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People's United Financial To Buy United Financial Bancorp For $759 Mln

People's United Financial, Inc. (PBCT), the holding company for People's United Bank, N.A., Monday said it has agreed to buy United Financial Bancorp, Inc. (UBNK), the holding company for United Bank, for about $759 million in a stock deal.

United Financial shareholders will receive 0.875 shares of People's United Financial stock for each United Financial share. The transaction is valued at $14.74 per United Financial share.

People's United expects the transaction to be $0.07 accretive to earnings per share. The transaction is expected to close during the fourth quarter of 2019.

"We are excited to welcome United Bank to People's United," said Jack Barnes, Chairman and CEO, People's United Financial. "With the fourth largest deposit market share in the combined Hartford and Springfield market, a complementary array of commercial and retail capabilities and a shared legacy of community giving, United will solidify our presence in the Central Connecticut market and strengthen our franchise in Western Massachusetts."

United Bank is a full service community financial services firm with $7.3 billion in assets.

"People's United Bank has long-been a premier brand in Connecticut that is committed to building meaningful relationships with its customers and communities," said William H.W. Crawford, President and CEO, United Financial Bancorp, Inc. "We are confident their broad array of products and services, in-market knowledge and the size and strength of their balance sheet will deliver enhanced value to our stakeholders."

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