BRIDGEPORT, Conn., April 1, 2019 /PRNewswire/ -- People's
United Financial, Inc. (NASDAQ: PBCT), the holding company for
People's United Bank, N.A. ("People's United"), announced today the
completion of its acquisition of BSB Bancorp, Inc., the holding
company of Belmont Savings Bank ("Belmont"). The 100% stock transaction was
announced on November 27, 2018.
"We are extremely pleased to welcome the customers and employees
of Belmont Savings Bank to People's United," said Jack Barnes, Chairman and Chief Executive
Officer of People's United Financial. "People's United and
Belmont have many shared values,
including a client-centric approach, a spirit of community giving,
and similar workplace cultures. We look forward to enhancing the
experience of Belmont customers
through our suite of specialized products and services, and access
to our personalized technology and expert bankers."
About People's United Bank
People's United
Bank, N.A. is a subsidiary of People's United Financial, Inc.
(NASDAQ: PBCT), a diversified financial services company with
approximately $48 billion in assets.
People's United Bank, founded in 1842, is a premier,
community-based, regional bank in the Northeast offering commercial
and retail banking, as well as wealth management services through a
network of over 400 retail locations in Connecticut, New
York, Massachusetts,
Vermont, New Hampshire and Maine.
Forward-Looking Statements
This communication
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 including, but not
limited to, People's United's expectations or predictions of future
financial or business performance or conditions. Forward-looking
statements are typically identified by words such as "believe,"
"expect," "anticipate," "intend," "target," "estimate," "continue,"
"positions," "plan," "predict," "project," "forecast," "guidance,"
"goal," "objective," "prospects," "possible" or "potential," by
future conditional verbs such as "assume," "will," "would,"
"should," "could" or "may", or by variations of such words or by
similar expressions. These forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time, are difficult to predict and are generally beyond the control
of either company. Forward-looking statements speak only as of the
date they are made and we assume no duty to update forward-looking
statements. Actual results may differ materially from current
projections.
In addition to factors previously disclosed in People's United's
and Belmont's reports filed with
the Securities and Exchange Commission ("SEC") and those identified
elsewhere in this communication, the following factors, among
others, could cause actual results to differ materially from
forward-looking statements or historical performance: difficulties
and delays in integrating the Belmont business or fully realizing cost
savings and other benefits; business disruption following the
merger; changes in asset quality and credit risk; the inability to
sustain revenue and earnings growth; changes in interest rates and
capital markets; inflation; customer acceptance of People's
United's products and services; customer borrowing, repayment,
investment and deposit practices; customer disintermediation; the
introduction, withdrawal, success and timing of business
initiatives; competitive conditions; the inability to realize cost
savings or revenues or to implement integration plans and other
consequences associated with mergers, acquisitions and
divestitures; economic conditions; the impact, extent and timing of
technological changes and capital management activities;
litigation; increased capital requirements, other regulatory
requirements or enhanced regulatory supervision; and other actions
of the Federal Reserve Board and legislative and regulatory actions
and reforms.
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SOURCE People's United Financial, Inc.