Daily News: March 20, 2017

Fed Reserve Board Approves People’s United Suffolk Bancorp Acquisition


People’s United Financial received approval from the board of governors of the Federal Reserve for the merger of Suffolk Bancorp, of Riverhead, NY, into People’s United Financial.

The transaction, announced June 27, 2016 and approved by the shareholders of Suffolk Bancorp on October 13, 2016, also received approval from the Office of the Comptroller of the Currency on February 6, 2017.

People’s United Bank is a subsidiary of People’s United Financial, a diversified financial services company with $41 billion in assets. People’s United Bank is a community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of nearly 400 branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.