Tuesday, October 4, 2022
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After run of acquisitions, People’s United focuses on organic growth, tech

Looking ahead, bank President Jeff Tengel reiterated that technology remains a key challenge, both for People’s and the banking industry in general.

People’s United $544M acquisition of Farmington Bank expected to close Monday

Farmington's owners also approved an advisory measure regarding a $14.8 million package of severance and other cash payments payable to its top executives.

Aftermath of People’s United deal for Farmington Bank: Job cuts, millions...

The acquisition, expected to close within the next few weeks, would result in 95 job losses at Farmington Bank's corporate headquarters.

People’s United acquiring Farmington Bank for $544 million

Established in 1851, Farmington Bank is a community bank with 28 branches throughout Central Connecticut and Western Massachusetts. With $3.1 billion in assets, the bank has focused on commercial and retail banking.

SBA lending up in Connecticut

Among the top SBA lenders in Connecticut this year were TD Bank, Webster Bank, Berkshire Bank, Farmington Bank and Liberty Bank.

Survey finds Connecticut business owners cautious on near-future conditions

On the subject of credit availability, 76 percent of Connecticut business owners characterized credit conditions as excellent, good or average.

CBIA survey finds business confidence sharply up in 4th quarter

According to the Connecticut Business & Industry Association/Farmington Bank survey, 40 percent of business leaders expected improved conditions for their firms, up from 26 percent the previous quarter.

Sign of a healing economy? Small business lending up

Lending through the federal Small Business Administration this past fiscal year was up — way up, according to data from the SBA.

Loans become more available

But survey says borrowing declined in 2Q.