Profitable People's United Looks To Expand
Bridgeport, Conn.-based People's United Financial Inc., whose increase in first-quarter profits prompted a higher dividend, said the bank is exploring opportunities for an acquisition.
"As we have said previously,'' said CEO Philip R. Sherringham, "we still feel it is best to exercise patience as we work toward identifying and executing an acquisition that will enhance the long-term profitability of the company.''
Sherringham did not say what form an acquisition might take.
People's United said it earned $26.7 million, or 8 cents a share, for the three months ended March 31, up from earnings of $15.1 million, or a nickel a share, the same period last year.
The bank's board of directors raised the dividend by a penny to 15.25 cents, payable May 15 to stockholders of record as of May 1.
People's United has $20 billion in assets and more than 300 branches in Connecticut, Vermont, New Hampshire, Maine, Massachusetts and New York.
At 11 a.m., People's United traded at $16.33, down 72 cents, or 4.2 percent.
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