Fidelity Bank to Acquire Branch from People's United Bank
12 Apr, 2012, 05:00 ET
LEOMINSTER, Mass., April 12, 2012 /PRNewswire/ -- Fidelity Bank and People's United Bank, a subsidiary of People's United Financial, Inc. (Nasdaq: PBCT), announced today a definitive agreement by which Fidelity Bank will acquire certain deposits and the branch office of the People's United Bank location at 75 Main Street, Leominster, MA. Completion of the transaction is anticipated mid-year of 2012 and is subject to customary closing conditions, including the receipt of regulatory approvals. Fidelity Bank has agreed that all employees at the acquired People's United Bank branch will be offered comparable positions at Fidelity Bank.
"We are excited about the acquisition of this branch and the ability to serve more clients in the Leominster community," said Edward F. Manzi Jr., Chairman & CEO of Fidelity Bank. "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."
"We are pleased to have reached this agreement with Fidelity Bank," said Tim Crimmins, President, People's United Bank - Massachusetts. "Fidelity is a fine institution that will continue to deliver the same great service, from the same local branch employees that customers have come to know and trust."
Fidelity Bank – one of the oldest and continually growing independent, local community banks in Central Massachusetts – offers a full range of banking, investment and insurance products and programs, and has full-service offices in Fitchburg, Gardner, Leominster, Millbury, Shirley, and Worcester. Fidelity has been named one of the Top Places to Work in Massachusetts by the Boston Globe. Since 1888, the bank has remained committed to businesses, families and individuals in the communities it serves; in turn, loyalty demonstrated by members of those cities and towns has allowed the bank to become one of the strongest financial institutions in the region. Today, Fidelity Bank has total assets of $522 million and a net worth nearly two times the minimum regulatory requirement. The FDIC and the Share Insurance Fund insure all deposits. For further information, visit www.fidelitybankonline.com or call 800.581.5363.
People's United Bank is a subsidiary of People's United Financial, Inc., a diversified financial services company with $28 billion in assets. People's United Bank, founded in 1842, is the largest independent bank headquartered in New England and provides commercial and retail banking, as well as wealth management services through a network of approximately 360 branches in Connecticut, Massachusetts, Vermont, New York, New Hampshire and Maine. Through its subsidiaries, People's United Financial provides equipment financing, brokerage and insurance services.
SOURCE People's United Bank
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