People’s United Financial in Bridgeport, Conn., has acquired an insurance agency in Bridgeport.
The $37.5 billion-asset People’s United said in a press release Thursday that Kesten-Brown Insurance is known for larger commercial clients with a concentration in contractors, manufacturers, nonprofit groups and real estate development risks. The price of the acquisition was not disclosed.
"This transaction will further diversify revenues through additional noninterest income as well as bolster our insurance business,” Jack Barnes, People’s United’s president and chief executive, said in the release.
Separately, People’s United announced Thursday that its third-quarter earnings rose 11% from a year earlier, to $68.4 million, as revenue increased and the loan-loss provision fell significantly.
Net interest income rose 2.8%, to $234.8 million, while noninterest income increased 3.7%, to $87.1 million. The provision fell by 50%, to $6.2 million. Noninterest expense increased 2.6%, to $214.2 million.