M&T Bank Corp. to Purchase People’s United Financial Inc.
M&T Bank Corp. is no stranger to acquisitions, having broadly expanded its geographic footprint through a series of mergers over the past two decades. But every acquisition is undertaken with purpose, Chairman and CEO René Jones said, and that includes the recent announcement that M&T will purchase Bridgeport, Conn.-based People’s United Financial Inc. in a $7.6 billion, all-stock transaction. “The combination of M&T and People’s United will benefit both firms, providing additional growth opportunities beyond what either firm could achieve independently,” Jones said during a recent conference call with investors, adding that the culture of M&T will “resonate” with People’s United customers.