Chittenden Bank has new owner

01/03/08 6:25AM

Vermont's Chittenden Bank is under new management.

People's United Financial of Brideport, Conn., has announced that it had completed its acquisition of Chittenden Corporation.

The combined company now has more than $21 billion in assets with more than 300 branches in Connecticut, Massachusetts, Vermont, New Hampshire, Maine and New York.

The deal was valued at $1.9 billion.

The names of the six banks and 130 branches in Chittenden's group of banks will not change.

They will be added to Peoples' 160 branches.

No major layoffs are expected among Chittenden's 2,000 employees.

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