Bridgeport bank holding company People’s United Financial Inc. has won regulatory approval to close its acquisition of Massachusetts’ Danvers Bancorp for $493 million, a regulatory filing shows.
People’s United in the Securities and Exchange Commission filing Tuesday that the federal Office of Thrift Supervision had blessed the deal. The merger has been approved by both companies’ boards of directors.
The lender also said in the filing that it has not yet set a firm closing date. Previously, a June target date was set.
People’s United announced the proposed purchase in January. The purchase of Danversbank, based in Danvers, Mass., will be made in a 55 percent stock and 45 percent cash transaction.
People’s United CEO Jack Barnes said the deal will make his bank the seventh largest in the greater Boston area
