First Connecticut: First Connecticut Bancorp, Inc. Stockholders Approve Acquisition by People's United Financial, Inc.

FARMINGTON, Conn., Sept. 26, 2018 (GLOBE NEWSWIRE) -- Stockholders of First Connecticut Bancorp, Inc. ("First Connecticut") (NASDAQ:FBNK) approved the proposed merger of First Connecticut and People's United Financial, Inc. ("People's United") (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 ...Full story available on Benzinga.com