July 20, 2018

Acquirer People’s United’s 2Q net strong

PHOTO | Flickr via Mike Mozart
PHOTO | Flickr via Mike Mozart

Bridgeport super-regional lender People's United Financial Inc. posted record second-quarter net income, with acquisitions and expense control contributing to its bottom line.

For three months ended June 30, the parent of People's United Bank said it netted $110.2, or 32 cents a share, up from $69.3 million, or 24 cents a share, netted the same quarter last year.

Separately, People's United CEO Jack Barnes announced its all-cash purchase of Vend Lease, a 39-year-old Baltimore equipment financier that will become a division of the thrift's LEAF Commercial Capital unit.

Recently, People's United and Farmington Bank's parent announced their pending $544 million merger, which is set to close later this year.

People's United ended the quarter with assets of $44.6 billion vs. $43 billion a year ago.

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