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A special meeting of United Financial’s shareholders to vote upon the acquisition and related matters is scheduled to be held tomorrow.
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.
The acquisition, expected to close within the next few weeks, would result in 95 job losses at Farmington Bank's corporate headquarters.
For the year ended Dec. 31, 2017, operating earnings totaled $345.8 million – the highest in the bank’s 175-year history.
The 100 percent stock transaction was announced last June.