People’s United’s $544 Million Acquisition of First Connecticut Bancorp


Simpson Thacher is representing People’s United Financial, Inc. (NASDAQ: PBCT), the holding company for People’s United Bank, N.A., in connection with its agreement to acquire First Connecticut Bancorp, Inc. (NASDAQ: FBNK), the holding company for Farmington Bank, in an all-stock transaction valued at approximately $544 million.

Completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals and the approval of First Connecticut shareholders.

People’s United Bank, founded in 1842, is a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of nearly 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.

First Connecticut Bancorp, Inc. is the holding company for Farmington Bank, a full-service community bank with 28 branch locations throughout Central Connecticut and Western Massachusetts, offering commercial and retail banking as well as wealth management services.

The Simpson Thacher team includes Lee Meyerson (Picture), Elizabeth Cooper and Johanna Mayer (M&A); Spencer Sloan (Bank Regulatory); David Rubinsky, Jeannine McSweeney and Jason Fixelle (ECEB); and Jonathan Goldstein and Nicole Humphrey (Tax).

Involved fees earner: Lee Meyerson – Simpson Thacher & Bartlett; Elizabeth Cooper – Simpson Thacher & Bartlett; Johanna Mayer – Simpson Thacher & Bartlett; Spencer Sloan – Simpson Thacher & Bartlett; David Rubinsky – Simpson Thacher & Bartlett; Jeannine McSweeney – Simpson Thacher & Bartlett; Jason Fixelle – Simpson Thacher & Bartlett; Jonathan Goldstein – Simpson Thacher & Bartlett; Nicole Humphrey – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: People’s United Financial, Inc.;

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Author: Ambrogio Visconti