M&T Bank Corp. and People’s United Financial Inc. announced they have entered into a definitive agreement under which M&T will acquire People’s United in an all-stock transaction. The combined company will create a diversified banking franchise with approximately $200 billion in assets and a network of more than 1,100 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 banking markets in the U.S. As part of the transaction, People’s United’s current headquarters in Bridgeport, Conn. will become the New England regional headquarters for M&T.

Read the source article at BusinessWest