Massachusetts lender Danvers Bancorp Inc. said net income in the first quarter fell 26 percent on higher expenses related to the bank’s planned takeover by People’s United Financial Inc. in Bridgeport, The Boston Business Journal reports.
Danversbank reported net income of $3.2 million, down from $4.3 million in the year-ago period. Expenses related to the proposed merger offset gains from lending activities and investments.
In January, People’s United agreed to pay about $493 million in stock and cash for Danvers Bancorp, known for its commercial and industrial lending portfolio. The deal is expected to close before the end of June.
