M&T Bank Secures Fed Approval for $7.6B Merger with People’s United Bank

M&T Bank has received Federal Reserve Board approval for its $7.6 billion acquisition of People’s United Bank. This was the last major regulatory hurdle for the merger that was announced more than a year ago. Once the deal is finalized, M&T Bank would become the 11th largest bank in the U.S.

Teh Federal Reserve Board approval now open the way for an official closing date on the deal. After that, M&T is expected to spend much of 2022 and 2023 overseeing the details of the merger, Buffalo Business Journal reports.

Buffalo-based M&T Bank already has a growing presence in the Northeast and mid-Atlantic. With the People’s United acquisition they will now have a foothold in New England, with 400 new branches and a new regional headquarters in Bridgeport, Connecticut.

M&T has expanded dramatically over the past decade. The bank’s total deposits nearly doubled from $77.9 billion in 2011 to $155.1 billion at the end of 2021. M&T’s local employee count has grown from 5,000 to 8,000 in the past 10 years.

As for bank bonuses, this merger means that you will no longer see signup bonuses from People’s United Bank, which some time are as high as $400 or $500. But more people could be eligible for M&T bonuses.