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.