Buffalo-based M&T Bank announced yesterday that they have acquired Connecticut-based People’s United Bank for $7.6 billion in an all-stock transfer. Pending regulatory approvals, the combined bank will be based in Buffalo with the former People’s United headquarters in Bridgeport, Conn. serving as the New England regional office.
According to Vermont Business Magazine, People’s United Bank is the largest bank in Vermont with 46 offices in the state, including one at 112 State Street in Montpelier. It also has local branch offices in Barre, Waterbury, Stowe, and Morrisville. Many of the branches were former Chittenden Bank branches before being absorbed into People’s United in 2007. No current locations are expected to close in the near future, as M&T expects to rebrand all of the current People’s United locations to M&T when the deal closes late in 2021.
The combined company will have more than 1,100 locations and 2,000 ATMs from Maine to Virginia. Five members of the current board of directors at People’s United will join M&T’s board when the transaction is completed.
The rebranding of People’s United Bank will be the second change to a bank on State Street in 2021. On February 1, Community National Bank moved from 95 State Street to 99 State, in part to add drive-through lanes for its customers.