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People’s United Bank branch in Smithtown. / Google Maps image
By: David Winzelberg March 7, 2022
Federal and state regulators have approved M&T Bank’s acquisition of People’s United Financial.
Regulatory approval was received from the Board of Governors of the Federal Reserve System on Friday and the deal had also received approval from both the New York State Department of Financial Services and the Connecticut Department of Banking, according to a company statement.
Shareholders at both M&T and People’s United had previously approved the transaction on May 25, 2021.
The combined company creates the 11th largest bank in the United States, based on assets of about $200 billion, spanning 12 states from Maine to Virginia and the District of Columbia and with a network of more than 1,100 branches and over 2,000 ATMs, at the time of the merger announcement.
As part of the transaction, People’s United’s current headquarters in Bridgeport, Conn. will become the New England regional headquarters for M&T, which is headquartered in Buffalo.
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