Talk Around Town

Bank Merger Leaves Loyals Feeling Slighted

This week's Talk Around Town asked people on the street, "What are your thoughts on the merger of Danversbank and People's United?"

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 was expected to be finalized at some time yesterday. This week's Talk Around Town focused on the recent news, asking folks in the square, "What are your thoughts on the recent merger?"  For Alcide Cormier, the situation hits home. His daughter, a Danversbank employee for 26 years, is going to be laid off in October. "She is going to get a week's pay for every year that she worked there," he said. "While the CEO is getting $17 million." Check out the video for more opinions, and weigh in your thoughts in the Comments section. 

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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 …

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Bank Says 91 Layoffs Part of Merger

People’s United plans to cut 91 jobs at six Danversbank branches as part of bank merger.

Further layoffs for Danversbank are coming. The Salem News reported Tuesday that People’s United, the Connecticut-based financial institution acquiring the local bank, plans to lay off 91 employees (or about 25 percent of Danversbank’s workforce) in the merger. The layoffs are slated to begin Aug. 1 and were announced to state authorities in a letter filed with the Mass. Division of Career Services, according to the news report. Danversbank CEO Kevin Bottomley, who is staying on with People’s United in the merger, did not return a request for comment earlier this week to confirm whether layoffs were happening. He did speak to the Salem News, saying the staff reductions were in line with similar size mergers within the banking industry. …

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