Profits Rebound For People's United
Profits for Connecticut-based People's United Bank, which acquired Worcester-based Flagship Bank in 2008, nearly tripled in the first quarter compared to last year.
The bank collected $51.7 million in net income, more than trip the $13.6-million profit it recorded during the same period last year. The figure is also up from a $32-million profit during the fourth quarter of 2010.
Commercial lending activity for the bank increased from about $5.2 billion to $6 billion from the previous quarter, while commercial real estate loans dropped slightly from $7.3 billion to $6.6 billion.
Assets for the bank remained steady at about $24.9 billion, down slightly from the $25 billion the bank held last quarter.
In January, People's United announced its intention to acquire Danversbank. Bank officials expect the $493-million transaction to close in the second quarter of this year.
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