As expected, People’s United Financial Inc., the holding company for People’s United Bank, has completed its $759 million acquisition of United Financial Bancorp Inc. The 100% stock transaction was announced in July.
“The acquisition allows us to further optimize our existing branch footprint regionally to more efficiently serve our combined customers and deliver our tailored solutions to additional markets, backed by our expert bankers and personalized technology,” People’s United Chairman and CEO Jack Barnes said.
People’s United has also surpassed Webster Financial Corp. for the most Connecticut deposits by an in-state lender. As of June 30, its $21.2 billion in Connecticut deposits topped Webster’s $19.3 billion.
Bridgeport-based People’s is now finalizing how it will go about consolidating branches. There are 42 People’s United Bank branches and 37 United Bank locations in Hartford County alone. People’s plans to close some of those drew criticism from a pair of state legislators over the summer.
People’s United Bank also has locations in White Plains, Scarsdale and New Rochelle.