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People's United Banks on Stop & Shop

The Connecticut bank is scheduled to officially take over the Citizens Bank supermarket branches later this month.

Nearly four months after announcing its intention to buy out Citizens Bank's Long Island supermarket branches for $3.25 million, People's United Bank is ready to close the deal.

By month's end, People's United is expected to officially take control of the 53 branches based in New York Stop & Shop locations. 

People's is a relative newcomer to the Long Island market. Long a banking giant in Connecticut, the company cracked this market when it for $60 million in 2010. That acquisition gave People's 29 branches in the Nassau-Suffolk market. It has now grown to 33 locations here, most recently opening a branch on Montauk Highway in Bayport.

People's is also no stranger to supermarket banking. It already operates 87 Stop & Shop branches in Connecticut, where it has had supermarket branches since 1995.

People's already operates two branches in Setauket and one in Port Jefferson. That tally will jump to five in the area with the changeover at Stop & Shop stores in and . Stop & Shop also has a nearby store in Smithtown.

Rhode Island-based Citizens Bank is a subsidiary of the Royal Bank of Scotland. 

Local shop owner June 05, 2012 at 11:00 AM
I must say it does make my wife and i shopping a bit easier when we can get our banking done at the supermarket.Best of luck to the owners of People's united bank our contact at the bank has been very helpful and responsive
Carol D June 05, 2012 at 01:48 PM
The staff i have dealt with have been very professional.I do hope it is beneficial for us as the consumers!

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