BRIDGEPORT, Conn. and
SMITHTOWN, N.Y., Nov. 22, 2010 /PRNewswire/ -- People's United
Financial, Inc. (Nasdaq: PBCT) and Smithtown Bancorp, Inc. (Nasdaq:
SMTB) today announced the preliminary results of elections made by
Smithtown stockholders as to the
form of merger consideration to be received in the pending merger
of Smithtown with and into
People's United. The election deadline for Smithtown stockholders to have made merger
consideration elections in connection with the proposed merger
expired at 5:00 p.m., New York City time, on November 19, 2010.
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Of the approximately 14,967,508 shares of Smithtown common stock outstanding as of
November 19, 2010:
- The holders of approximately 4,684,911 shares, or 31.3%,
elected to receive People's United common stock;
- The holders of approximately 5,851,497 shares, or 39.1%,
elected to receive cash; and
- The holders of approximately 4,431,100 shares, or 29.6%,
submitted elections expressing no preference as to the form of
merger consideration or did not make a valid election.
The elections with respect to approximately 668,602 of the
foregoing shares electing to receive stock and approximately 86,279
of the foregoing shares electing to receive cash were made pursuant
to the notice of guaranteed delivery procedure, which requires the
delivery of Smithtown shares to
the election agent for the merger by 5:00
p.m., New York City time,
on Wednesday, November 24, 2010.
If the election agent does not receive the required share
certificates or book-entry transfer of shares by this guaranteed
delivery deadline, the Smithtown
shares subject to such election will be treated as shares that did
not make a valid election.
After the final results of the election process are determined,
the actual merger consideration, and the allocation of the merger
consideration, will be computed using the formula in the merger
agreement and will be based on, among other things, the actual
number of shares of Smithtown
common stock outstanding immediately prior to the closing date, the
final results of the election process and the value of People's
United common stock for the five trading days immediately prior to
the date the merger becomes effective. A press release
announcing the final merger consideration will be issued after the
final merger consideration is determined.
A more complete description of the merger consideration and the
proration procedures applicable to elections is contained in the
proxy statement/prospectus dated October 12,
2010 and mailed to Smithtown stockholders of record on or about
October 15, 2010. Smithtown
stockholders are urged to read the proxy statement/prospectus
carefully and in its entirety. Copies of the proxy
statement/prospectus may be obtained for free by following the
instructions below under "Additional Information About the Merger
and Where to Find It."
People's United and Smithtown
expect to complete the merger on November
30, 2010. The proposed merger, which was approved by
Smithtown stockholders on
November 19, 2010, remains subject to
the satisfaction of customary closing conditions.
Additional Information About the Merger and Where to Find It
In connection with People's United's proposed acquisition of
Smithtown, People's United has
filed a registration statement on Form S-4 with the Securities and
Exchange Commission containing a proxy statement/prospectus dated
October 12, 2010, which has been mailed to Smithtown shareholders. Investors are urged to
read these materials, and any other documents filed by People's
United or Smithtown with the SEC,
because they contain or will contain important information about
People's United, Smithtown and the
merger. The proxy statement/prospectus and other relevant
materials, and any other documents filed by People's United with
the SEC, may be obtained free of charge at the SEC's website at
www.sec.gov. In addition, investors may obtain free copies of the
documents filed with the SEC by People's United by directing a
written request to People's United Financial, Inc., Bridgeport
Center, 850 Main Street, Bridgeport,
CT 06604, Attention: Investor Relations.
People's United Financial, Inc., a diversified financial
services company with approximately $22
billion in assets, provides consumer and commercial banking
services through its subsidiary, People's United Bank, with nearly
300 branches in Connecticut,
Vermont, New Hampshire, Massachusetts, Maine and New York. Through
additional subsidiaries, People's United provides equipment
financing, asset management, brokerage and financial advisory
services, and insurance services.
Bank of Smithtown is a 100
year-old community bank with approximately $2.3 billion in assets and 31 branches on
Long Island and in Manhattan. The stock of its parent
holding company, Smithtown Bancorp, is traded on the NASDAQ Global
Select Market under the symbol "SMTB."
SOURCE People's United Financial, Inc.; Smithtown Bancorp,
Inc.