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M&T Bank buying People's United in $7.6 billion all-stock deal

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. ....

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M&T Bank acquiring Bridgeport-based People's United in $7.6B deal

M&T Bank acquiring Bridgeport-based People s United in $7.6B deal
Alexander Soule
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A People s United Bank branch in July 2020 in Newtown, Conn.Alexander SouleShow MoreShow Less
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Rotating brushes clear snow from the plaza in front of People s United Bank headquarters on Main Street in Bridgeport, Conn. on Tuesday, February 12, 2019.Brian A. Pounds / Hearst Connecticut MediaShow MoreShow Less
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The parent company of Bridgeport-based People’s United Bank is taking a $7.6 billion buyout from rival M&T Bank with its prospective owner aiming for cost savings and synergies adding up to $330 million, with an undisclosed impact on jobs. ....

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M&T Bank acquiring Bridgeport-based People's United in $7.6 Billion deal

M&T Bank acquiring Bridgeport-based People’s United in $7.6 Billion deal
By Alexander Soule
A People s United Bank branch in July 2020 in Newtown, Conn.
The parent company of Bridgeport-baed People’s United Bank is taking a $7.6 billion buyout from rival M&T Bank.
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If completed under People’s United CEO Jack Barnes, who chairs the company’s board, the deal would end People’s run dating back to 1842 as an independent Connecticut-based bank. The company’s headquarters tower dominates over downtown Bridgeport.
M&T pledged to maintain the Bridgeport office as its New England regional headquarters, without any immediate statement on whether it would cull any overlapping jobs. ....

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'Growth story': M&T Bank expands profile, adding Bridgeport-based People's United in $7.6B deal

'Growth story': M&T Bank expands profile, adding Bridgeport-based People's United in $7.6B deal
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