Executives at Belmont Savings Bank will collect big payouts once People’s United Bank officially completes its acquisition of the company.

People’s United announced its acquisition of the bank in November in an all-stock transaction valued at $327 million.

Belmont Savings Bank President and CEO Bob Mahoney will take home $5.8 million, nearly $2.87 million of which will be in cash, according to a recent regulatory filing. The cash severance payment is equal to three times Mahoney’s annual salary.

The rest of the payout consists of $2.57 million in equity, a little more than $60,000 in benefits and more than $304,000 from the termination of the employee stock ownership plan.

Other executives are also slated to make millions from the deal.

COO Hal Tovin will make $3.28 million; Executive Vice President of Lending Christopher Downs will make $2.52 million; Executive Vice President of Commercial Real Estate Carroll Lowenstein Jr. will make $2.43 million and CFO John Citrano will make $1.75 million.

CEOs and higher-up executives of publicly traded community banks typically receive large payouts when their banks are acquired; Blue Hills Bank CEO William Parent will make roughly $7.75 million as a result of Blue Hills being bought by Rockland Trust, and Pilgrim Bank’s CEO Francis Campbell made $888,000 when the bank was purchased by Hometown Financial Group.