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Buffalo's M&T to buy People's United for $7.6B | Hartford Business Journal


New York-based M&T Bank says it has agreed to acquire People’s United Bank and its parent People’s United Financial for $7.6 billion.
The all-stock transaction announced Monday will combine two of the largest lenders in the Northeast. The two publicly traded banks have approximately $200 billion in combined assets and more than 1,100 branches spanning from Maine to Washington, D.C.
The companies said the deal would produce $330 million in cost savings by 2023.
People’s United has been a major driver of bank consolidation in its home state in recent years, acquiring Hartford-based United Financial and community lender Farmington Bank. ....

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People's United Bank to shutter Stop & Shop branches in CT | Hartford Business Journal


Bridgeport-based lender People s United Bank, which has a major presence in Greater Hartford, announced Thursday a major shakeup of its branch strategy, saying it plans to close its Stop & Shop grocery store outposts in Connecticut and New York over the next few years.
People s United Chairman and CEO Jack Barnes said the bank has decided not to renew its existing in-store branch contracts with Stop & Shop, but there will be no immediate impact to customers as the exit is anticipated to occur over several years. 
People s United currently operates 84 Stop & Shop branches in Connecticut and 56 in New York.
“Recent acquisitions have allowed us to optimize our branch footprint and as a result, our Stop & Shop branch distribution closely mirrors that of our traditional branches,” Barnes said. “Customers will maintain nearly the same access to a nearby traditional branch, augmented by our digital banking channels where they can conduct many of the same transactions ....

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