M&T Bank Corp. and People’s United Financial said Wednesday their previously announced merger will be completed on April 1.
Buffalo-based M&T Bank received federal approval for the merger on Friday, more than a year after announcing plans in February 2021 to acquire People’s United Financial in a $7.6 billion deal.
Once the acquisition is complete, the combined company will operate across some of the most populated and attractive banking markets in the U.S. and continue to focus on delivering superior customer service and strong engagement in the communities it serves, which includes commitments made by M&T of a $43 billion community growth plan.
Customers will continue to be served through their respective M&T and People’s United branches, websites, mobile apps, financial advisers and relationship managers until systems conversion is complete, which is expected to occur in the third quarter of 2022.
