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People's United Financial To Acquire BSB Bancorp In $327 Mln Deal

People's United Financial Inc. (PBCT), the holding company for People's United Bank, N.A., said it agreed to acquire BSB Bancorp Inc. (BLMT), the holding company for Belmont Savings Bank, in a 100% stock transaction valued at abut $327 million.

Completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals and the approval of BSB Bancorp Inc. stockholders.

People's United expects the transaction to be about $0.03 accretive to earnings per common share based on fully phased-in cost savings, with a tangible book value earn-back of 3.1 years and an IRR of over 20%.

Under the terms of the agreement, BSB Bancorp stockholders will receive 2.0 shares of People's United Financial stock for each BSB Bancorp share. The transaction is valued at $32.42 per BSB Bancorp Inc. share, based on the closing price of People's United's common stock on November 26, 2018. The transaction is expected to close by the second quarter of 2019.

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