An unknown payroll software licensor acquired payroll services business from People's United Financial Inc. (NasdaqGS:PBCT) on November 1, 2015. In connection with this transaction, the Bank recorded a contingent receivable totaling $2.8 million, which is included in other.

An unknown payroll software licensor completed the acquisition of payroll services business from People's United Financial Inc. (NasdaqGS:PBCT) on November 1, 2015.