BRIDGEPORT, Conn., Nov. 1, 2019 /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 United Financial Bancorp, Inc. (NASDAQ: UBNK). The
100% stock transaction was announced on July
15, 2019.
"We are excited to welcome the loyal customers and talented
employees of United Bank to People's United, and look forward to
strengthening our existing relationships, and to building new ones
across Central Connecticut and
Western Massachusetts," said
Jack Barnes, Chairman and Chief
Executive Officer, People's United Financial. "The acquisition
allows us to further optimize our existing branch footprint
regionally to more efficiently serve our combined customers, and
deliver our tailored solutions to additional markets, backed by our
expert bankers and personalized technology."
About People's United Bank, N.A.
People's United Bank,
N.A. is a subsidiary of People's United Financial, Inc., a
diversified, community-focused financial services company
headquartered in the Northeast with $52
billion in assets. Founded in 1842, People's United Bank
offers commercial and retail banking through a network of over 400
retail locations in Connecticut,
New York, Massachusetts, Vermont, New
Hampshire and Maine, as
well as wealth management and insurance solutions. The company also
provides specialized commercial services to customers
nationwide.
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 United's reports filed with the Securities and Exchange
Commission and those identified elsewhere in this communication,
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 United
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.
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SOURCE People's United Financial, Inc.
