October 20, 2017

Acquisitions lift People's United profits 23% in 3Q

Regional leader People's United Financial Inc. saw its third quarter profits rise 23 percent, driven in part by recent acquisitions.

For the three months ended Sept. 30, the Bridgeport-based bank with a major presence in Hartford reported net income of $90.8 million, or 26 cents per share, compared to $73.7 million, or 24 cents per share, in the year-ago period.

In August, the bank acquired Leaf Commercial Capital Inc., a Philadelphia business-equipment financier. In the spring, People's bought Long Island community lender Suffolk Bancorp and its flagship Suffolk County National Bank.

In addition to the acquisitions, President and CEO Jack Barnes said maintaining tight control of expenses also led to greater profitability.

People's ended the quarter with assets totaling $43.9 billion vs. $43.7 billion a year earlier.

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