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May 26, 2021

Shareholders OK M&T takeover of People’s United Bank

HBJ Photo | Joe Cooper People's United Bank at 1 Financial Plaza in downtown Hartford.
By Zachary Vasile

Shareholders of Bridgeport-based People’s United Bank and Buffalo’s M&T Bank Corp. have approved the companies’ $7.6 billion all-stock merger.

Investors voted Tuesday and the results were made public Wednesday in a joint statement.

Officials with both banks said they expect the planned linkup to proceed “promptly” once they secure the necessary regulatory clearances.

"The approval underscores the confidence that both companies' shareholders have in the strategic rationale and the financial benefits of the merger," said René Jones, chairman and CEO of M&T, who is expected to lead the combined company.

M&T Bank first announced plans to acquire People’s United in February. If ultimately completed, the merger would create the eleventh-largest bank in the U.S., with approximately $200 billion in assets and a network of more than 1,100 branch offices and over 2,000 ATMs.

As part of the transaction, People’s United Bank’s headquarters in Bridgeport is expected to become the New England regional headquarters of M&T.
 

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