People's Bank of Bridgeport, Conn., is selling three branches to the much smaller Putnam Savings Bank in Putnam, Conn.
The branches, whose deposits total $63 million, are in Griswold, Plainfield, and Ledyard. The price was not disclosed. The deal, announced Monday, is expected to close in the third quarter.
People's decision "was based on the branches' geographic distance from the majority of our locations in the greater Norwich market and branch transaction volumes," said Robert R. D'Amore, its executive vice president of marketing and regional banking, in a news release.
The seller has $11 billion of assets; the buyer has $329 million.
Putnam now has five branches, all in Windham County. Griswold and Ledyard are in neighboring New London County.
