American Banker, February 18, 2022, M&T, People’s United postpone merger deadline till June
M&T Bank and People’s United Financial are delaying the deadline for their merger until June, as the two companies await approval from the Federal Reserve.
The $7.6 billion deal, which would expand M&T’s presence in the Northeast, had an initial deadline of Feb. 21 — exactly one year after the merger announcement. M&T, in Buffalo, New York, and People’s United, in Bridgeport, Connecticut, had aimed to close the transaction by the fourth quarter of last year and complete their systems conversion this month.
M&T has pledged to provide $43 billion of loans and other financial support in the communities it will operate in as part of a five-year reinvestment plan negotiated with National Community Reinvestment Coalition.
