Bridgeport-based People’s United Financial Inc., the holding company for People’s United Bank, has received approval from the Office of the Comptroller of the Currency for its acquisition of Suffolk County National Bank, headquartered in Riverhead, N.Y.
People”™s United announced the purchase on June 27, 2016, which involved a 100 percent stock transaction valued at approximately $402 million. SCNB President and CEO Howard Bluver was designated to join People”™s United as its New York market president.
The banks initially forecast the transaction would close during the fourth quarter of 2016. However, it still requires the approval of the Board of Governors of the Federal Reserve System before it can be finalized.
People”™s United Bank has a network of nearly 400 branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, including seven branches in Westchester County.
