People's United Financial Inc. of Bridgeport, Conn., said Friday that it may use capital for takeover bids to help it expand in the Northeast.

The company may consider candidates with assets of $200 million to $400 million from Maine to Washington, Philip Sherringham, its chief executive officer, told analysts on a conference call. Outside that region, a potential target must have assets of $2 billion to $5 billion "for it to make sense" to the $20.8 billion-asset People's.

People's bought Chittenden Corp. of in Burlington, Vt., in January 2008 for about $1.6 billion.

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