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People’s United completes acquisition of Massachusetts Bank

April 1, 2019 GMT

People’s United Financial, parent company to People’s United Bank, has increased its holdings in Massachusetts.

The Connecticut-based company announced Monday, that it completed its acquisition of BSB Bancorp, Inc., the holding company of Belmont Savings Bank. The stock transaction was announced in November and valued at roughly $327 million.

“We are extremely pleased to welcome the customers and employees of Belmont Savings Bank to People’s United,” said People’s United CEO Jack Barnes in a press release. “People’s United and Belmont have many shared values, including a client-centric approach, a spirit of community giving, and similar workplace cultures. We look forward to enhancing the experience of Belmont customers through our suite of specialized products and services, and access to our personalized technology and expert bankers.

Story updates coming soon.

Jordan.grice@hearstmediact.com