Regional banks

Rick Ulmer, the former regional executive for insurance services in the Mid-America region, will now oversee insurance operations in 10 states.

The bank's heavy concentration of mass-affluent customers gives it a strong advantage over its rivals, Citizens claims.

The regional broker landed three recruits from First Allied Securities, Edward Jones and U.S. Bank.

Thomas Dicker will oversee the firm's 38 U.S. wealth offices and will be responsible for driving growth.

The acquisition of the New York City-based firm is expected to boost People's United's assets under management to $8 billion.

Second-quarter revenue from trust and brokerage services sank 11% and 10%, respectively, from the same period last year.

Second-quarter revenue declined across trust, insurance and brokerage businesses, with trust services posting the sharpest fall.

Several big banks are getting into the business, mostly by forming partnerships with fintech companies. Smaller banks are expected to soon follow suit.

The executive has added 15 new advisers this year and plans to add 15 more by the end of 2016, bringing the total broker force to 130.

The Birmingham, Ala.-based bank generated $103 million in second-quarter revenue from its brokerage, trust and insurance operations, up 6.2% year-over-year.