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Connecticut News

People's And United Banks Announce Merger

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Two major Connecticut banks announced Tuesday they will merge in a $759 million deal.

Bridgeport, Connecticut-based People’s United Bank announced an agreement to acquire the holding company of United Bank, based in Hartford.

People’s United CEO Jack Barnes says the acquisition will solidify the bank’s presence in central Connecticut and strengthen their presence in western Massachusetts.

People’s United is one of the 50 largest banks in the United States, with more than 400 locations in New York and New England. United Bank has about 60 locations. Both banks date back to the mid-1800s.