September 26, 2018

Farmington Bank, People's merger cleared

Photo | Steve Laschever
Photo | Steve Laschever
Farmington Bank CEO John Patrick Jr., who is departing his role after his bank is acquired by People's United. The $544 million deal is expected to close Monday.

Stockholders in the parent of Farmington Bank have okayed the pending $544 million merger of their bank with Bridgeport's People's United Bank, paving the way for the deal to officially close Monday.

First Connecticut Bancorp Inc. held a special meeting Tuesday at which it said stockholders approved the proposed all-stock merger of $3.2 billion-asset First Connecticut and $44 billion-asset People's United Financial Inc.

In addition, Farmington Bank's owners approved an advisory measure regarding a $14.8 million package of severance and other cash payments payable to certain top executives, including Chairman, President and CEO John J. Patrick Jr., when the merger closes.

With that and recent merger clearances from state and federal regulators, First Connecticut and People's United say they are on course to settle their deal Oct. 1 as scheduled. The planned merger was announced on June 18.

People's has said it plans to lay off about one in four of its Farmington Bank staff, or about 95 workers, once the deal is consummated.

Read more

Acquisition payday looms for Farmington Bank execs

Farmington Bank to shed 27% of workforce after $544M People's United deal

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