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People's United Bank Sold For $7.6 Billion


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People’s United Financial Inc. and all of its stock is being sold for $7.6 billion to M&T Bank Corp.
All together, M&T plus People’s, there will be 1,100 branches and more than 2,000 ATMs across 12 states, M&T said in an announcement. The combined banks have $200 billion in assets.
The purchase-and-sale agreement was entered into on Friday, Feb. 19, and the acquisition is expected to close in the fourth quarter of 2021.
People’s United’s headquarters in Bridgeport, Connecticut, will become the New England regional headquarters for M&T.
Representatives for M&T said they were interested in buying People’s United because it is a “like-minded partner.” ....

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M&T finalizes $8 billion purchase of People's United. What it means.


New York State Team
Buffalo-based financial services firm M&T Bank has agreed to acquire People’s United Bank based in Bridgeport, Connecticut.
The agreement is set to transfer 417 bank franchises throughout the Northeast including 101 branches in New York in the fourth quarter of 2021.
People’s headquarters in Bridgeport will become the New England headquarters for M&T Bank. The combined financial services firm will manage approximately $200 billion in assets and 1,100 branches in addition to 2,000 ATMs from Maine from Virginia.
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,” M&T Chairman and CEO Rene Jones said in a statement. ....

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