People's United Bank, with $1B in Central Mass. deposits, acquired by M&T Bank

Photo | Grant Welker People's United Bank's offices at Mercantile Center in downtown Worcester

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By Renee Cordes

People's United Financial Inc., a Bridgeport, Conn.-based financial holding company with seven bank branches in Central Massachusetts, is now owned by Buffalo, N.Y.-based M&T Bank Corp., after a $8.3-billion acquisition was completed over the weekend.

Patrick Sullivan serves as Massachusetts president of People’s United, which has a regional office in Worcester. The $53-billion bank has $1 billion in deposits combined at its Central Massachusetts locations, according to the Federal Deposit Insurance Corp.

Currently People’s United has locations in Worcester, Shrewsbury, Westborough, and Marlborough, according to its website.

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 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 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.

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.

Most services offered will operate at "People's United, a division of M&T Bank" until the companies complete integration of their merger. 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.

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.