Fidelity Bank and People's United Bank, a subsidiary of People's United Financial have inked a definitive agreement under which Fidelity will acquire certain deposits and the branch office of the People's United Bank at Leominster, Massachusetts, US.
Fidelity Bank chairman & CEO Edward F Manzi Jr said that the firm is pleased with the acquisition deal of this branch and the ability to serve more clients in the Leominster community.
"We look forward to meeting our new clients and discussing how our LifeDesign approach to banking will allow them to make more informed financial decisions and help them get where they want to be. Furthermore, the 75 Main Street location provides all our clients with great convenience through its parking, drive-up teller windows, and the eventual addition of a drive-up ATM," said Manzi Jr.
The transition is estimated to close by June 2012, after obtaining all relevant customary and regulatory approval.
Upon completion of the merger, the Fidelity Bank will also acquire all employees at the acquired People’s United Bank branch and will offer comparable positions at Fidelity Bank.
Headquartered in New England, People’s United Bank has $28bn in assets and offers commercial and retail banking, as well as wealth management services through a network of nearly 360 branches in Connecticut, Massachusetts, Vermont, New York, New Hampshire and Maine in US.