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The merger of Connecticut-based People’s United Bank into M&T Bank moved a step closer to completion yesterday as the shareholders of both banks’ parent companies approved the deal in special meetings, the banks said.
M&T and People’s United said in the statement that they expect the transaction to be completed promptly once they have obtained necessary regulatory approvals and satisfied other closing conditions. The combined company will create the 11th largest bank in the United States with approximately $200 billion. When the deal is done, M&T will have a network of more than 1,100 branches in 12 states from Maine to Virginia and Washington, D.C. René Jones, chairman and CEO of M&T, will lead the combined company.
“This is an important milestone in our journey to become one bank with a shared purpose and commitment to our customers and local communities,” Jones said in a statement. “The approval underscores the confidence that both companies’ shareholders have in the strategic rationale and the financial benefits of the merger.”
As part of the transaction, People’s United’s current headquarters in Bridgeport, Connecticut will become the New England regional headquarters for M&T.
“Today’s vote demonstrates the high-level of certainty shareholders have in the underlying value of the merger and in the ability of the combined company to better serve our customers, colleagues, and communities,” Jack Barnes, chairman and CEO of People’s United, said in a statement. “We are excited about what the future holds and look forward to the joining of two market-leading financial institutions to strengthen our ability to deliver value-added financial solutions and advice to a greater number of individuals and businesses.”
