People's United Buying Danversbank
The holding company for People's United Bank has signed an agreement to acquire Danvers Bancorp Inc., which runs Danversbank locations throughout Middlesex, Essex and Suffolk Counties, for $493 million.
People's United, which is a Connecticut-based bank, bought Worcester's Flagship Bank as part of its purchase of Vermont-based Chittenden Corp. in 2008.
The two holding companies said the transaction will be 55 percent stock and 45 percent cash. It is contingent on the approval of Danvers Bancorp's shareholders, regulatory approval and customary closing conditions.
People's United also announced that its net income for the fourth quarter of 2010 rose to $32 million, from $24.9 million for the same quarter last year. Total net income for the year was $85.7 million, down from $101.2 million in 2009. The bank said those numbers include the one-time costs of merging the bank systems, which were $7 million for the fourth quarter of 2010 and $58.9 million for the full year.
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