People’s United Financial will acquire Massachusetts-based Danvers Bancorp in a cash-and-stock deal valued at around $493 million. As per the deal, Kevin Bottomley, Chairman, president and CEO of Danvers Bancorp will join the People’s United board of directors.

The transaction is expected to be completed in the second quarter of this year. Connecticut-based People’s United was advised by Keefe, Bruyette & Woods, while Danvers Bancorp was advised by Endicott Financial Advisors on the deal.

Click here for the release from PR Newswire.