Danversbank Merger Expected To Be Finalized Today
After receiving approval from the Office of the Massachusetts Commissioner of Banks and the Massachusetts Board of Bank Incorporation on Tuesday, the transaction of People's United and Danvers Bancorp Inc. is expected to be finalized today, June 30.
People's United Financial Inc. and Danvers Bancorp, Inc. announced that the proposed merger of People's United and Danversbank was approved by the Office of the Massachusetts Commissioner of Banks and the Massachusetts Board of Bank Incorporation on Tuesday -- and the transaction is expected to be finalized at some time today, June 30.
The preliminary merger of Danvers Bancorp Inc. began about five months ago as a $493 million sale to People's United Financial Inc. of Connecticut.
People's United, based out of Bridgeport, Conn., has $25 billion in assets and 341 branches in throughout New England and New York.
Danversbank, founded in 1850, originally named Danvers Savings Bank, employs nearly 400 workers with 75,000 customers among the 28 branches. In May, the bank announced plans to lay off 91 employees as part of the merger, beginning on August 1.
The finalized transaction will make People's United the seventh-largest bank in the greater-Boston area.