People’s United picking up Mass. bank in $327 million deal
People”™s United Financial Inc., the holding company for Bridgeport-based People”™s United 
Bank, is acquiring BSB Bancorp Inc., the holding company for Belmont Savings Bank, a state-chartered savings bank headquartered in Belmont, Massachusetts, in a 100 percent stock transaction valued at approximately $327 million.
Belmont Savings has $3 billion in assets and maintains six branches in the greater Boston area. It was ranked 65th in Fortune magazine”™s list of 2018”™s fastest-growing companies with $86 million in revenue for the four quarters that ended on April 30.
People”™s United said it expected completion of the transaction ”“ subject to customary closing conditions, including receipt of regulatory approvals and the approval of BSB stockholders ”“ to occur by the end of the second quarter of 2019.
The acquisition “will deepen and expand our presence in the Greater Boston area, particularly in the suburbs west of the city, which are attractive banking markets,” said People”™s Chairman and CEO Jack Barnes. “As such, our Boston MSA (metropolitan statistical area) deposit market share rank will increase from number 13 to number 8 on a pro-forma basis.”