Big Law
M&T Bank Acquires People’s United Bank for $7B
Bridgeport-headquartered People’s United Bank is being acquired by Buffalo-based M&T Bank Corp. in an all-stock deal valued at more than $7 billion.
The acquisition was first reported Sunday night by The Wall Street Journal based on input from an anonymous “person familiar with the matter.” People’s United has a market value of about $6.6 billion and M&T is valued at over $19 billion.
The combined banks would have more than $200 billion in assets and a branch network spanning the Northeast and mid-Atlantic states. The combined bank will maintain a corporate presence in Bridgeport.
