BRIDGEPORT, Conn. — M&T Bank, based in Buffalo, N.Y., has completed the acquisition of People’s United Bank, which is headquartered in Bridgeport, Conn., the Connecticut Post reported.
René Jones, chairman and CEO of M&T, said in a statement that the completion of the acquisition is “an important day in M&T’s history as we welcome People’s United to our family.
“People’s United is a strong strategic and cultural fit, and I am truly excited about the positive impact our combined company will have in the communities we serve,” Jones added. “Together, we have the capabilities and scale of a regional bank with the engagement model of a community-based organization to help us better serve new and existing customers, businesses and communities.”
People’s United’s headquarters in Bridgeport will now become M&T’s New England region base of operations.
With the closure of the deal, the Post reported, People’s United Chairman and CEO John Barnes will receive more than $34 million in cash, equity, and benefits, according to a proxy statement regarding the acquisition.