Simpson Thacher Represents People’s United Bank in the Acquisition of Select RBS Citizens Bank Branches and Deposits in New York State
02.28.12
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The Firm is representing People’s United Bank, a subsidiary of People’s United Financial, Inc., in its acquisition of 56 branches located in state of New York from Citizens Financial Group, Inc. and the assumption of $325 million in deposits associated with these branches. Fifty-two of the branches are situated in Stop & Shop supermarkets and four are traditional branches. Completion of the transaction is anticipated late in the second quarter of 2012 and is subject to customary closing conditions, including the receipt of regulatory approvals.
People's United Financial, Inc. is a diversified financial services company with $28 billion in assets. People’s United Bank, founded in 1842, is the largest independent bank headquartered in New England and provides commercial and retail banking, as well as wealth management services through a network of 369 branches in Connecticut, Massachusetts, Vermont, New York, New Hampshire and Maine.
The Simpson Thacher team includes: Elizabeth Cooper and Michael T. Holick (M&A); Gary Mandel and Jonathan Talansky (Tax); and Mark Chorazak (Bank Regulatory).