People’s United Financial will beef up its New York presence with its pending acquisition of Suffolk Bancorp on Long Island, the company said Monday.

The Bridgeport, Conn.-headquartered holding company for People’s United Bank said that it expects the all-stock deal, valued around $402 million, to close by the year’s end.

In a statement announcing the deal, People’s President and CEO Jack Barnes touted Suffolk’s 9th largest market share in Suffolk County and said the bank’s Long Island presence would complement People’s organic growth in the New York Metro area.

People’s said it expects the deal to be accretive to earnings, excluding one-time costs, with an internal rate of return of about 17 percent and a tangible book value earn-back under five years.

Under the terms of the deal, Suffolk Bancorp shareholders will receive 2.225 shares of People’s United stock for each Suffolk Bancorp share.

Both companies’ boards of directors have approved the deal, and it now goes to regulators for their stamp of approval.