People’s United Bank sold to M&T for $7.6B
Updated Feb 23, 2021;
Posted Feb 23, 2021
The People s United branch on Elm Street in West Springfield, Feb. 23, 2021. (Jim Kinney/ The Republican)
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The deal is expected to close in the fourth quarter of 2021.
“In People’s United, we have found a partner with an equally long history of serving and supporting customers, businesses and communities,” said René Jones, chairman and chief executive officer of M&T, who will lead the combined company. “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.”
Consolidation is a reality in most industries, including Connecticut’s banking sector, where a steady stream of mergers and acquisitions has led to ever-growing clout for national out-of-state lenders operating here.
M&T said it will make Bridgeport, Conn., the current home base for People’s United, its New England headquarters after its deal with People’s United is completed.