Bridgeport-based People’s United Bank has completed its acquisition of two separate banks in New York and Massachusetts, which will add nearly $3 billion in assets to the banking company.
The lenders People’s has acquired are Bank of Smithtown, a subsidiary of Smithtown Bancorp, based in Hauppauge, N.Y. and RiverBank, a subsidiary of LSB Corp. based in North Andover, Mass.
The Smithtown Bancorp deal is valued at $56.4 million, or $3.77 per share, with about half of that amount being paid in cash and the rest in common stock.
The LSB acquisition is an all-cash transaction valued at $94.8 million.
The Office of Thrift Supervision, People’s United Bank’s primary regulator, approved the transactions on Nov. 15.
“We are pleased to expand the People’s United Bank franchise in the greater Boston and New York markets,” said Jack Barnes, president and CEO of People’s United Financial. “The seven former River Bank branches are an excellent fit with our existing footprint in Massachusetts and southern New Hampshire, considering our FDIC-assisted purchase of Butler Bank in Lowell earlier this year, and our two new branches in downtown Boston. Â The former Bank of Smithtown branches are a natural extension of our Westchester County and Fairfield County markets and an exciting expansion of our franchise into the New York Metro area.”
Smithtown has $2.43 billion in assets, total deposits of $1.87 billion, and 30 branches, 29 of which are on Long Island and one in New York City.
LSB has $807 million in assets, total deposits of $504 million and seven branches, five of which are in the greater Boston area, and two in southern New Hampshire.
