People's United Financial, Inc., Bridgeport, Connecticut - approval to acquire River Bank, North Andover, Massachusetts
Overview of People's United Financial, Inc., Bridgeport, Connecticut - approval to acquire River Bank, North Andover, Massachusetts
People's United Financial, Inc. (Petitioner), Bridgeport, Connecticut, has petitioned the Board of Bank Incorporation (Board) pursuant to Massachusetts General Laws, chapter 167A, sections 2 and 4 for approval to acquire LSB Corporation, (LSB), North Andover, Massachusetts in a multi-step transaction. LSB Corporation is the holding company for River Bank (River Bank), North Andover, Massachusetts. The Petitioner is the holding company for People's United Bank, Bridgeport, Connecticut. A related application has been filed with the Division of Banks (Division) for approval of a subsequent merger of River Bank with and into People's United Bank. As a consequence of the merger, the banking offices of River Bank will become branch offices of People's United Bank.
In determining whether or not to approve the petition the Board must decide whether competition among banking institutions will be unreasonably affected and whether public convenience and advantage will be promoted by this proposal. A public hearing will be given to all interested parties on the petition before the Board on Tuesday, October 12, 2010 at 11:15 a.m., in Hearing Room 1F, First Floor, 1000 Washington Street, Boston, Massachusetts.
All comments in favor or in protest of this petition, however, must be filed with the Board or the Division by the close of business on November 4, 2010 at the following address. The applications and all communications relative to these matters are available for public inspection at the Division at 1000 Washington Street, 10th Floor, Boston, MA 02118-6400.
Board of Bank
Steven L. Antonakes
Commissioner of Banks
Navjeet K. Bal
Commissioner of Revenue
Timothy P. Cahill
Treasurer and Receiver-General
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Written comments accepted until November 4, 2010.