Buffalo-based M&T Bank Corporation will buy Connecticut-based People’s United Financial, which together have 81 locations on Long Island, for $7.6 billion in an all-stock deal, the companies announced last week.
People’s United Bank currently has 67 branch locations on LI, while M&T Bank has 14 branches across the region. The merged company will have more than 1,100 branches and over 2,000 ATMs spanning across 12 states, stretching from Maine to Virginia and the District of Columbia.
“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,” said Jack Barnes, chairman and chief executive officer of People’s United. “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.”
As a part of the company agreement, shareholders of People’s United will receive 0.118 of a share of M&T common stock for each People’s United share they own. This means that the former shareholders of People’s United will collectively own about 28 percent of the newly combined company. The combined company is set to have approximately $200 billion in assets.
Connecticut will become the New England regional headquarters for M&T, in order to further strengthen the combined company’s commitment to Connecticut and the region.
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