People’s United Financial has agreed to acquire Suffolk Bancorp, the parent of Suffolk County National Bank, in an all-stock deal valued at about $402m.
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Under the terms of the deal, Suffolk Bancorp shareholders will receive 2.225 shares of People’s United Financial stock for each Suffolk Bancorp share.
As part of the deal, Suffolk Bancorp president and CEO Howard Bluver will join People’s United Bank in the role of New York market president.
The deal has secured the go-ahead from the boards of directors of both companies. It is expected to be concluded late in the fourth quarter of 2016, subject to shareholders’ and regulatory approvals.
People’s United Financial president and CEO Jack Barnes said: "We are proud to welcome Suffolk County National Bank to People’s United Bank. With the 9th largest market share in Suffolk County, a solid relationship-banking approach and loyal, long-tenured customers, Suffolk County National Bank’s strong Long Island presence complements our previous acquisitions and organic growth in the New York Metro area."
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By GlobalDataBased in Riverhead, New York, Suffolk Bancorp provides numerous products and services including deposit accounts, commercial, multi-family and consumer lending, residential mortgages, cash management, and investment services.
