People’s United Financial Inc., the parent bank of Worcester-based Flagship Bank, announced the $1.3 billion purchase of Financial Federal Corp.
Financial Federal, which has nearly $22 billion in assets, has operations in lending and leasing services to small and medium sized businesses nationwide. Financial Federal shareholders will receive $11.27 and one share of People’s United stock per share of ownership as part of the acquisition.
People’s United Financial has more than 300 locations across New England and New York.
