First Connecticut Bancorp has received stockholder approval for its nearly $544m merger with People’s United Financial (PBCT), the holding company for People’s United Bank.
Both the firms have also received all pending regulatory approvals to complete the transaction.
In June, PBCT announced the merger deal which will see the combination of First Connecticut’s Farmington Bank with People’s United Bank.
Besides approving the transaction, the First Connecticut stockholders also passed an advisory proposal for the compensation that may be payable to its executive officers for the merger.
Following the approval, First Connecticut president and CEO John Patrick, Jr. said: “We are very grateful to our stockholders for their overwhelming support of this transaction.
“With today’s vote, we move one step closer to completing the transaction with People’s United, to the benefit of our stockholders, employees, customers, and the communities we serve.”
As per the merger agreement, First Connecticut Bancorp shareholders will receive 1.725 shares of People’s United Financial stock for each share in the 100% stock transaction.
The First Connecticut merger with PBCT is expected to complete on 1 October 2018.
Once completed, Farmington Bank, with its 28 branches across Central Connecticut and Western Massachusetts, will merge into People’s United Bank.
Established in 1851, Farmington Bank focuses on providing commercial and retail banking services and has around $3.1bn in assets.