The $759 million acquisition of Hartford-based United Financial by People’s United Financial Inc. is expected to be completed by Nov. 1, according to United.
Bridgeport-based People’s United Financial, the holding company for People’s United Bank, announced the deal in July. Last week, in announcing People’s United’s third-quarter results, Chairman and CEO Jack Barnes said the acquisition was “on track to close in the fourth quarter.”
According to United Financial’s own third-quarter earnings release, closing of the deal is expected to be effective on Nov. 1, subject to receipt of the approval by United Financial’s shareholders and satisfaction of other customary closing conditions.
A special meeting of United Financial’s shareholders to vote upon the acquisition and related matters is scheduled to be held tomorrow.
People’s United’s third-quarter net income was up from $113.5 million to $131.6 million. United’s third-quarter net income was $12.7 million, down from $16.3 million in the year-ago quarter. If the acquisition is approved as expected, that would be United’s last earnings statement as a separate entity.