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M&T Bank buying People's United in $7.6B all-stock deal

As part of the transaction, People's United's current headquarters in Bridgeport will become the New England regional headquarters for M&T.
Credit: AP
FILE - Pedestrians pass the New York Stock Exchange, Wednesday, Jan. 27, 2021, in New York. Stocks are opening higher on Wall Street following three straight days of losses. The S&P 500 rose 0.2% in the first few minutes of trading Friday, Feb. 19. (AP Photo/John Minchillo, File)

BRIDGEPORT, Conn. — M&T Bank Corp. is buying People’s United Financial Inc. in an all-stock deal valued at about $7.6 billion.

People’s United shareholders will receive 0.118 of a share of M&T common stock for each share they own.

People’s United shareholders will collectively own approximately 28% of the combined business.

The combined company will have approximately $200 billion in assets and a network of more than 1,100 branches and more than 2,000 ATMs in 12 states from Maine to Virginia and the District of Columbia.

Officials say as part of the transaction, People's United's current headquarters in Bridgeport will become the New England regional headquarters for M&T, further strengthening the combined company's commitment to Connecticut and the region.

"In People's United, we have found a partner with an equally long history of serving and supporting customers, businesses, and communities," said René Jones, chairman and chief executive officer of M&T, who will lead the combined company in the same capacity. "Combining our common legacies and our complimentary footprints will strengthen our ability to serve our communities and customers, and provide solutions that make a difference in people's lives. I am incredibly excited about this opportunity and look forward to welcoming new customers and team members to our M&T family."

"The merger extends our reach by providing customers access to a larger banking network and an expanded array of services. I am confident our shared community banking philosophies will provide significant long-term value for our shareholders, employees, and loyal customers," said Jack Barnes, chairman and chief executive officer of People's United.