People's United Financial, Inc. to Acquire Danvers Bancorp for $493M

People's United Financial, Inc. PBCT, the holding company for People's United Bank, and Danvers Bancorp, Inc. DNBK, of Danvers, Massachusetts, the holding company for Danversbank, announced today a definitive agreement pursuant to which People's United Financial will acquire Danvers Bancorp, in a 55% stock and 45% cash transaction valued at approximately $493 million. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approval and the approval of Danvers Bancorp's shareholders.