M&A Deal Summary

People s United Bank Acquires First Connecticut Bancorp

On June 19, 2018, People s United Bank acquired financial services company First Connecticut Bancorp for 544M USD

Acquisition Highlights
  • This is People s United Bank’s 10th transaction in the Financial Services sector.
  • This is People s United Bank’s 4th largest (disclosed) transaction.
  • This is People s United Bank’s 10th transaction in the United States.
  • This is People s United Bank’s 3rd transaction in Connecticut.

M&A Deal Summary
Date 2018-06-19
Target First Connecticut Bancorp
Sector Financial Services
Buyer(s) People s United Bank
Deal Type Add-on Acquisition
Deal Value 544M USD
Advisor(s) Piper Sandler & Co. (Financial)
Hinckley, Allen & Snyder (Legal)

Target

First Connecticut Bancorp

Farmington, Connecticut, United States
First Connecticut Bancorp is a community bank with 28 branches throughout Central Connecticut and Western Massachusetts. First Connecticut Bancorp was founded in 1851 and is based in Farmington, Connecticut.

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Buyer(S) 1

Buyer

People s United Bank

Bridgeport, Connecticut, United States
Category Company
Founded 1842
Sector Financial Services
Employees6,110
Revenue 1.8B USD (2019)
DESCRIPTION

People's United Bank is a diversified financial services company with $33 billion in assets. People’s United Bank is a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire, and Maine. People's United Bank was founded in 1842 and is based in Bridgeport, Connecticut.

DEAL STATS #
Overall 10 of 13
Sector (Financial Services) 10 of 12
Type (Add-on Acquisition) 9 of 12
State (Connecticut) 3 of 4
Country (United States) 10 of 13
Year (2018) 1 of 2
Size (of disclosed) 4 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-21 Gerstein Fisher

New York, New York, United States

Gerstein Fisher is a New York City-based investment management firm serving individuals and families, institutions, and third-party platforms. The firm manages assets using a quantitative, Multi-Factor® approach grounded in economic theory and time-tested academic research. Drawing on a deep understanding of both market dynamics and investor behavior, Gerstein Fisher has more than two decades of experience creating innovative solutions for investors.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-27 BSB Bancorp

Belmont, Massachusetts, United States

BSB Bancorp, Inc. is a community-focused bank providing a range of retail and commercial products and services. BSB Bancorp was founded in 2011 and is based in Belmont, Massachusetts.

Buy $327M
Mergr

Product

Company

Legal