People's Bank said Wednesday it has a deal to buy Beardsley, Brown, & Bassett Inc., a Fairfield, Conn., commercial, life, and employee benefits insurance agency.

Beardsley, Brown, & Bassett will become a division of the thrift's R.C. Knox & Co. subsidiary. People's acquired R.C. Knox, Hartford, last year. The acquisition will bolster sales of insurance in Fairfield County, where the bank has its core operations, the $12 billion-asset thrift said in a press release.

A 115-year-old agency, Beardsley has 33 employees and wrote $45 million in premiums in 1998.

Terms of the deal, expected to close Oct. 1, were not disclosed.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.