First Connecticut Bancorp

Bridgeport-based People's United Bank intends to lay off 95 Farmington Bank employees once its $544 million acquisition of the community lender is complete, according to a state Department of Labor filing.

Bridgeport super-regional lender People's United Bank is acquiring community lender First Connecticut Bancorp Inc., the holding company parent of Farmington Bank, for approximately $544 million.

A one-time charge related to the recent federal tax cuts lowered First Connecticut Bancorp's fourth-quarter earnings, the Farmington Bank holding company announced Wednesday.

The parent of Farmington Bank posted a 41 percent gain in first-quarter net fueled by a tightening on overhead and greater fee and interest income from loans.

Farmington Bank's parent saw fourth-quarter net income drop due to higher overhead and an increased contribution to reserves to cover the community lender's bad credits.

First Connecticut Bancorp Inc., the holding company for Farmington Bank, reported net income of $4.2 million for the third quarter of 2015, up 68 percent from a year earlier.

Farmington Bank will open the first of two new western Massachusetts branches on Tuesday in West Springfield.

Directors of Farmington Bank's parent have voted a 20 percent hike in the community lender's quarterly common-stock dividend – its second increase in a year.

Farmington Bank's parent says it lifted its second-quarter profits on stepped up lending.

David M. Drew and Robert F. Edmunds Jr., two long-time directors of Farmington Bank and its parent, have retired.