People’s United Financial Inc. (PBCT), the holding company for People’s United Bank, N.A., said it agreed to acquire BSB Bancorp Inc. (BLMT), the holding company for Belmont Savings Bank, in a 100% stock transaction valued at abut $327 million.
Source: www.rttnews.com
People’s United Financial Inc. (PBCT), the holding company for People’s United Bank, N.A., will acquire BSB Bancorp Inc. (BLMT), the holding company for Belmont Savings Bank, in a 100% stock deal valued at ~$327 million. The acquisition agreement is subject to customary closing conditions including receipt of regulatory approvals, and the approval of BSB Bancorp Inc. stockholders. PBCT expects the transaction to be about $0.03 accretive to earnings per common share based on fully phased-in cost savings, with a tangible book value earn-back of 3.1 years and an IRR of over 20%.
