Stockholders of the parent company of Farmington Bank earlier this week at a special meeting approved the anticipated acquisition by People’s United Financial.

The two banks also announced at the meeting that they had received all necessary regulatory approvals to move forward with the deal, which is expected to close Oct. 1.

“We are very grateful to our stockholders for their overwhelming support of this transaction,” John J. Patrick, Jr., chairman, president and CEO of Farmington Bank’s parent company, First Connecticut Bancorp, said in a statement. “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.”

People’s United announced in June that it would acquire Farmington’s parent in an all stock transaction valued at roughly $544 million and 180 percent tangible book value.

Shareholders of First Connecticut Bancorp, the parent company of Farmington Bank, will receive 1.725 shares of People’s United Financial stock for each one of their shares, giving each share a value of $32.33 based on the closing price of People’s United’s common stock in June.

Farmington Bank started as a mutual bank before going public in 2011. Since the end of 2011 and the end of 2017, the bank has nearly doubled in size, growing from roughly $1.6 billion in assets to about $3.1 billion, according to the FDIC. In the same time period, the company’s loan book has more than doubled from $1.3 billion to $2.75 billion.

The acquisition means that many Farmington branches are likely to be consolidated and the bank already announced earlier this month that it would lay off more than a quarter of its workforce.