People”™s United Financial Inc. completed its acquisition of nearly 60 New York bank branches from RBS Citizens N.A., assuming $324 million in deposits.
Bridgeport-based People”™s United paid $3.2 million for the branches from RBS Citizens, which is based in Providence, R.I. Most of the branches are located in Stop & Shop supermarkets on Long Island, with People”™s United already having a colocation agreement in place with Stop & Shop in Connecticut.
“The significant similarities between the Long Island market and Connecticut, where we have built a strong and thriving brand, give us confidence in our ability to repeat the success we have had with our Stop & Shop branches in Connecticut,” said People”™s United CEO Jack Barnes, in a prepared statement.
