November 24, 2009
Maine bank owner expands holdings
By The Mainebiz News Staff
People's United Bank, the Connecticut-based parent company of Maine Bank and Trust and Merrill Bank, is acquiring New York-based Financial Federal Corp.
The stock and cash deal is valued at $738 million, according to the Hartford Business Journal. Philip Sherringham, president and CEO of People's United, said Financial Federal's work in equipment financing will complement the bank's existing business lines, and the acquisition will create the 13th largest U.S. bank-owned equipment-finance business.
Maine Bank and Trust in Portland and Merrill Bank in Bangor became divisions of People's United in January.
Go to the article from the Hartford Business Journal >>
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