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Peoples Bank is a multi-service financial institution that has grown to have assets reach nearly 12 billion When it started in 1842 it opened as a general savings bank aimed at the blue-collar worker who wanted to save hisher money Now Peoples offers many services such as mortgage loans credit cards checking accounts and investment advisory and brokerage services Peoples also offers many different ways in which to do your banking whether it be at the local branch the supermarket branch online with PC banking or over the phoneCurrently Peoples primary market is Fairfield County However statewide it is the number one mortgage lender and it does business with about 25 of the households in Connecticut It is also known internationally for offering a credit card with a low fixed rateThe following paper will dissect Peoples Bank through Michael E Porters five forces model The five forces model is the framework for analyzing determinants of industry profitability It is used to identify the threats and opportunities confronting a company that is thinking of entering into a particular industry The model focuses on five particular forces that Porter says shape the competition that is in each particular industry Rivalry among established firms is the central focus that is surrounded by the threat of potential entrants and substitute technologies as well as bargaining power of buyers and suppliersThe first of Porters five forces is the extent of rivalry among established firms in the industry If there is strong rivalry in the industry then competition will be fierce and profits will be limited This will also limit other potential firms from entering the marketThe second of the forces listed is the threat of potential entrants into the industry These are the companies that are not currently in the industry but have the resources to enter the industry at any time This is a threat because it is another company that can potentially take away market shareThe third force
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