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Shareholders approve acquisition of Suffolk Bancorp

Suffolk Bancorp has 27 Suffolk County National Banks

Suffolk Bancorp has 27 Suffolk County National Banks on Long Island. This photo is from December 2012. Photo Credit: Newsday

Suffolk Bancorp shareholders have approved the company’s proposed merger with Connecticut-based People’s United Bank, according to a Suffolk Bancorp statement.

More than 97 percent of Suffolk shareholders approved the proposed sale of the financial institution, the bank said in a release on Thursday afternoon.

The all-stock deal, which was announced in June, is worth about $402 million. The merger still needs regulatory approval.

Suffolk Bancorp is the Riverhead-based holding company for Suffolk County National Bank, which has 27 branches.

People’s United Bank of Bridgeport, Connecticut already has a presence on Long Island. The bank purchased 56 branches from Citizens Financial Group in 2012, including 52 New York-based Stop & Shop locations.

People’s United also bought Bank of Smithtown in 2010. It has nearly 400 branches in Connecticut, New York, Massachusetts, Maine, New Hampshire and Vermont.

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