US-based M&T Bank has completed its previously announced acquisition of People’s United Financial for $8.3bn creating a combined entity with more than $200bn in assets.
The deal closed more than a year after M&T Bank signed a definitive agreement to acquire People’s United in an all-stock transaction.
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With 22,000 employees, the combined entity now operates a network of more than 1,000 branches and 2,200 ATMs across 12 US states.
Founded in 1842, People’s United bank offered retail and commercial banking services through a network of nearly 400 retail branches.
M&T noted that the deal accelerates its growth strategy and strengthens its financial profile while allowing it to leverage People’s United’s footprint to reach new customers and regions.
As per the initial agreement, People’s United’s headquarters in Bridgeport, Connecticut, is now M&T’s New England regional headquarters.
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By GlobalDataM&T chairman and CEO Rene Jones said: “Today marks an important day in M&T’s history as we welcome People’s United to our family. People’s United is a strong strategic and cultural fit and I am truly excited about the positive impact our combined company will have in the communities we serve.
“Together, we have the capabilities and scale of a regional bank with the engagement model of a community-based organisation to help us better serve new and existing customers, businesses and communities.”
Systems integration of both the banks is expected to complete in the third quarter of 2022. Until then, customers will be serviced through their respective branches, websites, mobile apps, financial advisors and relationship managers.
