People's acquires Butler Bank

NORTH CANAAN — People’s United Bank, which has a branch in the Stop & Shop Supermarket in North Canaan, and had one previously on Main Street, has taken over the Lowell, Mass.-based Butler Bank and its Marlborough Co-operative division.

People’s United announced April 16 the transaction was completed. It receives assets worth about $237 million. It will take over banking operations at Butler’s main office in Lowell and its three branches, two in Marlborough and one in Andover, Mass., extending its reach into the greater Boston area.

People’s United, originally Peoples Bank, founded in 1842, is based in Bridgeport, and has about 300 branches in New England and New York state. Its assets total $22 billion.

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