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Article: People's buys Chittenden in takeover.
- Article from:
- Connecticut Post
- Article date:
- June 28, 2007
CopyrightCOPYRIGHT 2007 Connecticut Post. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Rob Varnon
Jun. 28--Bridgeport-based People's United Financial Inc. -- the parent company of People's United Bank -- announced Wednesday a deal to buy Burlington, Vt.-based Chittenden Corp. for $1.9 billion, but the 133 branches it's acquiring won't be rebranded.
"Pound for pound, it makes us the premier bank in New England," said People's United Chairman, President and Chief Executive Officer John Klein.
People's will fund the acquisition from the $3.44 billion it raised in April when it converted to a fully public company.
The deal, if approved by shareholders of Chittenden and state and federal regulators, is expected to ...