People's United to buy LI Citizens branches

The Connecticut-based parent of People’s United Bank said Thursday it will acquire all of Long Island’s Citizens Bank branches, most of which are in Stop & Shop supermarkets.

The announcement from Bridgeport said People’s United Financial is paying $3.25 million in cash for a total of 56 branches, 52 of which are in Stop & Shops, including 29 on Long Island, eight in Westchester, six in the boroughs of New York City and others in five other upstate counties. People's operates 87 Stop & Shop branch locations in Connecticut now.

The acquiring company said all employees at the Citizens branches will be offered comparable positions at People's United. It said it expects to complete the acquisition by the summer.

People's, which has $28 billion in assets, has 37 traditional branch locations on Long Island and in Westchester now, it said. It has a grand total of 369 branches now.