On November 27, 2018, BSB Bancorp, Inc., Belmont, Massachusetts, the holding company for Belmont Savings Bank, and People’s United Financial, Inc., Bridgeport, Connecticut, the holding company for People’s United Bank, announced a definitive merger agreement pursuant to which BSB Bancorp will merge with and into People’s United, with People’s United as the resulting company. BSB Bancorp stockholders will receive 2.0 shares of People’s United common stock for each share of BSB Bancorp common stock. The total merger consideration is currently valued at approximately $327 million.
Luse Gorman serves as legal counsel to BSB Bancorp in the transaction. The Luse Gorman team consisted of John J. Gorman, Michael J. Brown, Gregory Sobczak and Zachary Davis (Corporate/M&A), and Beverly J. White and Brendan Saxon (Executive Compensation).
This is Luse Gorman’s 21st bank merger transaction announced in 2018.
BSB Bancorp has approximately $3 billion in total assets and operates through six full-service branch offices located in Belmont, Watertown, Waltham, Newton and Cambridge, Massachusetts.
People’s United has approximately $47 billion in total assets and operates through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.