People's United Bank, including 17 Maine branches, acquired by M&T Bank
Photo / Renee Cordes
People's United Bank has 17 branches in Maine, including this one at 15 Hinckley Drive in South Portland.
People's United Financial Inc., a Bridgeport, Conn.-based financial holding company with 17 bank branches in Maine, is now owned by Buffalo, N.Y.-based M&T Bank Corp. (NYSE: MTB), after an $8.3 billion acquisition was completed over the weekend.
The combined company employs more than 22,000 people and has a network of over 1,000 branches and 2,200 ATMs that span 12 states from Maine to Virginia and Washington, D.C. The deal was announced in February 2021 and approved by shareholders three months later.
Regulators in New York State and Connecticut gave the green light in October 2021, while the Board of Governors of the Federal Reserve System approved the tie-up last month.
As of Friday, People's United common shares (Nasdaq: PBCT) have been delisted from the Nasdaq exchange. M&T Bank shares have a current market value of around $21.2 billion.
"Today marks an important day in M&T's history as we welcome People's United to our family," said René Jones, chairman and CEO of M&T, who will lead the combined company in the same capacity.
"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. 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."
M&T has pledged to build on People's United's complementary footprint to reach a broad range of customers and expand into new regions, with Bridgeport, Conn., serving as its New England regional headquarters.
People's United clients will continue to be served through the bank's current branches, websites, mobile apps, financial advisors and relationship managers until the brand and systems are fully converted to M&T's. That conversion is foreseen for the third quarter of 2022.
However, customers from both M&T and People's United can now use any M&T Bank or People's United Bank ATM to withdraw cash, the companies said in a joint release.
An M&T spokesman told Mainebiz on Monday that while People's United is now part of M&T Bank, People's United former branches and most services offered will operate at "People's United, a division of M&T Bank" until the companies complete integration of their merger.
The spokesman also said that M&T will be announcing local leadership soon.
In the meantime, account information, account-related documents, including debit card and branch/ATM receipts and other banking materials may continue to reflect the People's United Bank NA logo or People's United branding, the spokesman said.
As part of the merger, M&T Bank previously announced a five-year plan to provide loans, investments and other financial support for low-to-moderate income families and neighborhoods across the combined M&T Bank and People's United footprint.
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