M&T receives federal approval to proceed with People’s United acquisition

M&T Bank Corp. has received regulatory approval from the Board of Governors of the Federal Reserve System to complete its acquisition of People’s United Financial Inc.

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 only just occurred. The banks had extended their agreement to combine that was set to expire on Feb. 21 to accommodate federal approval.

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. Shareholders at both M&T and People’s United approved the transaction on May 25, 2021, at their respective special meetings.