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.”
“In People's United, we have found a partner with an equally long history of serving and supporting customers, businesses, and communities," said René Jones, chairman and chief executive officer of M&T in a statement. "Combining our common legacies and our complimentary footprints will strengthen our ability to serve our communities and customers, and provide solutions that make a difference in people's lives.”
People’s United Chairman and CEO Jack Barnes said he believes the move will provide people with more services. Once the sale is finalized Barnes and two other People's United higher-ups will join the M&T board of directors.
“I am confident our shared community banking philosophies will provide significant long-term value for our shareholders, employees, and loyal customers," Barnes said in a statement.
Founded in 1842, People's United Bank offers commercial and retail banking through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire, and Maine, as well as wealth management solutions.
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, and the District of Columbia.
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