Vermont Business Magazine M&T Bank Corporation (NYSE: MTB) and People's United Financial, Inc. (NASDAQ: PBCT) jointly announced Monday the closing of the previously announced merger between the two companies is expected to occur on or about April 1, 2022, subject to the satisfaction or waiver of the remaining customary closing conditions set forth in the merger agreement.
Customers will continue to be served through their respective M&T and People's United branches, websites, mobile apps, financial advisors, and relationship managers until systems conversion is complete, which is expected to occur in the third quarter of 2022.
M&T Bank received final regulatory approval from the Board of Governors of the Federal Reserve System for the acquisition of People's United on March 4, 2022. The transaction previously received approval from both the New York State Department of Financial Services and the Connecticut Department of Banking. No further regulatory approvals are required.
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.
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, which eventually occurred on March 4, the merger closing was extended from February 21, 2022, to June 1, 2022, and now by April 1.
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.
About People's United Financial
People's United Financial, Inc. is a financial holding company headquartered in Bridgeport, Connecticut. 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 5,500 employees and $65 billion in assets. 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.
