Farmington Bank to be acquired by People's United

Published on Wednesday, 20 June 2018 19:43
Written by Karla Santos

@KarlaSantosNBH

NEW BRITAIN - People’s United Financial Inc., announced Tuesday that it is acquiring Farmington Bank in an all-stock transaction valued at about $544 million.

The transaction is subject to conditions including receipt of regulatory approval and the approval of First Connecticut Bancorp, Inc. shareholders.

“We are excited to welcome Farmington Bank to People’s United,” Jack Barnes, CEO of People’s United Financial, said. “They have a longstanding relationship-based approach to serving their customers and complementary commercial and retail capabilities. This, coupled with their experienced team and similar culture, will strengthen our well-established presence in the region.”

The transaction is expected to close in the fourth quarter.

According to a press release from People’s, both companies’ boards of directors have approved the terms. First Connecticut Bancorp shareholders are expected to get 1.725 shares of People’s United Financial stock for each Connecticut Bancorp first share.

“People’s United Bank is a premier brand with a rich 176-year history in the state of Connecticut,” John Patrick, chairman, president and CEO of Farmington Bank, said. “Our customers will benefit from their broader array of products, enhanced access to technology and digital capabilities, as well as the bank’s seven-day-a-week Stop & Shop branch locations.”

First Connecticut Bancorp is the parent of Farmington Bank, which has 28 branches in central Connecticut and western Massachusetts, including a branch in New Britain, at 73 Broad St. Farmington Bank, established in 1851, has $31.1 billion in assets.

People’s United Financial is based in Bridgeport, and People’s United Bank is its subsidiary. It has 400 retail locations in Connecticut, New York, Maine, New Hampshire, Vermont, and Massachusetts. It was founded in 1942 and it has $44 billion in assets.

“As with the People’s United Community Foundation, Farmington Bank has a strong commitment to community giving,” Barnes said. “With our shared focus, we will continue to positively impact the lives of individuals, families and businesses throughout Hartford County.”

Karla Santos can be reached at 860-801-5079.



Posted in New Britain Herald, Business, General News on Wednesday, 20 June 2018 19:43. Updated: Wednesday, 20 June 2018 20:06.