New York-based M&T Bank Corporation is acquiring Bridgeport-based People's United Financial in an all-stock deal.
The combined company will include more than 1,100 branches and more than 2,000 ATMs in 12 states, from Maine to Virginia and the District of Columbia, according to a news release about the acquisition.
People's United's current headquarters in Bridgeport will become the New England regional headquarters for Buffalo, new York-based M&T.
"In People's United, we have found a partner with an equally long history of serving and supporting customers, businesses and communities," René Jones, chairman and chief executive officer of M&T, who will lead the combined company in the same capacity, said in a statement. "Combining our common legacies and our complementary 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."
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"M&T is a like-minded partner that shares our culture of supporting communities by focusing on building meaningful relationships and providing personalized products, services and local market expertise to customers, while building on our legacy of excellence in service," Jack Barnes, chairman and chief executive officer of People's United, said in a statement. "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."
The merger is expected to close in the fourth quarter of 2021, according to a news release.
The combined bank will hold about $200 billion in assets, CNBC reports.