Friday, July 1, 2011

People's United completes acquisition of Danvers Bancorp

People’s United Financial, Inc. announced today the completion of its acquisition of Danvers Bancorp, Inc, a $2.9 billion bank holding company based in Danvers, Massachusetts.

Danvers Bancorp’s sole subsidiary, Danversbank, has 28 branches in the Greater Boston area. The total consideration paid by People’s United will be comprised of approximately 18.5 million shares of common stock and $214.5 million in cash.

“We are pleased to welcome our new customers and employees to People’s United Bank as we expand and deepen relationships in the greater Boston market, the nation’s 10th largest MSA,” said Jack Barnes, president and chief executive officer of People’s United. “As the largest bank headquartered in New England, we look forward to offering increased lending resources and additional products and services to our new customers in New England’s largest market."

People's United reports approximately $28 billion in assets, provides consumer and commercial banking and wealth management services through a network of 370 branches in Connecticut, Vermont, New Hampshire, Massachusetts, Maine and New York.

No comments:

Post a Comment