People's United Bank has agreed to acquire the holding company for Farmington Bank in a 100 percent stock transaction valued at about $544 million.
People's United Financial Inc., the holding company for People's United Bank, announced the agreement to acquire First Connecticut Bancorp Inc. on Tuesday.
Bridgeport-based People's United has nearly 400 locations in New England and New York with $44 billion in assets.
Farmington-based First Connecticut Bancorp has 28 branches in Connecticut and western Massachusetts with $3.1 billion in assets.
People's United CEO Jack Barnes says the partnership will "strengthen our well-established presence in the region."
Farmington Bank CEO John Patrick says the deal gives customers access to a "broader array of products."
The deal is subject to regulatory approval and approval of First Connecticut Bancorp shareholders.Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.