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People’s Bank Expansion
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Business New Haven
11/17/1997
By: Russell Stone
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BRIDGEPORT - People's Bank (NASDAQ: PBCT) has announced plans to acquire the investment management company Olson Mobeck & Associates to broaden People's portfolio of investment services. Terms of the deal under which Olson Mobeck would become a wholly owned subsidiary of People's were not disclosed. People's also announced plans to move into the competitive New York state mortgage market. Using existing staff, People's will offer mortgages in Westchester County before expanding in 1998 to Duchess, Putnam and Rockland counties.
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