Connecticut-based banks announce $759 million acquisition deal Man charged with embezzling from state Senate campaign

Bridgeport (AP) — The parent company of Connecticut-based People’s United Bank has agreed to purchase the holding company for United Bank for $759 million.

The deal announced Monday is subject to approvals from banking regulators as well as shareholders.

People’s United Bank, based in Bridgeport and founded in 1842, has 413 locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.

United Bank, with corporate headquarters in Hartford, has 59 branches in Connecticut and Massachusetts.

People’s United Chief Financial Officer David Rosato says the acquisition will result in cost savings, although there was no word on job losses or branch closures. In many communities, the banks have branches within two miles of each other.

Last fall, People’s United completed its purchase of Farmington Bank for $544 million.

Hartford (AP) — The former treasurer of a state Senate campaign has been charged with embezzling more than $10,000 in campaign funds.

State prosecutors say 45-year-old William Baker, of Farmington, took the money from the 2014 campaign of Republican Bill Wadsworth, a former state representative who lost that Senate race to Democrat Beth Bye.

The Chief State’s Attorney’s Office says Wadsworth had limited involvement in the campaign’s finances and cooperated in their investigation.

Baker is accused of taking the money for his personal use and filing false reports with the State Elections Enforcement Commission. He is due in Hartford Superior Court on July 25 to face a larceny charge.

Attempts to reach Baker for comment Tuesday were not successful.