June 19, 2018 - 7:00 AM
BRIDGEPORT, Conn. - People's United Bank has agreed to acquire the holding company for Farmington Bank in a 100 per cent stock transaction valued at about $544 million.
People's United Financial Inc., the holding company for People's United Bank, announced the agreement to acquire First Connecticut Bancorp Inc. on Tuesday.
Bridgeport, Connecticut-based People's United has nearly 400 locations in New England and New York with $44 billion in assets.
Farmington, Connecticut-based First Connecticut Bancorp has 28 branches in Connecticut and western Massachusetts with $3.1 billion in assets.
People's United CEO Jack Barnes says the partnership will "strengthen our well-established presence in the region."
Farmington Bank CEO John Patrick says the deal gives customers access to a "broader array of products."
The deal is subject to regulatory approval and approval of First Connecticut Bancorp shareholders.
News from © The Associated Press, 2018