People’s United Financial Inc. took another step toward merging with Vermont-based Chittenden Bank, 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.
