Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

NOTE 26 – Subsequent Events

Repurchase of Common Stock

In June 2019, the Company’s Board of Directors authorized the repurchase of up to 20.0 million shares of People's United’s outstanding common stock. Such shares may be repurchased, either directly or through agents, in the open market at prices and terms satisfactory to management. In the fourth quarter of 2019, the Company repurchased 0.2 million shares of People's United common stock under this authorization at a total cost of $2.5 million. Through February 14, 2020, an additional 10.2 million shares of People's United common stock had been repurchased at a total cost of $161.9 million.

Loans Held-for-Sale

At December 31, 2019, loans held-for-sale included $333.7 million of consumer loans and $157.9 million of commercial loans previously acquired in the United Financial acquisition. All of these loans were subsequently sold, resulting in a gain, net of expenses, of approximately $15 million.