People”™s United Financial Inc. is expanding into Long Island with the $60 million acquisition of Bank of Smithtown, a subsidiary of Hauppauge, N.Y.-based Smithtown Bancorp Inc.
Separately, Bridgeport-based People”™s United is spending $96 million to acquire RiverBank, a subsidiary of North Andover, Mass.-based LSB Corp.
Bank of Smithtown has 30 branches and $1.9 billion in deposits; RiverBank has seven branches including two in New Hampshire, and just more than $500 million in deposits.
People”™s United also revealed plans to open two Boston branches later this year.
In the second quarter, People”™s United had net income of $16 million, down from $25 million a year ago. The company spent $52 million during the quarter to repurchase stock.
“While we continue to evaluate potential acquisition opportunities, we are actively pursuing other capital deployment activities,” said Jack Barnes, interim CEO of People”™s United.
Earlier this year, People”™s United entered the Boston-area market with the acquisition of Butler Bank, a failed bank in Lowell, Mass. The company is in the process of renaming branches it acquired in its 2008 purchase of Vermont-based Chittenden Corp., with the banks now carrying the People”™s United brand.
