M&T Announces Completion of Bank Merger
M&T Bank has completed its acquisition of People’s United Financial in an $8.3 billion deal.
The Associated Press and other media outlets have reported the Buffalo, New York-based M&T Bank announced the completion of the deal on Saturday, April 2. People’s United’s headquarters in Bridgeport, Connecticut, is now M&T’s New England regional headquarters.
According to an AP report, the combined company has approximately $200 billion in assets and a network of more than 1,000 branches in 12 states from Maine to the District of Columbia. It employs more than 22,000 people.
There are 58 branches of People's United in New York, mainly downstate, while M&T Bank operates 425 branches and ATMs across the state including several branches in Binghamton, Endicott, Endwell, Johnson City, Kirkwood, Vestal, Whitney Point, Owego, Norwich, Cortland and Ithaca.
Clients of People’s United will retain access to current branches while they are being converted to M&T’s.
The AP says M&T had been active in acquisitions, but People’s United was its first major deal in almost six years.
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