People's United ready to double buyback

Bridgeport-based People's United Financial Inc. plans to buy back 33.6 million shares of its stock, the company announced Monday.

The announcement is a follow-on to the bank's repurchase of 18 million shares last year that totaled $217 million. The latest repurchase plan would nearly double last year's amount if the average buyback price were the same, according to The Commercial Record.

People's United said the buybacks would be paid for using cash on hand and proceeds from debt financings.

"Today's announcement is attributable to our solid business fundamentals," said Jack Barnes, president and chief executive of the bank, in a statement.

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