BRIDGEPORT, Conn., April 3, 2017 /PRNewswire/ -- People's United
Financial, Inc. (NASDAQ: PBCT), the holding company for People's
United Bank, N.A., announced today that it has completed its
acquisition of Suffolk Bancorp (NYSE: SCNB), the holding company
for Suffolk County National Bank. The 100% stock transaction was
announced on June 27, 2016.
"We are extremely pleased to officially welcome the employees
and clients of Suffolk County National Bank to the People's United
family," said Jack Barnes, President
and Chief Executive Officer of People's United Financial. "We look
forward to serving our customers and communities as one united team
and increasing our momentum in the New
York Metro area."
Howard C. Bluver, former
President and Chief Executive Officer of Suffolk Bancorp, will
continue to guide the integration of Suffolk Bancorp and expand the
People's United franchise in the region as New York Market
President.
About People's United Bank, N.A.
People's United Bank, N.A. is a subsidiary of People's United
Financial, Inc. (NASDAQ: PBCT), a diversified financial services
company with $41 billion in assets.
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 branches in Connecticut, New
York, Massachusetts,
Vermont, New Hampshire and Maine. Visit us at peoples.com.
FORWARD-LOOKING STATEMENTS
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
including, but not limited to, People's United Financial, Inc.'s
("People's United") expectations or predictions of future financial
or business performance or conditions. Forward-looking statements
are typically identified by words such as "believe," "expect,"
"anticipate," "intend," "target," "estimate," "continue,"
"positions," "plan," "predict," "project," "forecast," "guidance,"
"goal," "objective," "prospects," "possible" or "potential," by
future conditional verbs such as "assume," "will," "would,"
"should," "could" or "may", or by variations of such words or by
similar expressions. These forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time, are difficult to predict and are generally beyond the control
of People's United. Forward-looking statements speak only as of the
date they are made and we assume no duty to update forward-looking
statements. Actual results may differ materially from current
projections.
In addition to factors previously disclosed in People's United's
and Suffolk Bancorp's ("Suffolk")
reports filed with the SEC, the following factors, among others,
could cause actual results to differ materially from
forward-looking statements or historical performance: difficulties
and delays in integrating the Suffolk business or fully realizing cost
savings and other benefits; business disruption following the
merger; changes in asset quality and credit risk; the inability to
sustain revenue and earnings growth; changes in interest rates and
capital markets; inflation; customer acceptance of People's
United's products and services; customer borrowing, repayment,
investment and deposit practices; customer disintermediation; the
introduction, withdrawal, success and timing of business
initiatives; competitive conditions; the inability to realize cost
savings or revenues or to implement integration plans and other
consequences associated with mergers, acquisitions and
divestitures; economic conditions; the impact, extent and timing of
technological changes; capital management activities; litigation;
increased capital requirements, other regulatory requirements or
enhanced regulatory supervision; and other actions of the Federal
Reserve Board and legislative and regulatory actions and
reforms.
People's United Bank. "What know-how can
do." SM
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SOURCE People's United Financial, Inc.