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M&T Plans to Lay Off 747 People’s United Bank Employees Post-Merger

July 26, 2021, 07:20 AM
Filed Under: Mergers & Acquisitions

A Worker Adjustment and Retraining Notification Act (WARN Act) notice filed by M&T Bank Corporation, based in Buffalo, NY, with State of Connecticut Labor Department on July 22 shows M&T Bank plans to lay off 747 People’s United Bank employees starting on Oct. 1. The bulk of the layoffs - 661 - will occur at People’s United’s headquarters in Bridgeport, CT.

The expected date of the first termination is to be Oct. 1 and the terminations are expected to be completed on May 20, 2022. The filing by M&T states the notice was given in anticipation of the formal regulatory and shareholder approvals to merge People United Bank with M&T Bank.

M&T and People's United announced in February that they had entered into a definitive agreement under which M&T will acquire People's United in an all-stock transaction. The implied total transaction value based on closing prices on Feb. 19 was approximately $7.6 billion.

The combined company will create the 11th largest bank in the United States, based on assets of approximately $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.

According to media reports in Connecticut, M&T said it is retaining nearly 80 percent of People’s United employees overall, including branch and customer service employees.

The companies announced in May that, at their respective special meetings of shareholders, they each received the necessary shareholder approvals for the consummation of the merger of People's United into M&T.

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