People's United Buys Two Banks
Bridgewater, Conn.-based People's United Financial Inc., the parent of Flagship Bank in Worcester, has purchased two other New England banks.
People's United will buy LSB Corp., parent of North Andover-based Riverbank for $96 million, or $21 per share. LSB has about $807 million in assets and branches in Andover, Lawrence, North Andover, Methuen and two offices in New Hampshire.
People's United also announced the acquisition of Smithtown Bancorp for $60 million, or $4 per share. The company operates Bank of Smithtown, which holds about $2.3 billion in assets and has 30 branches in New York.
People's United also announced it would be opening two branch locations in downtown Boston. With the two announced acquisitions, plus the purchase of Butler Bank of Lowell earlier this year, People's will have about 330 branch locations across all of New England.
All of the acquired banks, as well as Flagship Bank, will soon operate under the People's United name.
The bank has net assets of about $22 billion and announced this week a second quarter profit of $16 million, which compares to $13.6 million profit during the same quarter last year.
Former President and CEO Philip R. Sherringham stepped down from his position in April and has been replaced by interim CEO John Barnes. At the time of Sherringham's departure, chairman of the bank's board of directors George Carter said that new leadership was "necessary to take the (bank) to the next level." He noted a desire to pursue bank acquisitions and transactions.
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