BUFFALO, N.Y. (WBEN/AP) - M&T Bank will be growing in several states after a major acquisition.
M&T Bank announced they have entered into a definitive agreement to acquire People's United Financial in an all-stock transaction. The combined company will create a 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 according to a release from the company.
"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 complementary footprints will strengthen our ability to serve our communities and customers, and provide solutions that make a difference in people's lives. I am incredibly excited about this opportunity and look forward to welcoming new customers and team members to our M&T family."
As part of the transaction, People's United's current headquarters in Bridgeport, Connecticut will become the New England regional headquarters for M&T.
People's United had a roughly $6.6 billion valuation. The merger is expected to close in the fourth quarter of 2021.
