M&T and People’s United extend merger agreement

M&T Bank Corp. and People”™s United Financial Inc. have agreed to extend their merger agreement to June 1.

The merger received approval from both the New York State Department of Financial Services and the Connecticut Department of Banking in October 2021, but approval by the Board of Governors of the Federal Reserve System has yet to be secured. The merger agreement was originally set to expire on Feb. 21.

“M&T and People”™s United both remain committed to the merger and seeking such approval,” said the banks in a joint statement.

Buffalo-based M&T announced its acquisition of Bridgeport-headquartered People”™s United Bank in February 2021 with an all-stock deal valued at more than $7 billion.