People's United earnings up 28 percent



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In the midst of another acquisition, People's United Bank announced a slew of financial news, including quarterly and full-year earnings, a stock buy-back and a dividend.Bridgeport, Conn.-based People's announced fourth-quarter 2010 net income of $32 million, or 9 cents per share, compared to 2009 fourth-quarter net income of $24.9 million, or 7 cents percent - an increase of 28 percent.For the year ended Dec. 31, 2010, net income totaled $85.7 million, or 24 cents per share, down more than 15 percent compared to $101.2 million, or 30 cents per share, for 2009.People's United also announced on Jan. 20 the acquisition of Danvers Bancorp Inc. of Danvers, Mass. -- holding corporation for Danversbank -- for approximately $493 million. Danversbank has 28 branches around the Boston area. None is located in New Hampshire.The transaction is expected to close late in the second quarter of 2011.The Danvers deal follows several other acquisitions made in recent years, including Smithtown Bancorp Inc. of Smithtown, N.Y., and LSB Corp. of North Andover, Mass., the former holding company for RiverBank with five branches -- two in New Hampshire -- on Nov. 30.People's president Jack Barnes said the acquisition of Danvers Bancorp "furthers our strategy of acquiring financial institutions in attractive markets and continues to build on what was an exciting and transformational 2010 for the bank."In other bank news, its board of directors has authorized a common stock repurchase of up to 5 percent of People's United outstanding common stock, or up to 17.5 million shares.Additionally, the bank declared a 15.5 cent per share quarterly dividend, payable Feb. 15 to shareholders of record on Feb. 1. - CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW Edit ModuleShow Tags