People’s United Financial to Acquire United Financial Bancorp
BRIDGEPORT, Conn. — People’s United Financial Inc., the holding company for People’s United Bank, N.A., announced an agreement to acquire United Financial Bancorp Inc., the holding company for United Bank, in a 100% stock transaction valued at approximately $759 million. Completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals and the approval of United Financial Bancorp shareholders.
“We are excited to welcome United Bank to People’s United,” said Jack Barnes, chairman and CEO of People’s United Financial. “With the fourth-largest deposit market share in the combined Hartford and Springfield market, a complementary array of commercial and retail capabilities, and a shared legacy of community giving, United will solidify our presence in the Central Connecticut market and strengthen our franchise in Western Massachusetts.”
Added William Crawford, president and CEO of United Financial Bancorp, “People’s United Bank has long been a premier brand in Connecticut that is committed to building meaningful relationships with its customers and communities. We are confident their broad array of products and services, in-market knowledge, and the size and strength of their balance sheet will deliver enhanced value to our stakeholders.”
Established in 1858 and headquartered in Hartford, Conn., United Bank is a full-service community financial-services firm with $7.3 billion in assets. The bank has nearly 60 branch locations concentrated in Central Conn. and Western Mass., offering customers commercial, small-business, wealth-management, and consumer-banking products and services.
Barnes noted that “we look forward to welcoming their well-established customer base and delivering to them our enhanced technology and digital capabilities, combined with our network of expert bankers.”