BRIDGEPORT, Conn. — Massachusetts bank regulators have cleared plans by People’s United Financial Inc. to acquire Danvers Bancorp Inc., a transaction that’s expected to close tomorrow.
The two banks yesterday jointly disclosed the approvals from Massachusetts’ bank commissioner and board of bank incorporation. Federal regulators and Danvers Bancorp shareholders OK’d the deal last month.
The state approvals, received yesterday, came five months after People’s United revealed plans to acquire Danvers Bancorp in a stock-and-cash transaction valued at $493 million.
Under the agreement, Danvers Bancorp shareholders who elected to receive shares of People’s United common stock rather than cash will get 1.624 shares for each share of Danvers Bancorp that they held.
Danvers Bancorp, with about $2.9 billion in total assets and 28 bank branches, is the parent company of Danversbank, based in Danvers, Mass.
The deal is expected to make People’s United the seventh-largest bank in Greater Boston. People’s United is based in Bridgeport, Conn., and has $25 billion in assets and 341 branches in Connecticut, Vermont, New York, New Hampshire, Maine, and Massachusetts.