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M&T Bank, People’s United Financial Announce Merger Closing Date

March 08, 2022, 07:16 AM
Filed Under: Mergers & Acquisitions

M&T Bank Corporation and People's United Financial, Inc. jointly announced the closing of the previously announced merger between the two companies is expected to occur on or about April 1, subject to the satisfaction or waiver of the remaining customary closing conditions set forth in the merger agreement.

The companies announced more than a year ago that M&T Bank had agreed to acquire People’s United Financial in an approximately $7.6 billion deal.

Customers will continue to be served through their respective M&T and People's United branches, websites, mobile apps, financial advisors and relationship managers until systems conversion is complete, which is expected to occur in the third quarter.

M&T Bank received final regulatory approval from the Board of Governors of the Federal Reserve System for the acquisition of People's United on March 4. The transaction previously received approval from both the New York State Department of Financial Services and the Connecticut Department of Banking. No further regulatory approvals are required.

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