People’s United Financial Inc. is giving stockholders in a Massachusetts thrift set to merge with the Bridgeport regional lender one week to choose how they want to be paid for their shares in the $493 million merger.
Stockholders in Danvers Bancorp Inc. have until 5 p.m. on June 2 to decide between either $23 cash or 1.624 shares of People’s United stock for each of their shares, People’s United says.
No closing date has been set for the merger, which awaits approval from Massachusetts bank regulators.
Federal bank regulators have already blessed the deal.
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People’s United has $25 billion in assets; Danvers $2.9 billion in assets.
