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With $7B deal, M&T Bank set for first major acquisition since 2015

If approved, the deal will represent a sizable expansion for M&T, which will have about $200 billion in assets.

BUFFALO, N.Y. — M&T Bank has agreed to acquire People's United Financial Inc. in an all-stock deal worth more than $7 billion, according to an M&T announcement this morning.

The deal, expected to close in the fourth quarter of 2021, is the first significant acquisition for M&T since its $3.7 acquisition of Hudson City Bancorp in 2015.

People's United is based in Bridgeport, Connecticut, and has about 450 branches throughout New England. The firm's headquarters in Bridgeport will be the New England regional headquarters for M&T.  You can read the full story on Buffalo Business First's website