We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
The merger of People’s United Financial and First Connecticut Bancorp announced in June 2018 has been approved by shareholders of the to-be-acquired company at a special meeting held on Sep 25. Along with this, the companies announced the receipt of all the necessary regulatory approvals for the buyout, which is expected to close on Oct 1.
At the time of announcement, People’s United had said that the deal was worth nearly $544 million. Also, the company expects it to be accretive to earnings, going forward.
This merger is another one of the bank’s strategic acquisitions on the back of its strong balance sheet that is expected to strengthen fee income. First Connecticut’s acquisition is expected to be a low risk transaction that would give a solid boost to People’s United’s deposits balance.
Per the agreement, First Connecticut will be absorbed into People’s United. Further, Farmington Bank will merge with and into People’s United Bank, National Association.
Also, shareholders of First Connecticut will be receiving 1.725 shares of People’s United’s common stock for each share held. Notably, First Connecticut stockholders also approved an advisory proposal regarding the compensation that may be paid or become payable to certain First Connecticut executive officers in connection with the merger.
People’s United’s acquisition streak has helped it expand operations and improve financials. Its progress on strategic efforts to grow reflects capital and liquidity strength. Moreover, an improving environment for U.S. banks in the form of rising interest rates, lower tax rates and softer regulations, is likely to support the company’s financials in quarters ahead.
Shares of People’s United have lost 5.4% over the past three months compared with the 2.5% decline witnessed by the industry it belongs to.
Currently, People’s United carries a Zacks Rank #2 (Buy).
Heritage Financial Corporation’s (HFWA - Free Report) current-year earnings estimates have remained stable in the past 60 days. Over the past year, the company’s share price has jumped 19.6%. It also currently carries a Zacks Rank #2.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Image: Bigstock
People's United-First Connecticut Deal Gets Shareholder Nod
The merger of People’s United Financial and First Connecticut Bancorp announced in June 2018 has been approved by shareholders of the to-be-acquired company at a special meeting held on Sep 25. Along with this, the companies announced the receipt of all the necessary regulatory approvals for the buyout, which is expected to close on Oct 1.
At the time of announcement, People’s United had said that the deal was worth nearly $544 million. Also, the company expects it to be accretive to earnings, going forward.
This merger is another one of the bank’s strategic acquisitions on the back of its strong balance sheet that is expected to strengthen fee income. First Connecticut’s acquisition is expected to be a low risk transaction that would give a solid boost to People’s United’s deposits balance.
Per the agreement, First Connecticut will be absorbed into People’s United. Further, Farmington Bank will merge with and into People’s United Bank, National Association.
Also, shareholders of First Connecticut will be receiving 1.725 shares of People’s United’s common stock for each share held. Notably, First Connecticut stockholders also approved an advisory proposal regarding the compensation that may be paid or become payable to certain First Connecticut executive officers in connection with the merger.
People’s United’s acquisition streak has helped it expand operations and improve financials. Its progress on strategic efforts to grow reflects capital and liquidity strength. Moreover, an improving environment for U.S. banks in the form of rising interest rates, lower tax rates and softer regulations, is likely to support the company’s financials in quarters ahead.
Shares of People’s United have lost 5.4% over the past three months compared with the 2.5% decline witnessed by the industry it belongs to.
Currently, People’s United carries a Zacks Rank #2 (Buy).
Other Stocks to Consider
Banner Corporation (BANR - Free Report) has witnessed 3.4% upward estimate revisions for the past 60 days. Additionally, the stock has gained nearly 4.2%, in a year’s time. It currently has a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Heritage Financial Corporation’s (HFWA - Free Report) current-year earnings estimates have remained stable in the past 60 days. Over the past year, the company’s share price has jumped 19.6%. It also currently carries a Zacks Rank #2.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>