July 1, 2011
People's United Completes Danvers Acquisition
Bridgeport, Conn.-based People's United Financial Inc., which operates 10 bank branches in Central Massachusetts, has completed its acquisition of Danvers Bancorp Inc.
People's United, which offered 18.5 million shares and $214.5 million in cash, will operate 28 former Danvers branches in the Greater Boston area as a result of the sale.
Jack Barnes, People's President and CEO, said in a statement that the purchase nearly doubles the bank's footprint in Massachusetts, making it the seventh-largest bank in the state.
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