People's United Financial Inc. in Bridgeport, Conn., is close to making an acquisition, Philip Sherringham, its president and chief executive officer, said on an earnings conference call Friday.

The number of prospective sellers is rising now, because the weak economy is putting capital pressure on more banks, Sherringham said. And the $20.8 billion-asset People's, which has been eagerly seeking deals for a while, has undertaken more due diligence on potential targets in the third quarter than it did in the second quarter.

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