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M&T Bank, People’s United Financial Extend Merger Agreement

February 22, 2022, 07:47 AM
Filed Under: Banking News

M&T Bank Corporation and People's United Financial, Inc. jointly announced the two companies have agreed to extend their merger agreement from Feb. 21 to June 1.

The companies announced a year ago that M&T Bank had agreed to acquire People’s United Financial in an approximately $7.6 billion deal.

The merger received approval from both the New York State Department of Financial Services and the Connecticut Department of Banking in October 2021. Approval by the Board of Governors of the Federal Reserve System is the outstanding regulatory approval required to complete the merger. M&T and People's United both remain committed to the merger and seeking such approval.

Following the closing of the merger, the combined company will operate across some of the most populated and attractive banking markets in the U.S. and continue to focus on delivering superior customer service and strong engagement in the communities it serves, which includes commitments made by M&T of a $43 billion community growth plan.

M&T Bank Corporation is a financial holding company headquartered in Buffalo, NY. 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. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.

People's United Financial, Inc. is a financial holding company headquartered in Bridgeport, CT. People's United Bank, N.A., a subsidiary of People's United Financial, Inc., is a diversified, community-focused financial services company with more than 5,000 employees. Founded in 1842, People's United Bank offers commercial and retail banking through a network of nearly 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management solutions. The company also provides specialized commercial services to customers nationwide.

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