Shareholders of Suffolk Bancorp, the parent of Suffolk County National Bank, have approved the bank’s proposed merger with People’s United Financial.

The all-stock deal, valued at about $402m, was announced in June 2016. The transaction is now subject to regulatory approval.

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Suffolk will merge with and into People’s United, while Suffolk County National Bank will merge with and into People’s United Bank, National Association as part of the deal.

Suffolk Bancorp president and CEO Howard Bluver said: “We are very grateful to our shareholders for their overwhelming support of this transaction. Over 97% of the votes cast at the special meeting were in favor of the merger. With today’s vote, we move one step closer to completing the transaction with People’s United and further benefitting our shareholders, customers and the communities we serve.”

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