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Sixteen other Connecticut branches and three in Massachusetts will also be shut down.
Bridgeport-based People’s United has also surpassed Webster Financial Corp. for the most Connecticut deposits by an in-state lender. As of June 30, its $21.2 billion in Connecticut deposits topped Webster’s $19.3 billion.
A special meeting of United Financial’s shareholders to vote upon the acquisition and related matters is scheduled to be held tomorrow.
Established in 1858 and headquartered in Hartford, United Bank is a full-service community financial services firm with $7.3 billion in assets.
The BSB deal is the latest in a series of pickups by People’s. In January it acquired VAR Technology Finance, a private, independent leasing and finance company that was folded into its LEAF Commercial Capital subsidiary, which itself was acquired by People’s in 2017.
Still looming: the effect of the Small Business Administration's closure. “We’ve got loans that have been approved or are in the process of being approved that are waiting for the SBA,” says Patriot Bank President Richard Muskus Jr. “The SBA had better be ready for a tidal wave of backlog.”
Belmont Savings Bank has $3 billion in assets and maintains six branches in the greater Boston area.
Looking ahead, bank President Jeff Tengel reiterated that technology remains a key challenge, both for People’s and the banking industry in general.
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.
Quinnipiac will match the $5 million donation and move its universitywide banking to People’s United for the 10-year term coinciding with the agreement.
For the year ended Dec. 31, 2017, operating earnings totaled $345.8 million – the highest in the bank’s 175-year history.
“We will struggle to grow by zero to 1 percent," forecasts Connecticut Business & Industry Association President and CEOJoe Brennan.
Today People’s totals assets are about $44 billion – more than double the $21 billion it had when President and CEO Jack Barnes took the helm.
Gerstein Fisher's founder/CIO, Gregg S. Fisher, will join People's United as head of quantitative research and portfolio strategy.
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