December 3, 2010 (FinancialWire) (http://www.financialwire.net/) — People's United Financial, Inc. (NASDAQ: PBCT) said that it has completed its acquisitions of LSB Corp., an $800 million bank holding company based in North Andover, Massachusetts, and Smithtown Bancorp, Inc., a $2.3 billion bank holding company based in Smithtown, New York.

LSB Corporation's subsidiary, River Bank, has seven branches, five of which are just north of Boston and two of which are in southern New Hampshire. Smithtown Bancorp's subsidiary, Bank of Smithtown, has 30 branches on Long Island and one in New York City.

According to People’s United, the LSB acquisition is an all-cash transaction valued at $94.8 million. The transaction values each LSB share at $21.00.

LSB shareholders approved the transaction on October 27.

The Smithtown Bancorp acquisition, it said, is valued at around $56.4 million, or $3.77 per share, with around 53 percent being paid in cash and the balance in the form of shares of People's United Financial common stock.

Smithtown Bancorp shareholders approved the transaction on November 19. The Office of Thrift Supervision, People's United Bank's primary regulator, approved the transactions on November 15.

Connecticut-based People's United Financial offers consumer, commercial and wealth management services through its subsidiary, People's United Bank, which has nearly 340 branches in Connecticut, Vermont, New Hampshire, Massachusetts, Maine and New York. 

Through additional subsidiaries, People's United provides equipment financing, asset management, brokerage and financial advisory services, and insurance services.

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