People’s United Financial, the parent of People’s United Bank, has wrapped up the acquisition of BSB Bancorp, the parent of Belmont Savings Bank.
The all-stock transaction, worth nearly $327m, was first announced in November last year.
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Under the agreement, Belmont Savings Bank will merge into People’s United Bank.
As per the agreed terms of the deal, BSB stockholders can swap each share for two shares of People’s United Financial.
People’s United Financial chairman and CEO Jack Barnes said: “We are extremely pleased to welcome the customers and employees of Belmont Savings Bank to People’s United.
“People’s United and Belmont have many shared values, including a client-centric approach, a spirit of community giving, and similar workplace cultures.
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By GlobalData“We look forward to enhancing the experience of Belmont customers through our suite of specialised products and services, and access to our personalised technology and expert bankers.”
Established in 1842, People’s United Bank has 400 branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.
The bank provides retail banking, commercial and wealth management services.
Belmont, founded in 1885, has six branches in the Greater Boston area and oversees approximately $3bn in assets.
Last June, People’s United Financial announced the purchase of First Connecticut Bancorp in a deal valued at around $544m.
