M&T Bank announced that it had received approval from regulators to acquire People’s United Bank on March 4, 2022. The company first announced plans to acquire the bank on February 22, 2021 in an all-stock transaction valued at $7.6 billion. Following the transaction closing M&T Bank will own 72% of the pro forma company while People’s United shareholders will own the remaining 28%. People’s United is based in Connecticut and has a branch network concentrated on the east coast of the United States, with more than 50% of its deposit base stemming from Connecticut. According to information from the deal announcement, People’s United Bank operated in 11 markets where it had a top 5 share and operated 419 branches.

Based on the latest data, People’s United Bank ended 2021 with over $54 billion in deposits (increasing 3% from 2020), over $64 billion in assets (also increasing 3%) and a loan portfolio of almost $38 billion. Given that M&T Bank operates primarily on the east coast as well, the transaction is complementary. Based on the transaction disclosure by M&T Bank, after closing the deal, the pro forma company will have the second most branches in the Northeast, just below Bank of America.

Following the transaction the bank will have $188 billion of deposits, $219 billion of total assets and $129 billion of net loans. The bank will also employ over 22,000 people.