The top four executives at Massachusetts-based Danversbank will receive buyouts totaling nearly $18 million when the bank finalizes its merger with People’s United Bank in Bridgeport later this year, The Salem (Mass.) News reports
Danversbank President and CEO Kevin Bottomley will get a lump sum payment of $8.13 million, while executive vice presidents John O’Neil, James McCarthy and Mark Panella will receive buyouts of $3.64 million, $3.58 million and $2.57 million, respectively, according to their settlement agreements with People’s United Bank.
Bottomley will stay on as a consultant for People’s United Bank in the Boston area. He will also join the bank’s board of directors and will serve as chairman of the board for the Danversbank Charitable Foundation, which will continue after the merger.
People’s United Bank announced last month that it will acquire Danversbank for $493 million. The two sides expect to close on the deal by June.
