Goldhirsh Foundation101 Federal St Fl 14, Boston, MA 02110-1859MA2010-08$7,547,78311William S Kaiser Family Foundation23 Inverness Rd, Wellesley, MA 02481-6114MA2009-02$6,851,04112The Tripadvisor-Expedia Foundation141 Needham St, Newton, MA 02464-1505MA2010-02$6,809,52413Steinberg-Lalli Charitable Foundation, Steinberg Stephen P TteePO BOX 2350, Acton, MA 01720-6350MA2005-06$6,265,26514Black-Brogan Foundation101 Federal Street, Boston, MA 02110-1817MA2014-07$6,000,01315Janes Trust FoundationPO BOX 961209, Boston, MA 02196-1209MA2011-05$5,481,03816Windover Foundation, Lewis David W Jr TteeNutter Mcclennen 155 Seaport Blvd, Boston, MA 02210MA1999-10$5,309,12517The Firstgreen Foundation Inc20 Walnut St Ste 302, Wellesley, MA 02481-2104MA2006-04$5,296,80918Andrew And Corey Morris-Singer FoundationC/O Holland Knight 10 Saint James, Boston, MA 02116MA2012-01$5,002,53119Sperling Fam Charitable Foundation, Sperling Scott M Ttee4 Moore Rd, Wayland, MA 01778-1410MA2001-12$4,264,43320Ben And Rose Cole Charitable Pria FoundationC/O Howland Capital 75 Federal St, Boston, MA 02110MA2012-09$3,633,190

September 11, 2014 - Financial Digest

Independent Bank Corp. parent of Rockland Trust Co. and Peoples Federal Bancshares, Inc., parent of Peoples Federal Savings Bank, have signed a definitive agreement for Independent Bank Corp. to acquire Peoples Federal Bancshares, and Rockland Trust to acquire Peoples Federal Savings Bank.
"We are pleased to welcome Peoples Federal Savings customers and colleagues to Rockland Trust," said Christopher Oddleifson, the CEO of Independent and Rockland Trust. "Peoples Federal Savings is a profitable, well-managed bank with strong credit quality. This acquisition will give Rockland Trust its first bank branches in the city of Boston and greatly complements recent expansion initiatives in and around the Boston market. The combining of our two institutions will help unite our steadily growing Eastern Mass. footprint, and further strengthen Rockland Trust's position in the attractive Greater Boston metropolitan area."
Peoples Federal Savings has eight full-service bank branches, including four within the city of Boston in Brighton, Allston, West Roxbury, and Jamaica Plain. Peoples Federal Savings also has three Norfolk County branch locations in Brookline, Norwood, and Westwood, as well as a West Newton location in Middlesex County. Peoples Federal Savings currently has about $606 million in total assets, $435 million of deposits, and $497 million in loans.
"This transaction is good for our customers and is in the best interests of our shareholders," said Maurice Sullivan, Jr., the chairman and CEO of Peoples Federal Bancshares, Inc., "We are pleased to join Rockland Trust, a strong and growing bank. Our customers will benefit from the greater range of products and services that Rockland Trust offers and the convenience of Rockland Trust locations across Eastern Massachusetts."
Thomas Leetch, president and COO of Peoples Federal Bancshares, Inc. said, "Rockland Trust shares with Peoples Federal Savings a common mission of supporting and reinvesting in our communities. The combination of our two organizations will ensure a continued focus on preserving and enhancing the well-being of those communities."
The agreement provides that 60% of outstanding Peoples Federal Bancshares, Inc. shares will be exchanged for Independent shares at a fixed exchange ratio of .5523 of an Independent share for each Peoples Federal Bancshares, Inc. share and the remaining 40% of outstanding Peoples Federal Bancshares, Inc. shares will be exchanged for $21.00 per share in cash. Based upon Independent's $36.17 per share closing price on August 4, 2014 the transaction is valued at approximately $130.6 million. The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes and to provide a tax-free exchange for Peoples Federal Bancshares, Inc. shareholders who receive Independent shares. Peoples Federal Bancshares, Inc. shareholders will be able to elect between receiving cash or Independent shares, subject to proration and allocation so that 60% of outstanding Peoples Federal Bancshares, Inc. shares are exchanged for Independent stock and 40% exchanged for cash. The agreement provides that, effective as of and contingent upon the merger, Independent and Rockland Trust will add to their board of directors one current member of the Peoples Federal Bancshares, Inc. board of directors.
Independent anticipates that the Peoples Federal Bancshares, Inc. acquisition will be approximately $0.02 accretive to 2015 earnings, exclusive of one-time charges, primarily driven by consolidation efficiencies and approximately $0.02 to $0.03 accretive annually thereafter. Independent believes that the transaction will generate an internal rate of return of about 16%, and anticipates modest tangible book accretion.
The transaction has been approved by the board of directors of each company and is subject to certain conditions, including the receipt of required regulatory approvals, approval by Peoples Federal Bancshares, Inc. shareholders, and other standard conditions. The parties anticipate that the transaction will close in the first quarter of 2015.
Independent was advised by Keefe, Bruyette & Woods, Inc. and used Day Pitney LLP and Choate Hall & Stewart LLP as its legal counsel. Peoples Federal Bancshares, Inc. was advised by Sandler O'Neill + Partners, L.P. and used Bingham McCutchen LLP as its legal counsel.


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