Business & Tech
People's United Banks on Stop & Shop
The Connecticut bank is scheduled to officially take over the Citizens Bank supermarket branches later this month.
Nearly four months after announcing its intention to buy out Citizens Bank's Long Island supermarket branches for $3.25 million, People's United Bank is ready to close the deal.
By month's end, People's United is expected to officially take control of the 53 branches based in New York Stop & Shop locations.
Those branches include the one at the Stop and Shop site in Sayville. People's United Brank recently opened a large branch office in Bayport on Montauk Highway.
Find out what's happening in Sayville-Bayportfor free with the latest updates from Patch.
People's is a relative newcomer to the Long Island market. Long a banking giant in Connecticut, the company cracked this market when it for $60 million in 2010. That acquisition gave People's 29 branches in the Nassau-Suffolk market. It has now grown to 33 locations here.
Let Patch save you time. Get great local stories just like this delivered right to your inbox or smartphone everyday with our free newsletter. Fast signup here.People's is also no stranger to supermarket banking. It already operates 87 Stop & Shop branches in Connecticut, where it has had supermarket branches since 1995.
Find out what's happening in Sayville-Bayportfor free with the latest updates from Patch.
Rhode Island-based Citizens Bank is a subsidiary of the Royal Bank of Scotland.
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