People's United Financial - M&T Bank Merger Receives Final Regulatory Approval

(RTTNews) - People's United Financial Inc. (PBCT) announced receipt of regulatory approval from the Board of Governors of the Federal Reserve System to complete the acquisition of People's United by M&T Bank Corp. (MTB).

The transaction has also received approval from both the New York State Department of Financial Services and the Connecticut Department of Banking. No further regulatory approvals are required.

The merger was approved by the board of directors of each company. Shareholders at both People's United and M&T approved the transaction on May 25, 2021, at their respective special meetings.

In February 2021, M&T Bank agreed to acquire People's United in an all-stock transaction valued at about $7.6 billion.