UPDATE 1-People's United says open to FDIC-assisted deals
* Says open to FDIC-assisted deal outside Northeast
* Says targets banks not willing to sell
* Sees FDIC assessment to range from $4 mln to $5 mln
July 17 (Reuters) - People's United Financial Inc (PBCT.O: Cotización) says it is open to Federal Deposit Insurance Corp-assisted deals even outside its preferred geographical locations.
While the company continues to focus on acquisition opportunities within its desirable Northeast region -- from Maine to Washington D.C. -- it is also open to FDIC-assisted transactions in other geographies, Chief Executive Philip Sherringham said.
If the deal is within the stated corridor market, the company could look at smaller acquisitions of $200 million to $400 million, Sherringham said in a conference call.
If it is outside the Northeast region, the target bank has to be $2 billion to $5 billion in assets to make any sense, he said.
The Bridgeport, Connecticut-based company -- one of the better-capitalized banks in the United States -- has about $2.5 billion in excess cash and has been actively looking for acquisitions.
However, many target banks are not willing to sell themselves at the moment even at a significant premium to their current trading levels, Sherringham said. Continuación...