The Firm is representing People's United Financial, Inc. (NASDAQ: PBCT), the holding company for People's United Bank, N.A., in connection with its acquisition of Suffolk Bancorp (NYSE: SCNB), of Riverhead, NY, the holding company for Suffolk County National Bank, in a 100% stock transaction valued at approximately $402 million. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approval and the approval of Suffolk Bancorp's shareholders, and is expected to close in the fourth quarter of 2016.
People's United Bank, N.A. is a subsidiary of People's United Financial, Inc., a diversified financial services company with over $39 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.
The Simpson Thacher Team includes Lee Meyerson, Elizabeth Cooper, Matthew Rogers, Meredith Hunt and Amanda Ng (M&A); Jonathan Goldstein and Sarah Katz (Tax); David Rubinsky, Andrew Blau and Monisha Bhayana (Executive Compensation and Employee Benefits); and Mark Chorazak and Spencer Sloan (Bank Regulatory).