Chittenden Bank , the Vermont-based parent of Worcester-based Flagship Bank, took another step toward merging with People’s United Financial Inc. of Connecticut, as stockholders said whether they wanted stock or cash from the deal.
Of the nearly 50 million shares of Chittenden stock outstanding, holders of 48.5 percent chose to receive People’s United stock. The holders of 41.1 percent chose cash. The remaining stockholders had no preference.
The banks expect to complete the merger Jan. 1.
