Suffolk Bancorp (NYSE:SCNB) shares rose 24.86% to $29.33 on Tuesday as the company disclosed an acquisition offer of $402 million from People’s United Financial. The company has a market cap of $339.51 million at 11.86 million shares outstanding. Shares have been trading in a 52-week range of $23.15 to $31.75, indicating that price is nearing the top.
People’s United Financial is the holding company for People’s United Bank. The company plans to make a 100% stock transaction to acquire Suffolk Bancorp, which is the holding company for Suffolk County National Bank. The deal is expected to close in the fourth quarter of this year, pending shareholder and regulatory approval.
We are proud to welcome Suffolk County National Bank to People’s United Bank,” said People’s United Financial President and CEO Jack Barnes. “With the 9th largest market share in Suffolk County, a solid relationship-banking approach and loyal, long-tenured customers, Suffolk County National Bank’s strong Long Island presence complements our previous acquisitions and organic growth in the New York Metro area.”
Suffolk County National Bank is a community bank that offers commercial and retail banking services to its customers in over 30 branches in Nassau, Suffolk and Queens Counties, New York and loan production offices in Garden City, Melville and Long Island City. The bank finances its activities through a combination of deposits, including demand, saving, negotiable order of withdrawal and money market deposits, as well as time deposits and short-term borrowings.
According to President and CEO of Suffolk Bancorp Howard Bluver, the People’s United brand is highly regarded and he couldn’t be more pleased to be part of this group. Their range of products and services could help Suffolk Bank be uniquely positioned in several attractive markets, which will benefit shareholders, customers, and employees. Bluver will join People’s United ass New York market president and will be instrumental to the companies’ integration.
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