People’s United Financial Inc. said Friday its $738 million purchase of New York equipment lender Financial Federal Corp. is complete.
The acquisition of Financial Federal’s $1.3 billion in assets boosts People’s United to more than $22 billion in assets.
The Bridgeport bank said when the deal was first announced last November that Financial Federal’s collateralized lending, financing and leasing services to small and medium businesses nationwide complement People’s United’s equipment-financing operation.
“This transaction marries the low-cost funding of our deposit base and our substantial excess liquidity with the high-yielding Financial Federal portfolio,” said People’s United CEO Philip R. Sherringham.
People’s United financed the deal with $11.27 in cash and one share of People’s United common for each First Federal share.
