People's United Bank Doubles Market Share Since Danversbank Buyout

The share of the local banking market belonging to People's United Bank more than doubled in the year after it bought out Danversbank.

The Connecticut-based bank that took over Danversbank last year has doubled its share of the greater Boston consumer banking market since the purchase, according to Boston Business Journal. People’s United Bank announced in January 2011 it was buying out Danversbank. The deal was completed in June 2011. Before the purchase and merger, Danversbank’s headquarters were located in Danvers. People’s United Bank is headquartered in Bridgeport, Conn. In the past year, through June 30, People’s United Bank’s share of the greater Boston banking market went from .63 percent to 1.25 percent, according to data from the Federal Deposit Insurance Corp., the Business Journal reports. In the same time, People’s United Bank’s total depositions grew from $1…

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People's United Fourth Quarter 'Reflects Significant Progress'

People's United Financial reports fourth quarter operating earnings of $0.17 per share and net income of $0.12 per share.

Danvers Sticks With People's United Because It's "More Interactive"

While People's United was the successful bidder on a short term loan investment in Danvers, the town of Hamilton has recently moved its accounts from Danversbank to Salem Five, in part, because of the merger.

The newly owned Danversbank, now People's United, was the recent successful low bidder on a short term loan from the town of Danvers.  According to Town Manager Wayne Marquis, the town's relationship with the bank is "more interactive," than it was previously with Danversbank. The short term loan of $251,000 was borrowed for one year at a .99 percent interest rate. Marquis said in the past Danversbank never participated in bidding, and People's United is "perhaps more well equipped" for investment interaction.  Marquis said the Town currently has about $4 million in People's United, and their relationship has improved, if anything, because of the merger.  However, the completion of the Danversbank merger with People's United has resulted …

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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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