By the Division of Banks

Event Detail

People's Financial and People's Bank, Bridgeport, Connecticut - approval to acquire Chittenden Corporation, Burlington, Vermont including its six subsidiary banks and to become bank holding companies in a multi-step transaction. 
Type of Event:Public Hearing
Date:11/29/2007, 10:30 AM


PEOPLE'S UNITED FINANCIAL, INC. ("People's Financial") and PEOPLE'S UNITED BANK ("People's Bank") (together, the "Petitioners"), Bridgeport, Connecticut have petitioned the Board of Bank Incorporation ("Board"), pursuant to Massachusetts General Laws chapter 167A, sections 2 and 4, for approval to acquire Chittenden Corporation, Burlington, Vermont including its six subsidiary banks (the "Subsidiary Banks") and to become bank holding companies. In the Commonwealth, the Subsidiary Banks owned by Chittenden Corporation are The Bank of Western Massachusetts, Springfield, Massachusetts and Flagship Bank and Trust Company, Worcester, Massachusetts.

As part of the proposed multi-step transaction, People's Bank will establish six interim federal savings banks named similarly to each of the Subsidiary Banks. Applications have been made to the Division of Banks for the mergers of the two Subsidiaries Banks located in Massachusetts. The Bank of Western Massachusetts will merge with and into Western Massachusetts Interim, fsb. Flagship Bank and Trust Company will merge with and into Flagship Interim, fsb.

In determining whether or not to approve the matter before it, the Board must decide, among other things, whether competition among banking institutions will be unreasonably affected and whether public convenience and advantage will be promoted by these proposals. A public hearing will be given to all interested parties on the petition before the Board on November 29, 2007, at 10:30 a.m. in Hearing Room A, Fifth Floor, One South Station, Boston, Massachusetts.

Any interested party other than the Petitioner should file communications, including briefs in favor or protest, with the Board or the Division by December 6, 2007, at the following address. The applications and all communications relative to these matters are available for public inspection at One South Station, Third Floor, Boston 02110.

Board of Bank

Steven L. Antonakes
Commissioner of Banks

Henry Dormitzer
Commissioner of Revenue

Timothy P. Cahill
Treasurer and Receiver-General

Written comments:

accepted until: 12/06/2007

Location:5th Floor Hearing Room A, DOB Main Office
One South Station
Boston, MA
Contact:DOB -- Massachusetts Division Of Banks
Registration:No Registration