Nearly four months after announcing its intention to buy out Citizens Bank's Long Island supermarket branches for $3.25 million, People's United Bank is ready to close the deal.
By month's end, People's United is expected to officially take control of the 53 branches based in New York Stop & Shop locations. That includes the on Jericho Turnpike.
People's is a relative newcomer to the Long Island market. Long a banking giant in Connecticut, the company cracked this market when it for $60 million in 2010. That acquisition gave People's 29 branches in the Nassau-Suffolk market. It has now grown to 33 locations here, most recently opening a branch on Montauk Highway in Bayport.
People's is also no stranger to supermarket banking. It already operates 87 Stop & Shop branches in Connecticut, where it has had supermarket branches since 1995.
People's already has branches on in Northport and in East Northport, so the Stop & Shop branch will be the latest of several in the area.
Rhode Island-based Citizens Bank is a subsidiary of the Royal Bank of Scotland.