M&T to acquire Connecticut-based Peoples in a $7.6 billion stock deal

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M&T Bank Corporation is slated to become a bigger player in New England, and the Mid-Atlantic will the $7.6 billion all-stock deal to acquiring People’s United Financial, Inc.

M&T became the largest full-service bank in Delaware after the 2010 purchase of Wilmington Trust.

The combined company will have about $200 billion in assets and a network of more than 1,100 branches and over 2,000 ATMs over 12 states from Maine to Virginia.

As part of the transaction, People’s United’s current headquarters in Bridgeport, CT, will become the New England regional headquarters for M&T.

The total transaction value is approximately $7.6 billion.

“In People’s United, we have found a partner with an equally long history of serving and supporting customers, businesses, and communities,” said RenĂ© Jones, CEO of M&T, who will lead the combined company in the same capacity. “Combining our common legacies and our complementary footprints will strengthen our ability to serve our communities and customers and provide solutions that make a difference in people’s lives. I am incredibly excited about this opportunity and look forward to welcoming new customers and team members to our M&T family.”

The footprint of the combined company accounts for over 20 percent of the U.S. population.

Cost savings that generally occur through combining administrative and other operations are projected to be $330 million.

Buffalo, NY-based M&T is the 35th largest bank in the nation. at a time when merger activity is resuming during the Covid-19 pandemic. East Coast rival PNC plans to acquire the U.S. operations of a Spanish bank. The acquisition will make PNC the fifth-largest bank in the nation with a coast-to-coast branch network.

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