American Banker, March 4, 2022, Fed approves M&T’s acquisition of People’s United
Two weeks after delaying the deadline to close its acquisition of People’s United Financial, M&T Bank on Friday received the Federal Reserve’s approval.
The central bank’s blessing, announced late Friday afternoon, was the final regulatory thumbs-up that Buffalo, New York-based M&T needed to complete the $7.6 billion deal, which was originally expected to wrap up during the fourth quarter of 2021.
In October, M&T announced its first-ever agreement with the National Community Reinvestment Coalition — a deal that is slated to provide $43 billion of loans, investments and other financial support over five years in the communities in which M&T will operate. M&T has not said how the amount will be distributed, dollars- or percentage-wise, throughout its footprint.
