People's United Bank, Bridgeport, Connecticut, Assumes All of the Deposits of Butler Bank, Lowell, Massachusetts

Butler Bank, Lowell, Massachusetts, was closed today by the Massachusetts Division of Banks, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with People's United Bank, Bridgeport, Connecticut, to assume all of the deposits of Butler Bank.

The four branches of Butler Bank will reopen during normal business hours beginning Saturday as branches of People's United Bank. Depositors of Butler Bank will automatically become depositors of People's United Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their former Butler Bank branch until they receive notice from People's United Bank that it has completed systems changes to allow other People's United Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Butler Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

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