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.
