Bridgeport-headquartered People’s United Bank is being acquired by Buffalo-based M&T Bank Corp. in an all-stock deal valued at more than $7 billion.
The acquisition was first reported Sunday night by The Wall Street Journal based on input from an anonymous “person familiar with the matter.” People’s United has a market value of about $6.6 billion and M&T is valued at over $19 billion.
The combined banks would have more than $200 billion in assets and a branch network spanning the Northeast and mid-Atlantic states. The combined bank will maintain a corporate presence in Bridgeport.
People’s United had grown in recent years through acquisitions of diverse financial institutions:
• Eagle Insurance Group LLC of Raynham, Massachusetts, in April 2016;
• Long Island’s Suffolk Bancorp in June 2016;
• The Gerstein Fisher investment firm of New York City in November 2016;
• Philadelphia-based Leaf Commercial Capital in July 2017;
• First Connecticut Bancorp Inc., the holding company for Farmington Bank, in June 2018;
• Baltimore-based Vend Lease Co. in July 2018;
• Massachusetts-based BSB Bancorp Inc., the holding company for Belmont Savings Bank, in November 2018;
• Texas-based VAR Technology Finance in January 2019; and
• United Financial Bancorp, the holding company of United Bank of Hartford in November 2019.
“In People’s United, we have found a partner with an equally long history of serving and supporting customers, businesses and communities,” said M&T CEO René Jones, who will lead the combined company in the same capacity. “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.”
“M&T is a like-minded partner that shares our culture of supporting communities by focusing on building meaningful relationships and providing personalized products, services and local market expertise to customers, while building on our legacy of excellence in service,” said Jack Barnes, chairman and CEO of People’s United. “The merger extends our reach by providing customers access to a larger banking network and an expanded array of services. I am confident our shared community banking philosophies will provide significant long-term value for our shareholders, employees and loyal customers.”