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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________

FORM 10-K

____________________________________________

☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020
or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to _________

____________________________________________

850 Main Street

Bridgeport, Connecticut 06604

(Address of principal executive offices, including zip code)

(203) 338-7171

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(g) of the Act: None.

____________________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  ☒    No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes  ☐    No  ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☒

Accelerated filer

☐

Smaller reporting company

☐

Non-accelerated filer

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.   ☒   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  ☒

The aggregate market value of voting stock held by non-affiliates of the registrant, based upon the last reported sales price of its common stock as of the last business day of the registrant’s most recently completed second quarter on the NASDAQ Global Select Market was approximately $4.91 billion.

As of February 19, 2021, there were 425,524,923 shares of the registrant’s common stock outstanding.

Documents Incorporated by Reference

The information required by Part III is incorporated by reference to our definitive proxy statement or in an amendment to the Form 10-K, to be filed no later than 120 days after the end of the fiscal year covered by this Form 10-K.

PEOPLE’S UNITED FINANCIAL, INC.

2020 FORM 10-K

Table of Contents

						Page
Part I
Item 1.			Business			1
Item 1A.			Risk Factors			10
Item 1B.			Unresolved Staff Comments			17
Item 2.			Properties			17
Item 3.			Legal Proceedings			17
Item 4.			Mine Safety Disclosures			17
Part II
Item 5.			Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			18
Item 6.			Selected Financial Data			20
Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			21
Item 7A.			Quantitative and Qualitative Disclosures About Market Risk			68
Item 8.			Financial Statements and Supplementary Data			72
Item 9.			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			72
Item 9A.			Controls and Procedures			72
Item 9B.			Other Information			72
Part III
Item 10.			Directors, Executive Officers and Corporate Governance			72
Item 11.			Executive Compensation			73
Item 12.			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			73
Item 13.			Certain Relationships and Related Transactions, and Director Independence			73
Item 14.			Principal Accountant Fees and Services			73
Part IV
Item 15.			Exhibits and Financial Statement Schedules			74
Item 16.			Form 10-K Summary			77
Signatures						78