People's United Announces Final Results of Elections Regarding Danvers Bancorp Merger Consideration

People's United Financial, Inc. PBCT today announced the merger consideration to be received by Danvers shareholders in People's United's acquisition of Danvers Bancorp, Inc., which is expected to close on June 30, 2011. Based on final election results and applying the proration provisions set forth in the merger agreement, Danvers shareholders will receive the following merger consideration: Danvers shareholders will receive 1.624 shares of People's United common stock for each Danvers share for which they made a valid stock election; Danvers shareholders who expressed no preference or who did not make a valid election will receive 1.624 shares of People's United common stock for each Danvers share held by them; and For Danvers shareholders who made a valid cash election, approximately 55.3% of the Danvers shares held by such persons will be exchanged for cash and the balance of the Danvers shares held by such persons will be exchanged for People's United common stock, at the rate of $23.00 for each Danvers share exchanged for cash, and 1.624 shares of People's United common stock for each Danvers share exchanged for stock.