People’s United’s 2Q net climbs

Photo | Mike Mozart/Flickr One of People's United Bank's Stop & Shop branch locations.

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By Gregory Seay

People’s United Financial Inc. posted higher second-quarter earnings from strong revenue and expense control as the Bridgeport regional lender prepares to swallow yet another Connecticut rival.

For three months ended June 30, the parent of People’s United Bank said it netted $133.2 million, or 34 cents a share, up from $110.2 million, or 32 cents a share, netted the same quarter a year ago.

Monday, People’s United and Hartford community lender United Financial Bancorp, parent of United Bank, announced their proposed $759 million all-stock combination, set to close by yearend. Last October, People’s acquired the parent of Farmington Bank for $540 million.

Earlier this week, United Financial reported a second-quarter loss tied to its stake in a bankrupt Washington D.C. solar company.

People’s United CEO Jack Barnes announced the board of directors approved a buyback of up to 20 million common shares, a transaction Barnes said will occur after the United merger closes.

People’s United ended the quarter with assets of $51.6 billion vs. $44.6 billion a year earlier.