People’s United to acquire Mass.-based bank
On the heels of its most recent Connecticut expansion, People’s United Financial, parent company to People’s United Bank, is preparing for more growth across state lines.
The Bridgeport-based company announced Tuesday that it has entered into an agreement with BSB Bancorp, parent company of Belmont Savings Bank in Massachusetts. The stock transaction is valued at roughly $327 million.
“Together, we share a similar culture, a customer-centric approach to banking and guiding principles centered on relationships, personalized service and community giving,” said People’s United Financial’s CEO Jack Barnes in a press release. “The acquisition will deepen and expand our presence in the Greater Boston area, particularly in the suburbs west of the city, which are attractive banking markets.
The announcement comes roughly two months following People’s United’s acquisition of Farmington Bank in Hartford County.