Announced
Completed
Financials
Tags
Acquisition
holding company
Banks
Completed
Public
banking
United States
Synopsis
People's United Financial, the holding company for People's United Bank, acquired First Connecticut Bancorp, the holding company for Farmington Bank, for $544m in a 100% stock transaction. The transaction is valued at $32.33 per First Connecticut Bancorp, Inc. share, based on the closing price of People's United's common stock on June 18, 2018. People's United expects the transaction to be $0.05 accretive to earnings per common share based on fully phased-in cost savings, with a tangible book value earn-back of approximately 3.5 years and an IRR of approximately 18%.
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