M&T Bank Corporation announced the successful completion of its acquisition of People's United Financial, Inc. valued at $8.3 billion. The combined company employs more than 22,000 people and has a network of over 1,000 branches and 2,200 ATMs that span 12 states from Maine to Virginia and Washington, D.C. People's United common stock no longer trades on the NASDAQ after April 1, 2022.
The deal was announced in July 2021.
"Today marks an important day in M&T's history as we welcome People's United to our family," said René Jones, Chairman and Chief Executive Officer of M&T, who will lead the combined company in the same capacity. "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 organization to help us better serve new and existing customers, businesses and communities."
The acquisition accelerates M&T's growth trajectory and strengthens the company's financial profile for continued success. M&T will build on People's United's complementary footprint to reach a broad range of customers and expand into new regions. The combined company creates a $200 billion banking franchise that will operate across some of the most populated and attractive banking markets in the U.S. As part of this effort, People's United's headquarters in Bridgeport, CT, is now M&T's New England regional headquarters.
The combined company will continue to focus on delivering superior customer service and strong engagement in the communities it serves. Clients of People's United will continue to be served through its current branches, websites, mobile apps, financial advisors and relationship managers until its brand and systems are fully converted to M&T's, which is expected to occur in the third quarter of 2022. However, customers from both M&T and People's United can now use any M&T Bank or People's United Bank ATM to withdraw cash.
As part of the merger, M&T Bank previously announced a five-year community growth plan – developed in collaboration with the National Community Reinvestment Coalition (NCRC) and local community organizations – that will provide loans, investments and other financial support for low-to-moderate income (LMI) families and neighborhoods across the combined M&T and People's United footprint.
Both M&T and People's United have been long recognized for their community commitments and support of civic organizations. Over the past decade, M&T and its charitable foundation have contributed over $279 million to more than 7,600 nonprofits. Since their inceptions, People's United Community Foundation and People's United Community Foundation of Eastern Massachusetts have collectively granted over $47 million to thousands of nonprofits within the geographic area they serve.