People’s United Bank to buy Boston-area bank in $327M deal
BRIDGEPORT, Conn. (AP) — Connecticut-based People’s United Bank has reached an agreement to acquire a Boston-area bank in a transaction valued at $327 million.
People’s United’s holding company, People’s United Financial, Inc., said Tuesday it had agreed to buy the parent company of Belmont Savings Bank in a 100 percent stock transaction.
Belmont Savings has six locations and $3 billion in assets.
Bridgeport-based People’s United has 400 locations in New England and New York with $47 billion in assets.
The deal continues People’s United’s expansion into the Boston area, which began in 2010.
People’s United expects to finalize the deal, subject to regulatory approval, by the end of the second quarter.