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People’s United Financial Discloses Plans To Buy United Financial Bancorp

People’s United Financial, a bank holding company, recently proclaimed that it would purchase United Financial Bancorp, which is the holding company for United Bank. As disclosed by People’s United Financial, this deal will be finalized for approximately $743 Million in stock.

In recent times, United Financial’s shares were seen up by about 4% at $14.58 a share in extended trading. United Financial’s shareholders are supposed to receive about 0.875 shares of People’s United stock per share they hold. Based on this week’s closure, this deal is supposed to value the firm at about $14.53 on a per-share basis. People’s United proclaimed that it expects the agreement will bolster its existence in the Western Massachusetts and Central Connecticut markets. It will also add about 7 cents to the firm’s profits per share. Reportedly, this deal is planned to close in the 4th quarter.

On a similar note, People’s United Bank recently disclosed that it is planning to sell about eight branches to Bar Harbor Bank & Trust. The officials with Bar Harbor Bankshares, which is Bar Harbor Bank & Trust’s parent company, proclaimed that with the latest deal, the firm’s expansion will grow the number of branches. Now, this number has reached about 56 in northern New England, including 22 in Maine.

Joseph Schmitt, who works as the spokesman for Bar Harbor Bank, proclaimed that the firm has been providing services to the people of Maine for more than 130 Years. He added that Bar Harbor Bank is excited to enlarge its franchise in the greater Bangor and central Maine market. As per the Bar Harbor Bank, the latest branches include three in Bangor and one each in Orono, Brewer, Pittsfield, Newport, and Waterville. In recent years, Bar Harbor Bank & Trust has demonstrated its expansion into Vermont and New Hampshire.

Pamela Cordova
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