Rockland Trust Co., which has nine branches in Central Massachusetts, and its parent company Independent Bank Corp. appointed Jeffrey Tengel as the new CEO, replacing Christopher Oddleifson, who has been serving in the position for 2003.
Buffalo’s M&T Bank hoped to complete its $7.6 billion acquisition of Bridgeport-based People’s United Bank in the fourth quarter of 2021, but as of this week the partners are still waiting on approval from the Federal Reserve, People’s United officials disclosed Thursday.
In a statement released alongside People’s United’s fourth-quarter and full-year earnings, executives acknowledged the delay but did not say why the review seems to be stalled.
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In its first earnings report since announcing plans to merge with New York-based M&T Bank, Bridgeport’s People’s United Financial, the parent company of People’s United Bank, said its first-quarter profits rose nearly 11%.
Between Jan. 1 and March 31, the company’s net income climbed to $144.5 million, or 33 cents per common share, up from $130.4 million, or 30 cents per common share, in the year-ago period. Operating income rose from $141.1 million, or 33 cents per common share, in the first quarter of 2020 to $156.5 million, or 37 cents per common share, in the first quarter of 2021.
Senior Executive Vice President and CFO David Rosato attributed the gains to modestly higher net interest income, cost-control measures, and a negative provision for credit losses driven by an improved economic outlook. Rosato also cited strong deposit growth, which he linked to the latest round of federal economic stimulus payments and a net increase in Paycheck Protection Program balances.
By Zachary F. Vasile, Journal Inquirer
Officials with Buffalo’s M&T Bank now the presumptive buyer of Bridgeport-based People’s United Bank say layoffs and branch consolidations are not a major feature of their plan to combine the two lenders.
During a conference call with analysts Monday, M&T CFO Darren King said projected merger-related savings of $330 million will come mainly from new operational efficiencies, not rationalization of the chains’ respective brick-and-mortar retail banking networks.
“There might be some overlap in some of the geographies with customer-facing folks, but what we really found was not a great degree of overlap in the customer bases,” King said. “And so because of that we don’t anticipate any changes, to speak of, to the folks that talk to customers. As we go into this, our No. 1 priority is protecting those relationships.”