People’s United Bank is suddenly becoming a force in Boston banking.
Yesterday, the bank’s corporate parent — People’s United Financial Inc. of Bridgeport, Conn. — announced its third purchase of a Massachusetts bank in less than a year, a $493 million deal for the parent of Danversbank, which has 28 branches stretching from Needham to Manchester-by-the-Sea.
Danvers Bancorp, the holding company that owns Danversbank, has $2.6 billion in assets. People’s agreed to pay $23 per share, 35 percent above the stock’s closing price on Wednesday afternoon. Danversbank shares surged 29 percent after hours.
In April, People’s took over Butler Bank after the troubled Lowell institution was seized by regulators. And in July, the company bought
People’s United has long been one of the largest banks based in New England, but it did not have any offices in the Boston area before the recent purchases.
“We felt strongly that it was important to have a greater presence in Boston given that it is New England’s largest economic area,’’ said People’s chief executive Jack Barnes. “We felt that it would be very beneficial to be growing a presence there.’’
After the deal is completed, People’s said it will be the seventh largest bank in both Massachusetts and the Boston area.
People’s also recently inked a marketing deal with
Danversbank, founded in 1850, bought Beverly National Bank in October 2009. People’s United Bank was founded in 1842 and has 5,000 employees.
Barnes said People’s plans to keep most of Danvers Bancorp’s 375 employees but will likely cut some administrative jobs after the deal is completed in the second quarter of 2011 and it changes the name on the branches later in the year.
Danversbank’s chief executive, Kevin Bottomley, will serve as a “strategic adviser’’ to the bank and join People’s board.
Todd Wallack can be reached at twallack@globe.com. 
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