Home Banking & Finance People’s United acquiring Long Island bank for roughly $402 million

People’s United acquiring Long Island bank for roughly $402 million

People’s United Financial Inc. has announced its plan to pay $33.55, or roughly $402 million, for each share of Suffolk Bancorp, parent of Suffolk County National Bank of Riverhead, N.Y.

The deal is expected to be completed in the fourth quarter pending regulatory and stockholder approvals.

People’s, headquartered in Bridgeport, has nearly 400 branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine. Suffolk maintains 28 branches.

As part of the deal, Suffolk Bancorp CEO Howard C. Bluver will become New York market president, overseeing Suffolk’s integration into People’s while continuing to expand the People’s brand in New York.

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