$402M deal between People's United, SCNB clears regulatory hurdle
February 08, 2017
National Banks | Riverhead, NY | Corporate Acquisition
The Office of the Comptroller of the Currency in the UK has approved the acquisition of Suffolk County National Bank (NYSE: SCNB) by People's United Financial (NASDAQ: PBCT). The previously announced deal remains subject to the approval of the Board of Governors of the Federal Reserve System. It represents a 100% stock transaction valued at approximately $402 million, or $33.55 per SCNB share based on the closing price of People’s United’s stock on June 24.