People’s United Financial in Bridgeport recently announced it had received permission from the Office of the Comptroller of the Currency for its purchase of the Long Island-based Suffolk County National Bank.

The holding company for People’s United Bank announced the all-stock deal, valued around $402 million, last June. Under the terms of the deal, Suffolk Bancorp shareholders will receive 2.225 shares of People’s United stock for each Suffolk Bancorp share.

The leadership at People’s United has touted Suffolk’s market share, the 9th largest in Suffolk County, and said that its Long Island presence would complement the acquiring bank’s organic growth in the New York metro region.

People’s has said it expects the deal to be accretive to earnings, excluding one-time costs, with an internal rate of return of about 17 percent and a tangible book value earn-back under five years.

People’s is now awaiting approval by the Federal Reserve.