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People's United Being Bought by M&T Bank for $7.6 Billion


People s United Being Bought by M&T Bank for $7.6 Billion
TheStreet
2/22/2021
© TheStreet
People s United Being Bought by M&T Bank for $7.6 Billion
Shares of People s United Financial rose sharply Monday after fellow regional bank M&T Bank , based in Buffalo, agreed to buy Bridgeport, Conn.-based People s for stock worth $7.6 billion.
People s traded at $17.40, up 10.97%, in premarket trading Monday. M&T was up slightly to $149.98.
The combined company will have $200 billion in assets and a network of more than 1,100 branches and 2,000 ATMs that spans 12 states on the East Coast from Maine to Virginia.
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The deal puts the combined entity at about No. 15 in the nation for assets, according to MX, a financial data company. M&T is now about No. 25, and People s is about No. 40. ....

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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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