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%.