M&T Bank plans to buy People’s United Financial for $7.6 billion in an all-stock transaction. The combined entity will create a financial institution with over $200 billion in assets.
The merger will close in the fourth quarter of 2021 and People’s United will own 28% of the combined entity. The combined entity will be the 11th largest US commercial bank holding company by both assets and market capitalization.
“Combination of M&T and People’s United will benefit both firms providing additional growth opportunities what either firms could achieve independently,” Rene Jones, CEO of M&T Bank said on an investors call this past week.
M&T moved with the merger as People’s United has a deep local presence in the Northeast region of the country. A network o...