Vermont Business Magazine People's United Financial, Inc(NASDAQ:PBCT) the holding company for Connecticut-based People's United Bank, NA, announced today that it has completed its acquisition of First Connecticut Bancorp, Inc(NASDAQ:FBNK) the holding company for Farmington Bank. The 100 percent stock transaction was announced onJune 19, 2018, and is valued at approximately$544 million.People's United is the largest bank in Vermont by share of deposits, according to the FDIC.
"We are extremely pleased to welcome the employees and customers of Farmington Bank to People's United," saidJack Barnes, Chairman and Chief Executive Officer of People's United Financial. "They have an experienced team and a similar culture that will strengthen our well-established presence inConnecticut, particularly in theHartfordregion. We look forward to enhancing the experience of Farmington Bank customers with our complimentary array of products and services, and access to our technology and digital capabilities."
About People's United Bank, N.A.
People's United Bank, N.A. is a subsidiary of People's United Financial, a diversified financial services company with$45 billionin assets. People's United Bank, founded in 1842, is a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of nearly 400 retail locations inConnecticut,New York,Massachusetts,Vermont,New HampshireandMaine.
SOURCE BRIDGEPORT, Conn.,Oct. 1, 2018/PRNewswire/ --People's United Financial, Inc.www.peoples.com