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People's United Banks on Stop & Shop

The Connecticut bank is scheduled to officially take over the Citizens Bank supermarket branches later this month.

Nearly four months after announcing its intention to buy out Citizens Bank's Long Island supermarket branches for $3.25 million, People's United Bank is ready to close the deal.

By month's end, People's United is expected to officially take control of the 53 branches based in New York Stop & Shop locations. 

People's is a relative newcomer to the Long Island market. Long a banking giant in Connecticut, the company cracked this market when it for $60 million in 2010. That acquisition gave People's 29 branches in the Nassau-Suffolk market. It has now grown to 33 locations here, most recently opening a branch on Montauk Highway in Bayport.

People's is also no stranger to supermarket banking. It already operates 87 Stop & Shop branches in Connecticut, where it has had supermarket branches since 1995.

People's already operates a branch in the former Bank of Smithtown building on Main Street, which means the Stop & Shop branch will be less than a mile away. Stop & Shop also has nearby stores in Setauket and East Northport.

Rhode Island-based Citizens Bank is a subsidiary of the Royal Bank of Scotland. 

littleShamrock June 05, 2012 at 10:41 AM
Money buys money which in turn buys more money ... I think I am in the wrong business.

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