People’s United acquires Farmington Bank in $544M deal

BRIDGEPORT, Conn. – People’s United Bank has agreed to acquire the holding company for Farmington Bank in a 100 per cent stock transaction valued at about $544 million.

People’s United Financial Inc., the holding company for People’s United Bank, announced the agreement to acquire First Connecticut Bancorp Inc. on Tuesday.

Bridgeport, Connecticut-based People’s United has nearly 400 locations in New England and New York with $44 billion in assets.

Farmington, Connecticut-based First Connecticut Bancorp has 28 branches in Connecticut and western Massachusetts with $3.1 billion in assets.

People’s United CEO Jack Barnes says the partnership will “strengthen our well-established presence in the region.”

Farmington Bank CEO John Patrick says the deal gives customers access to a “broader array of products.”

The deal is subject to regulatory approval and approval of First Connecticut Bancorp shareholders.