M&T Bank has secured the green light from its shareholders to proceed with the acquisition of People’s United Financial.
Separately, People’s United Financial shareholders also approved the deal.
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In February, the two entities finalised an agreement to merge their operations in all-stock transaction valued at $7.6bn.
The deal will create the 11th largest bank in the US in terms of assets. The combined lender will have assets of around $200bn with more than 1,100 branches across 12 states.
However, the transaction still awaits regulatory approvals.
Commenting on shareholder approval, M&T chairman and CEO René Jones said: “This is an important milestone in our journey to become one bank with a shared purpose and commitment to our customers and local communities.
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By GlobalData“The approval underscores the confidence that both companies’ shareholders have in the strategic rationale and the financial benefits of the merger.”
People’s United chairman and CEO Jack Barnes said: “Today’s vote demonstrates the high-level of certainty shareholders have in the underlying value of the merger and in the ability of the combined company to better serve our customers, colleagues, and communities.
“We are excited about what the future holds and look forward to the joining of two market-leading financial institutions to strengthen our ability to deliver value-added financial solutions and advice to a greater number of individuals and businesses.”
