Chittenden shareholders approve acquisition by Conn. bank

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Stockholders of the parent company of Vermont’s Chittenden Bank have approved a plan to be acquired by People’s United Financial of Connecticut.

Chittenden officials say the deal was approved overwhelmingly Tuesday by stockholders.

The deal is expected to close around the first of the year.

Peoples United announced last June that it planned to buy Chittenden for $1.9 billion in cash and stock, or $37 a share.

The names of Chittenden’s 130 branches will not change. They will be added to Peoples’ 160 branches.

No major layoffs are expected among Chittenden’s 2,000 employees.

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