January 18, 2019

People's United's 4Q net soars

HBJ Photo | Joe Cooper
HBJ Photo | Joe Cooper
People's United Bank at 1 Financial Plaza in downtown Hartford.

Bridgeport regional lender People's United Financial Inc. posted higher fourth-quarter and full-year profits, and announced another acquisition.

The parent of People's United Bank said Friday it purchased commercial-equipment lender VAR Technology Finance, of Mesquite, Texas, for an undisclosed sum.

For three months ended Dec. 31, People's United Financial said it netted $132.9 million, or 35 cents a diluted share, up from $106.2 million, or 30 cents a share, compared to the final quarter of 2017.

For all of 2018, People's United netted $468.1 million vs. $337.2 million in 2017.

People's United ended 2018 with assets of $47.7 billion vs. $44 billion in 2017.

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