BRIDGEPORT, Conn., Nov. 26, 2012 /PRNewswire/ -- People's United Financial, Inc. (NASDAQ: PBCT) today announced that its Board of Directors approved a new share repurchase authorization. Earlier this quarter, the Company completed its previous share repurchase authorization, announced in October 2011, by purchasing 18 million shares (at a weighted average price of $12.08 per share) since that time. Under the new authorization, up to 10 percent of the Company's common shares outstanding, or 33.6 million shares, can be repurchased, either directly or through agents, in the open market at prices, times and terms satisfactory to management. The pending share repurchase activity will be financed using cash on hand and the proceeds from one or more debt financings. The timing of share repurchases and debt financings will be subject to market conditions.
"Today's announcement is attributable to our solid business fundamentals, including our strong capital levels, prospects for growth in attractive markets and low-risk business model. We will continue to prudently and effectively deploy capital through organic loan and deposit growth, a consistent dividend policy, continued share repurchases and a thoughtful acquisition strategy," said Jack Barnes, President and Chief Executive Officer of People's United. Over the past five years, People's United has returned more than $1.8 billion to shareholders in the form of dividends and share repurchases.
People's United Financial, a diversified financial services company with $29 billion in assets, provides commercial and retail banking, as well as wealth management services through a network of 418 branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine. Through its subsidiaries, People's United Financial provides equipment financing, brokerage and insurance services. Assets under administration and those under full discretionary management, neither of which are reported as assets of People's United Financial, totaled $12.0 billion and $4.5 billion, respectively, at September 30, 2012.
Certain statements contained in this release are forward-looking in nature. These include all statements about People's United Financial's plans, objectives, expectations and other statements that are not historical facts, and usually use words such as "expect," "anticipate," "believe," "should" and similar expressions. Such statements represent management's current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause People's United Financial's actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors of particular importance to People's United Financial include, but are not limited to: (1) changes in general, national or regional economic conditions; (2) changes in interest rates; (3) changes in loan default and charge-off rates; (4) changes in deposit levels; (5) changes in levels of income and expense in non-interest income and expense related activities; (6) residential mortgage and secondary market activity; (7) changes in accounting and regulatory guidance applicable to banks; (8) price levels and conditions in the public securities markets generally; (9) competition and its effect on pricing, spending, third-party relationships and revenues; (10) the successful integration of acquired companies; and (11) changes in regulation resulting from or relating to financial reform legislation. People's United Financial does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.