Patriot Bank to Acquire American Challenger
The parent company of Stamford-based Patriot Bank has agreed to acquire American Challenger Development Corp. in a reverse subsidiary merger.
Massachusetts Bank Enters CT Wealth Market With People’s Hires
A Massachusetts-based bank plans to expand its wealth management business into Southern Connecticut as the bank brings on five new employees from People’s United Bank, a sign of the type of move banks might make amid the disruption resulting from this year’s mergers and acquisitions.
Citizens to Acquire California-based Capital Markets Firm
Providence-based Citizens Financial Group Inc. has agreed to acquire capital markets firm JMP Group LLC in a deal valued at $149 million. Citizens said in a statement this morning that it would acquire the San Francisco-based JMP in an all-cash transaction. The deal...
Shareholders Approve Webster, Sterling Merger
The merger between Waterbury-based Webster Bank and New York-based Sterling National Bank moved a step closer to completion yesterday as shareholders of both banks approved the deal.
FD Community FCU Completes Acquisition
Connecticut has now seen three credit union mergers this year, with the most recent deal bringing together Greater Watertown Federal Credit Union and Waterbury-based FD Community Federal Credit Union.
Cromwell-based Payveris to be Acquired by Washington Fintech
Cromwell-based Payveris has agreed to be acquired by a financial technology company based in Washington state in a deal valued at $152 million.
Webster Bank, Sterling Respond to Lawsuits Against Merger
Waterbury-based Webster Bank and New York-based Sterling National Bank face seven lawsuits challenging their proposed merger and have disclosed additional information about the deal in response to the legal actions.
M&T Commits to 1K Jobs at Bridgeport HQ
M&T Bank will have at least 1,000 employees based out of People’s United Bank’s Bridgeport location by early 2023, the bank said last week after receiving criticism for plans to terminate nearly 750 Connecticut jobs as part of its acquisition of People’s United.
AG Tong Blasts M&T’s Bridgeport Layoffs
Connecticut Attorney General William Tong has written a letter to the CEOs of M&T Bank and People’s United Bank requesting information about the layoffs expected from the banks’ upcoming merger.
Citizens Bank to Acquire NJ-Based Investors Bank
Providence-based Citizens Financial Group Inc. has agreed to acquire New Jersey-based Investors Bancorp Inc. in a deal valued at $3.5 billion.
People’s United, M&T Merger to Bring Nearly 750 Layoffs in CT
M&T Bank’s acquisition of Bridgeport-based People’s United Bank will result in nearly 750 layoffs in Connecticut that will begin in October and continue for the next seven months, according to a notice filed with the state of Connecticut.
Greater Watertown FCU Members Approve Merger With FD Community FCU
Greater Watertown Federal Credit Union members have approved its merger with Waterbury-based FD Community Federal Credit Union, and the institutions plan to complete the merger on Aug. 1, according to a statement on Greater Watertown FCU’s website.
Community Groups Watch for Effects of Mergers
With the two largest Connecticut-based banks involved in mergers this year, the deals could have a significant effect on another group: the community development organizations that partner with banks on affordable housing and lending programs.
Webster’s Merger Discussions With Sterling Started in 2019
On-and-off discussions about a possible merger of Waterbury-based Webster Bank and New York-based Sterling National Bank began in 2019, but the banks decided at the start of the pandemic to put aside discussions.
People’s United, M&T Bank Shareholders Approve Merger
The merger of Bridgeport-based People’s United Bank into M&T Bank moved a step closer to completion yesterday as the shareholders of both banks’ parent companies approved the deal in special meetings, the banks said in a statement.
People’s United, M&T Merger Faces Lawsuits
Bridgeport-based People’s United Bank and Buffalo-based M&T Bank face 12 lawsuits challenging their proposed merger and have disclosed additional information about the deal in response to the legal actions.
Ion Bank Sells Insurance Business
Naugatuck-based Ion Bank has sold its insurance business, Ion Insurance Corp., to a global insurance broker based in Chicago.
Webster Bank to Merge With NY-Based Sterling National Bank
A merger of equals between Waterbury-based Webster Bank and New York-based Sterling National Bank will create a bank with about $63 billion in assets and new headquarters in Stamford, Connecticut.
Nuveen Buys Darien CRE Lender
Commercial real estate lender Greenworks Lending, which focuses on funding energy efficiency projects for multifamily and other real estate projects, has been bought by an arm of a large pension fund.
Mutual Security Credit Union Completes Acquisition
Bethel-based Consolidated Controls Corp. Federal Credit Union has merged into Shelton-based Mutual Security Credit Union, with the transaction completed on April 1.
