Vermont Business Magazine M&T Bank Corporation (NYSE: MTB) announced Friday the receipt of regulatory approval from the Board of Governors of the Federal Reserve System to complete the previously announced acquisition of People's United Financial, Inc. (NASDAQ: PBCT). The transaction has also received approval from both the New York State Department of Financial Services and the Connecticut Department of Banking. No further regulatory approvals are required. The merger is expected to be completed in accordance with the law and the agreement. People's has branches across Vermont.
The merger was unanimously approved by the board of directors of each company. Shareholders at both M&T and People's United approved the transaction on May 25, 2021 at their respective special meetings.
Because of a lag in the Fed approval, the merger closing was extended from February 21, 2022, to June 1, 2022. But the banks announced March 7 that it has now been accelerated to “on or about April 1, 2022.”
People's and M&T announced on February 22, 2021, that Buffalo-based M&T would acquire Bridgeport, CT, People's for $7.6 billion. People's acquired Burlington-based Chittenden Bank in a $1.9 billion deal announced in 2007.
Following the closing of the merger, the combined company will operate across some of the most populated and attractive banking markets in the US 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 to acquire People's United Bank in $7.6 billion deal
About M&T Bank Corporation
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. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.
M&T Bank has earned an "Outstanding" Community Reinvestment Act rating from the Federal Reserve Bank of New York since 1982, its highest ranking.
BUFFALO, N.Y., March 4, 2022 -- M&T Bank