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August 18, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

People’s United completes acquisition of Boston bank

People’s United Financial, the holding company for Bridgeport-based People’s United Bank, has completed its $327 million acquisition of BSB Bancorp Inc. The latter is the holding company of Belmont Savings Bank, which operates in the greater Boston area.

The 100 percent stock deal, announced in November, includes adding six Belmont branches to People’s, all of which will be rebranded as People’s United Banks. All staff will be retained.

“We are extremely pleased to welcome the customers and employees of Belmont Savings Bank to People’s United,” said Jack Barnes, chairman and CEO of People’s United Financial. “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.”

The BSB deal is the latest in a series of pickups by People’s. In January it acquired VAR Technology Finance, a private, independent leasing and finance company that was folded into its LEAF Commercial Capital subsidiary, which itself was acquired by People’s in 2017. Last year it acquired First Connecticut Bancorp, the holding company for Farmington Bank, in a 100 percent stock transaction valued at $544 million.