BRIDGEPORT, Conn., April 16 /PRNewswire-FirstCall/ -- People's United
Financial, Inc. (the "Company") (Nasdaq: PBCTD), the holding company for
People's Bank, announced today that it has completed the conversion from
the mutual holding company structure to a fully publicly-owned stock form
holding company and related public offering. The Company sold a total of
172,226,250 shares of common stock at a purchase price of $20.00 per share,
of which 63,984,719 shares were sold in a subscription offering for which
Ryan Beck & Co., Inc. acted as selling agent and 108,241,531 shares were
sold in a syndicated offering for which Morgan Stanley & Co. Incorporated
acted as global coordinator and sole book-running manager, Keefe, Bruyette
& Woods, Inc., Lehman Brothers Inc. and Ryan Beck & Co., Inc. acted as
joint lead managers and Sandler O'Neill & Partners, L.P. acted as
co-manager. People's Bank is now 100% owned by the Company and the Company
is 100% owned by public stockholders.
Concurrent with the completion of the offering, shares of People's Bank
common stock owned by public stockholders were exchanged for 2.1000 shares
of the Company's common stock. Cash in lieu of fractional shares will be
paid at a rate of $20.00 per share. The Company also issued 2,000,000
shares of common stock and contributed $20.0 million in cash from the
offering proceeds to The People's Community Foundation, a new charitable
foundation that the Company established for the benefit of the communities
in which People's Bank operates. As a result of the offering, the exchange,
and the contribution to the charitable foundation, the Company will have
approximately 300,824,563 shares outstanding after giving effect to the
transaction.
The shares of common stock sold in the offering and issued in the
exchange will begin trading on the NASDAQ Global Select Market on April 16,
2007 under the symbol "PBCTD." The shares will trade under that symbol for
a period of 20 trading days and under the symbol "PBCT" thereafter. Stock
certificates for shares purchased in the subscription offering are expected
to be mailed to subscribers on or about April 17, 2007. People's Bank
stockholders holding shares in street name or in book-entry form will
receive shares of the Company within their accounts. People's Bank
stockholders holding shares in certificated form will receive their shares
after returning their stock certificates with a properly completed letter
of transmittal to the Company's transfer agent.
Thacher Proffitt & Wood llp, Washington, D.C., served as special
counsel to the Company and People's Bank for the conversion and offering.
Cleary Gottlieb Steen Hamilton LLP, New York, NY, served as special counsel
to Morgan Stanley & Co. Incorporated, Ryan Beck & Co., Inc., Keefe,
Bruyette & Woods, Inc., Lehman Brothers Inc. and Sandler O'Neill &
Partners, L.P. for the offering. RP Financial, LC., Arlington, VA served as
independent appraiser for the conversion and offering.
This release may contain certain "forward looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995, and
may be identified by the use of such words as "believe," "expect,"
"anticipate," "should," "planned," "estimated," and "potential." Examples
of forward looking statements include, but are not limited to, estimates
with respect to the financial condition, results of operations and business
of People's United Financial and People's Bank that are subject to various
factors which could cause actual results to differ materially from these
estimates. These factors include, but are not limited to, general economic
and market conditions, legislative and regulatory conditions, changes in
interest rates that affect People's Bank's interest rate spread, changes in
deposit flows, loan demand or real estate values and other economic,
governmental, competitive, regulatory and technological factors that may
affect People's United Financial's and People's Bank's operations.
SOURCE People's United Financial, Inc.
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Related links:
http://www.peoples.com/
http://www.prnewswire.com/comp/113252.html /
CONTACT:
Valerie C. Carlson, Corporate Communications
of People's United Financial, Inc., +1-203-338-2351, Fax:
+1-203-338-3461, vccarls@peoples.com
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