People's United Financial to acquire BSB Bancorp

People's United Financial, Inc. (NASDAQ: PBCT), the holding company for People's United Bank, N.A., announced today an agreement to acquire BSB Bancorp, Inc. (NASDAQ: BLMT), the holding company for Belmont Savings Bank, a state-chartered savings bank headquartered in Belmont, Massachusetts, in a 100% stock transaction valued at approximately $327 million. Completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals and the approval of BSB Bancorp, Inc. stockholders. The transaction is valued at $32.42 per BSB Bancorp, Inc. share, based on the closing price of People's United's common stock on November 26, 2018. "The acquisition of Belmont complements our strong organic growth in the Commonwealth of Massachusetts, particularly in the Greater Boston area," said Patrick Sullivan, EVP, Massachusetts Market President, People's United Bank.