Suffolk Bancorp (SCNB) Shareholders Approve Proposed Merger With People's United Financial, Inc.
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Shareholders of Suffolk Bancorp (NYSE: SCNB) today approved the proposed merger of Suffolk and People’s United Financial, Inc. (“People’s United”).
Pending regulatory approval, and subject to the terms of the Agreement and Plan of Merger dated as of June 26, 2016, Suffolk will merge with and into People’s United, and Suffolk County National Bank will merge with and into People’s United Bank, National Association.
Following the special meeting of Suffolk shareholders, Howard C. Bluver, President and Chief Executive Officer of Suffolk, said “We are very grateful to our shareholders for their overwhelming support of this transaction. Over 97% of the votes cast at the special meeting were in favor of the merger. With today’s vote, we move one step closer to completing the transaction with People’s United and further benefitting our shareholders, customers and the communities we serve.”
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