Bridgeport regional banking parent People’s United Financial Inc. says its completed its $493 million acquisition of Massachusetts’ Danvers Bancorp.
Earlier in the week, Massachusetts bank regulators gave their final blessing to the deal, clearing the way for its closing, authorities said.
With the purchase, the parent company of People’s Bank adds to its portfolio Danvers’ $2.9 billion in assets and 28 branches in Greater Boston, significantly expanding the bank’s footprint in the neighboring Bay State.
As part of the acquisition, People’s United, with $25 billion in assets, paid $214.5 million in cash and the rest in stock.
“The growth potential in the Boston markets, with their abundant commercial lending opportunities, is significant,” said People’s United CEO Jack Barnes. “With our 28 new branches, we are nearly doubling our existing Massachusetts footprint and providing added convenience to our customers.”
