People's United CEO Comments On Branches, Jobs, United Merger

VERNON, CT — The chief executive officer of People's United Bank on Tuesday said some branches would likely close but jobs could be preserved in the wake of the acquisition of United Bank.

People's United announced a merger with United on Monday in a deal worth more than $700 million.

Here's what People's United CEO Jack Barnes said Tuesday:

Branches:

"Both banks’ leadership teams will evaluate the combined branch network to understand how we best serve our collective customers’ needs going forward, and structure our combined branch network accordingly.

"While there will be branch closures as a result of the acquisition, customers will maintain the same level of service, access to expert bankers and local branch locations as they do now, including our seven-day, extended hour Stop & Shop locations, for both personal and business needs."

Jobs:

"We will work closely with United Bank’s leadership team to thoughtfully evaluate how we can best serve our combined customers.

"All United Bank branch employees will be offered a position with People's United Bank."

People's United Financial, Inc., the holding company for People's United Bank, announced Monday an agreement to acquire United Financial Bancorp, the holding company for United Bank, in a 100 percent stock transaction valued at about $759 million.

The "new" United Bank was formed by a merger of Connecticut-based Rockville Bank and Massachusetts-based United Bank in April 0f 2014.

The completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals and the approval of United Financial Bancorp, Inc. shareholders.

See more details on the merger here.