Consolidation has been a trend in Connecticut’s banking industry for years, but deals made by Bridgeport-based People’s United Bank since 2018 are playing a major role in reshaping Greater Hartford’s competitive landscape, especially as it prepares to be taken over by New York-based M&T Bank.
For one, People’s United’s deals — which have included the acquisitions of Farmington Bank and United Bank — have paved the way for out-of-state lenders to increasingly eye and grow in the market.
For example, NBT’s pending Glastonbury branch and PeoplesBank’s proposed West Hartford branch were both previously United Bank branches. That’s no surprise, since People’s United closed 18 branches after it bought United Bank, leaving ready-made nests for numerous other lenders who have since stepped in to buy or lease them.