People's United Financial, Inc. (NASDAQ: PBCT), the holding company for People's United Bank, N.A., announced today the completion of its acquisition of BSB Bancorp, Inc., the holding company of Belmont Savings Bank. The 100% stock transaction was announced on November 27, 2018.

"We are extremely pleased to welcome the customers and employees of Belmont Savings Bank to People's United," said Jack Barnes, Chairman and Chief Executive Officer of People's United Financial. "People's United and Belmont have many shared values, including a client-centric approach, a spirit of community giving, and similar workplace cultures. We look forward to enhancing the experience of Belmont customers through our suite of specialized products and services, and access to our personalized technology and expert bankers."

About People's United Bank

People's United Bank, N.A. is a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), a diversified financial services company with approximately $48 billion in assets. People's United Bank, founded in 1842, is a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.