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Loan growth at the Damariscotta-based parent company of First National Bank was mainly in commercial real estate and construction, as the bank wound down two pandemic-related loan programs.
People's United Financial Inc., a Bridgeport, Conn.-based financial holding company with seven bank branches in Central Massachusetts, is now owned by Buffalo, N.Y.-based M&T Bank Corp., after a $8.3-billion acquisition was completed over the weekend.
People's United Financial Inc., a Bridgeport, Conn.-based financial holding company with seven bank branches in Central Massachusetts, is now owned by Buffalo, N.Y.-based M&T Bank Corp., after a $8.3-billion acquisition was completed over the weekend.
Published July 25. 2021 2:04AM | Updated July 25. 2021 2:06AM
BRIDGEPORT (AP) More than 700 employees of People s United Bank will lose their jobs when the Connecticut lender is acquired by a New York bank, according to a filing with the state.
Buffalo, N.Y.-based M&T Bank Corp. reported that 747 positions in Connecticut, including 661 at People s Bridgeport headquarters, would be eliminated.
M&T s July 22 filing with the Connecticut Department of Labor said layoffs could begin as early as Oct. 1 and wrap up by next May, the Hartford Courant reported Saturday.
M&T Bank s planned purchase of People’s United Financial Inc. in an all-stock deal valued around $7.6 billion was announced in February.