People’s United Financial’s $759 million acquisition of Hartford-based United Financial Bancorp could close as soon as Nov. 1, the latter institution said Friday.
United Financial’s shareholders are scheduled to vote on the deal on Oct. 22.
The combination, announced earlier this year, is expected to lead to branch consolidation, as the two lenders have significant overlap in their Greater Hartford footprints.
Meantime, on Thursday, People’s United, the parent of Bridgeport-based regional lender People’s United Bank, reported that its third-quarter profits rose 16 percent, thanks in part to interest income on its growing portfolio of commercial/industrial and mortgage loans.
It reported net income of $131.6 million for the quarter ended Sept. 30, up from $113.5 million in the third quarter of 2018. Diluted earnings per share were flat at 33 cents.
Interest income rose by approximately $80 million over the year, while higher non-interest income, such as lending fees and service charges, also bolstered the bank’s results.
Meanwhile, in what could be its final quarterly earnings release, United Financial, parent of United Bank, reported net income of $12.7 million, or 25 cents per diluted share, for the third quarter, down from $16.3 million, or 32 cents, in the year-ago quarter.
The dip in profits was driven by a higher provision for income taxes and higher interest expense on deposits. Total assets as of Sept. 30 were $7.18 billion.
