BRIDGEPORT, Conn., Oct. 1, 2018 /PRNewswire/ -- People's United
Financial, Inc. (NASDAQ: PBCT) the holding company for People's
United Bank, N.A., announced today that it has completed its
acquisition of First Connecticut Bancorp, Inc. (NASDAQ: FBNK) the
holding company for Farmington Bank. The 100% stock transaction was
announced on June 19, 2018.
"We are extremely pleased to welcome the employees and customers
of Farmington Bank to People's United," said Jack Barnes, Chairman and Chief Executive
Officer of People's United Financial. "They have an experienced
team and a similar culture that will strengthen our
well-established presence in Connecticut, particularly in the Hartford region. We look forward to enhancing
the experience of Farmington Bank customers with our complimentary
array of products and services, and access to our technology and
digital capabilities."
About People's United Bank, N.A.
People's United Bank,
N.A. is a subsidiary of People's United Financial, a diversified
financial services company with $45
billion in assets. People's United Bank, founded in 1842, 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 nearly 400 retail locations in
Connecticut, New York, Massachusetts, Vermont, New
Hampshire and Maine.
Forward-Looking Statements
This communication contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 including, but not limited
to, People's United's expectations or predictions of future
financial or business performance or conditions. Forward-looking
statements are typically identified by words such as "believe,"
"expect," "anticipate," "intend," "target," "estimate," "continue,"
"positions," "plan," "predict," "project," "forecast," "guidance,"
"goal," "objective," "prospects," "possible" or "potential," by
future conditional verbs such as "assume," "will," "would,"
"should," "could" or "may", or by variations of such words or by
similar expressions. These forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time, are difficult to predict and are generally beyond the control
of People's United. Forward-looking statements speak only as of the
date they are made and we assume no duty to update forward-looking
statements. Actual results may differ materially from current
projections.
In addition to factors previously disclosed in People's United's
and First Connecticut's reports filed with the SEC, the following
factors, among others, could cause actual results to differ
materially from forward-looking statements or historical
performance: difficulties and delays in integrating the First
Connecticut business or fully realizing cost savings and other
benefits; business disruption following the merger; changes in
asset quality and credit risk; the inability to sustain revenue and
earnings growth; changes in interest rates and capital markets;
inflation; customer acceptance of People's United's products and
services; customer borrowing, repayment, investment and deposit
practices; customer disintermediation; the introduction,
withdrawal, success and timing of business initiatives; competitive
conditions; the inability to realize cost savings or revenues or to
implement integration plans and other consequences associated with
mergers, acquisitions and divestitures; economic conditions; the
impact, extent and timing of technological changes; capital
management activities; litigation; increased capital requirements,
other regulatory requirements or enhanced regulatory supervision;
and other actions of the Federal Reserve Board and legislative and
regulatory actions and reforms.
People's United Bank. "What know-how can
do." ®
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SOURCE People's United Financial, Inc.
