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Farmington Bank People’s United completes acquisition

October 4, 2018

People’s United Financial, parent company to People’s United Bank, has expanded its reach in Hartford County.

The Bridgeport-based company announced Monday it completed its acquisition of First Connecticut Bancorp, parent company to Farmington Bank, in a $544 million stock transaction which was first announced in June.

“We’re excited to have Farmington Bank team become part of People’s United,” said Jeff Tengel, president of People’s United bank. “The company has a similar culture as we do and so we think it will be a good pairing of our two companies.”

This transaction is People’s United’s first Connecticut-based deal since 2015, when it spent $10 million for the Bridgeport-based insurance brokerage Kesten-Brown. The company has been focused on its out-of-state deals in recent years.

With this transaction, the company jumps to just over $47 billion in assets. Farmington Bank has $3.1 billion in assets across 28 branches in central Connecticut and western Massachusetts, ranking 12th for deposit market share in Connecticut as of June 2017 with nearly $2.2 billion.

Farmington Bank entered 2018 with roughly 350 employees, which People’s plans to absorb. Earlier in the summer it was announced that Farmington Bank cut 95 jobs in preparation of the transaction, according to the state Department of Labor.

It was not indicate if affected jobs would be at the company’s headquarters, branches or both.

Along with employees, People’s United is also adding a trove of traditional branches in Hartford County to its stock of locations. Depending on branches, Tengel said closures may be on the horizon as the company reorients itself in Hartford County.

The company has traditionally had branches in Stop & Shop locations in Hartford County. The combination of the two companies and their mix of traditional and in-store branches will liken Hartford County to People’s United’s Fairfield County presence.

“We’ll evaluate which branches we think are best suited to serve the customer and when we go through that process, some of the branches will be Farmington Bank and some will be People’s United branches,” he said.

Jordan.grice@hearstmediact.com

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