M&T Bank Corporation completed the acquisition of Connecticut-based People’s United Financial, Inc. in an $8.3 billion deal.
The combined company employs more than 22,000 people and has a network of over 1,000 branches and 2,200 ATMs that span 12 states from Maine to Virginia and Washington, D.C. The agreement bolsters M&T’s presence in New England.
M&T is Delaware’s largest full-service bank. The company is based in Buffalo, NY.
“Today marks an important day in M&T’s history as we welcome People’s United to our family,” said René Jones, CEO of M&T. “People’s United is a strong strategic and cultural fit and I am truly excited about the positive impact our combined company will have in the communities we serve. Together, we have the capabilities and scale of a regional bank with the engagement model of a community-based organization to help us better serve new and existing customers, businesses and communities.”
The acquisition accelerates M&T’s growth trajectory and strengthens the company’s financial profile for continued success.
People’s United’s headquarters in Bridgeport, Connecticut, is now M&T’s New England regional headquarters. There had been concerns about job losses in the Bridgeport areas.
Clients of People’s United will continue to be served through its current branches, websites, mobile apps, financial advisors and relationship managers until its brand and systems are fully converted to M&T’s, which is expected to occur in the third quarter of 2022. However, customers from both M&T and People’s United can now use any M&T Bank or People’s United Bank ATM to withdraw cash.