Buffalo-headquartered M&T Bank Corp. has completed the acquisition of Bridgeport-based People’s United Financial Inc. in a transaction valued at $8.3 billion.
The combined company spans 12 states and the District of Columbia, with a workforce of more than 22,000 people and a network of more than 1,000 branches and 2,200 ATMs. In a press statement, M&T said clients of People’s United will continue to be served through its current branches, websites, mobile apps, financial advisors and relationship managers until its brand and systems are fully converted to M&T’s, which is expected to occur during the third quarter of this year. 2022. Customers from both M&T and People’s United can now use any M&T Bank or People’s United Bank ATM to withdraw cash.
“Today marks an important day in M&T’s history as we welcome People’s United to our family,” said René Jones, chairman and CEO of M&T, who will lead the combined company in the same capacity. “People’s United is a strong strategic and cultural fit and I am truly excited about the positive impact our combined company will have in the communities we serve. Together, we have the capabilities and scale of a regional bank with the engagement model of a community-based organization to help us better serve new and existing customers, businesses and communities.”
