Huge Bank Merger

Buffalo-based M&T Bank has agreed to acquire People’s United Bank based in Bridgeport, Conn. The agreement will lead to the transfer 417 bank franchises throughout the Northeast in the fourth quarter of this year. People’s headquarters in Bridgeport will become the New England headquarters for M&T Bank. The combined financial services firm will manage approximately $200 billion in assets and it will include 1,100 branches plus another 2,000 ATMs from Maine to Virginia. The deal is worth approximately $7.6 billion, and it will allow the bank to serve over 20% of the U.S. population and approximately 25% of its GDP.

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