Page 16 - BusinessWest March 17, 2021
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  Banking & Finance
Creating a Powerhouse
M&T Bank Corp. to Purchase People’s United Financial Inc.
MBy Joseph Bednar
&T Bank Corp. is no stranger to acquisi- tions, having broadly expanded its geo- graphic footprint through a series of merg- ers over the past two decades.
But every acquisition is undertaken with purpose, Chairman and CEO René Jones said, and that
includes the recent announcement that M&T will purchase Bridgeport, Conn.-based People’s United Financial Inc. in a $7.6 billion, all-stock transaction.
“The combination of M&T and People’s United will ben- efit both firms, providing additional growth opportunities beyond what either firm could achieve independently,” Jones said during a recent conference call with investors, adding
that the culture of M&T will “resonate” with People’s United customers.
The transaction has already resonated through the region’s banking industry, as it will create a ‘super-regional’ banking franchise (as industry analysts are calling it), with approxi- mately $200 billion in assets and a network of 1,135 branches and more than 2,000 ATMs spanning 12 states from Maine to Virginia and the District of Columbia.
The combined franchise will operate across some of the most populated and attractive banking markets in the U.S., M&T officials note. As part of the transaction, People’s Unit- ed’s current headquarters in Bridgeport will become the New England regional headquarters for M&T.
“In People’s United, we have found a partner with an equally long history of serving and supporting customers,
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