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People's United Financial's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Next, we announced the acquisition of 56 Citizens branches in the New York metro area on February 28. 52 of the branches are situated in Stop & Shop supermarkets and 4 are traditional branches. 29 are located on Long Island, 8 are in Westchester County and 6 are in the boroughs of the New York City. All of which are key areas of focus for People's United. A substantial opportunity exists to expand the acquired deposit base as Citizens branches had average in-store deposits of $4 million. Our current Connecticut in-store franchise averages $29 million in deposits based on the location of the original account opening or $40 million in deposits if you account for where the customers conduct their banking activity. We look forward to closing this transaction in late June and begin to address in earnest the growth potential that exists in our New York metro franchise.

Fifth, and perhaps most importantly, as we discussed and as demonstrated in our originated loan and deposit growth and certain fee income business lines, this franchise has momentum. We are particularly pleased with the momentum across wealth management, insurance, brokerage, cash management and payroll service product lines. We have every reason to believe that the momentum will continue as we attract and retain top talent while remaining completely focused on best serving our customers and maintaining our competitive, conservative credit culture.

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