People’s United in $1.9 Billion Chittenden Acquisition
July 2, 2007
Cleary Gottlieb is representing People’s United Financial, Inc. in its pending acquisition of Chittenden Corporation for about $1.9 billion in stock and cash. The deal was announced on June 27 and is expected to close in the first quarter of 2008.
People’s is the holding company for People’s United Bank, one of Connecticut’s largest banks. Chittenden is headquartered in Burlington, Vermont and operates six subsidiary banks in New England. With approximately $22 billion in assets and more than 300 branches in New England, the combined company will be the largest independent regional banking franchise headquartered in New England.