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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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M&T Bank Corporation Announces Agreement to Acquire People's United Financial, Inc.


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BUFFALO, N.Y. and BRIDGEPORT, Conn., Feb. 22, 2021 /PRNewswire/  M&T Bank Corporation (NYSE: MTB) ( M&T ) and People s United Financial, Inc. (NASDAQ: PBCT) ( People s United ) announced today that they have entered into a definitive agreement under which M&T will acquire People s United in an all-stock transaction.
The combined company will create a diversified, community-focused banking franchise with approximately $200 billion in assets and a network of more than 1,100 branches and over 2,000 ATMs that spans 12 states from Maine to Virginia and the District of Columbia. The combined franchise will operate across some of the most populated and attractive banking markets in the U.S. As part of the transaction, People s United s current headquarters in Bridgeport, Connecticut will become the New England regional headquarters for M&T, further strengthening the combined company s commitment to Connecticut and the region. ....

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