M&T Bank acquiring Bridgeport-based People’s United in $7.6 Billion deal
By Alexander Soule
A People's United Bank branch in July 2020 in Newtown, Conn.
The parent company of Bridgeport-baed People’s United Bank is taking a $7.6 billion buyout from rival M&T Bank.
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If completed under People’s United CEO Jack Barnes, who chairs the company’s board, the deal would end People’s run dating back to 1842 as an independent Connecticut-based bank. The company’s headquarters tower dominates over downtown Bridgeport.
M&T pledged to maintain the Bridgeport office as its New England regional headquarters, without any immediate statement on whether it would cull any overlapping jobs.