People’s United Financial based in Connecticut and one of New England’s largest banks is again extending it’s reach into the Merrimack Valley. In the Spring, People’s agreed to buy Lowell’s Butler Bank after the lender was closed by the state Division of Banks. Of interest to Merrimack Valley locals is an article in today’s Globe noting that People’s is paying $156 million to purchase LSB Corp - the North Andover holding company that owns River Bank (formerly known as Lawrence Savings Bank). LSB Corp. has five offices in Andover, Lawrence, North Andover, and Methuen and two in New Hampshire, in Salem and Derry.
From a MarketWire article here:
Gerald T. Mulligan, President and CEO of LSB Corporation, stated, “The merger with People’s United will provide our customers with numerous added products and services that we have been unable to provide. These new services include wealth management, brokerage, retirement planning services, insurance services and expanded commercial loan capacity.” Upon closing, Mr. Mulligan will maintain an advisory role to People’s United Financial, Inc.
The acquisition is also noted in today’s Eagle Tribune here.