More than 125 years ago, on Feb. 18, 1890, Suffolk County National Bank opened its first branch in downtown Riverhead. Its first day in business, the bank received $5,539 in deposits. By the end of that year, it had $146,000.
Today, Suffolk County National Bank still has its headquarters downtown — only now it has 27 locations, including two in Riverhead.
But now, change is on the way.
On Monday, People’s United Financial Inc., the holding company for People’s United Bank, issued a joint press release with SCNB to announce that People’s United Financial has reached an agreement to acquire Suffolk Bancorp, the holding company for SCNB, in a stock transaction valued at about $402 million.
Completion of the deal is subject to what the release called “customary closing conditions,” such as regulatory approval and approval of Suffolk Bancorp’s shareholders. The deal is expected to be completed by the end of this year, according to People’s United Financial.
“We are proud to welcome Suffolk County National Bank to People’s United Bank,” Jack Barnes, People’s United’s president and chief executive officer, said in the release. “With the ninth largest market share in Suffolk County, a solid relationship-banking approach and loyal, long-tenured customers, Suffolk County National Bank’s strong Long Island presence complements our previous acquisitions and organic growth in the New York Metro area.”
“I couldn’t be more pleased to be a part of People’s United,” SCNB president and CEO Howard Bluver added in the release. “The highly regarded People’s United brand, broad range of products and services and unique positioning across several attractive markets will benefit Suffolk Bancorp shareholders, customers and employees alike.”
Under the deal, Mr. Bluver will be People’s United New York market president.
SCNB currently has $2.1 billion in assets, with branches extending as far west as Long Island City and as far east as Montauk.
People’s United Bank was first chartered in 1842 as Bridgeport Savings Bank. According to the company, it now has more than $39 billion in assets and nearly 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine. It also has 57 branches in Stop & Shop supermarkets, including the stores in Riverhead, Hampton Bays and Southampton, and a regular branch in Wading River. It adopted the name People’s United Bank in 2007.
Photo: Suffolk County National Bank in Riverhead. (Credit: Barbaraellen Koch, file)