BRIDGEPORT, Conn., June 13 /PRNewswire-FirstCall/ -- People's Bank
(Nasdaq: PBCT) announced today that it will sell three branches in its Greater
Norwich market area. Putnam Savings Bank (Nasdaq: PSBH), an institution with
$329 million in assets and headquartered in Putnam, Conn., will purchase
People's branches in the towns of Griswold, Plainfield and Ledyard. Total
deposits being sold at the three branches were approximately $63 million.
People's expects to recognize a pre-tax gain of about $9 million as a result
of this transaction.
All employees will be offered employment with Putnam. The transaction is
expected to close in the third quarter, subject to all necessary legal and
regulatory approvals.
"We are pleased to have found in Putnam a community bank with a corporate
culture that is similar to People's and which shares our commitment to serving
both our customers and our communities," said Robert R. D'Amore, executive
vice president of Marketing and Regional Banking.
"Our decision was based on the branches' geographic distance from the
majority of our locations in the Greater Norwich market and branch transaction
volumes," he said.
"We remain very strongly committed to the Greater Norwich market and have
plans to continue to increase the value that we bring to customers in this
area," D'Amore said. "Just last summer, People's opened a new seven-day, in-
person banking Stop & Shop branch in East Lyme, which is part of our Greater
Norwich market, and we are planning to open other seven-day in-store branches
in the market in the months to come. We continue to serve the Greater Norwich
market with 17 branches throughout the area."
People's commitment to communities in the region continues under the
strong leadership of Mary Jo Wlodecki, first vice president in charge of the
Greater Norwich market. Wlodecki received People's prestigious Hawley Award in
April, recognizing the important contributions that she and her team make to
the communities in their region.
The Hawley Award is presented each year to the member of the People's
family who has demonstrated the qualities of community service and citizenship
that are fundamental to the bank's culture and values.
Founded in 1842, People's Bank (peoples.com) is one of Connecticut's
largest banks with assets of $11 billion, more than 240 ATMs and 154 branches,
67 of which offer convenient seven-day banking in Super Stop & Shop locations
across the state. A diversified financial services company, People's Bank
provides consumer, commercial, insurance, retail investment and trust services
to personal and business banking customers. People's Bank is the official
banking partner of the University of Connecticut's Division of Athletics. For
more information about People's, its products and services, please call 800-
772-1090, visit peoples.com or any of People's branches.
People's Bank. It's Possible @ People's.
SOURCE People's Bank
 back to top
Related links:
http://www.peoples.com
Company News On-Call:
http://www.prnewswire.com/comp/113252.html
CONTACT:
Valerie C. Carlson, Corporate Communications
of People's Bank, +1-203-338-2351, or fax, +1-203-338-3461, or
vccarls@peoples.com
|
