FARMINGTON, Conn., Sept. 26, 2018 (GLOBE NEWSWIRE) -- Stockholders of First Connecticut Bancorp, Inc. (NASDAQ:FBNK) approved the proposed merger of First Connecticut and People’s United Financial, Inc. (NASDAQ:PBCT) pursuant to the previously disclosed Agreement and Plan of Merger, dated as of June 18, 2018 (the “Merger Agreement”) at First Connecticut’s special meeting of stockholders held on September 25, 2018.

Subject to the terms of the Merger Agreement, First Connecticut will merge with and into People’s United, with People’s United surviving the merger, and Farmington Bank will merge with and into People’s United Bank, National Association. Under the terms of the Merger Agreement, at the effective time of the merger, each outstanding share of First Connecticut common stock, par value $0.01 per share (“First Connecticut Common Stock”) held immediately prior to the effective time of the merger, except for specified shares of First Connecticut Common Stock owned by First Connecticut or People’s United (which will be cancelled), will be converted into the right to receive 1.725 shares of People’s United common stock, par value $0.01 per share.

First Connecticut stockholders also approved an advisory proposal regarding the compensation that may be paid or become payable to certain First Connecticut executive officers in connection with the merger.

Following the special meeting of First Connecticut stockholders, John J. Patrick, Jr., Chairman of the Board, President and Chief Executive Officer of First Connecticut, said, “We are very grateful to our stockholders for their overwhelming support of this transaction. With today’s vote, we move one step closer to completing the transaction with People’s United, to the benefit of our stockholders, employees, customers, and the communities we serve.”

First Connecticut also announced the receipt by First Connecticut and People’s United of all required regulatory approvals to move forward with the merger of First Connecticut with and into People’s United. The merger remains subject to customary closing conditions and is expected to close on October 1, 2018.

About First Connecticut Bancorp, Inc.

First Connecticut Bancorp, Inc. (NASDAQ: FBNK) is a Maryland-chartered stock holding company that wholly owns Farmington Bank. Farmington Bank is a full-service, community bank with 25 branch locations throughout central Connecticut and western Massachusetts, offering commercial and residential lending as well as wealth management services. Established in 1851, Farmington Bank is a diversified consumer and commercial bank with an ongoing commitment to contribute to the betterment of the communities in our region. For more information regarding the Bank's products and services and for First Connecticut Bancorp, Inc. investor relations information, please visit www.farmingtonbankct.com.