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Feb. 21, 2021, 9:11 p.m. EST

M&T Bank nears $7 billion deal to buy People’s United

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By Orla McCaffrey, Cara Lombardo

M&T Bank Corp. is nearing a deal to buy People’s United Financial Inc. for more than $7 billion, according to people familiar with the matter, in the latest in a string of regional-bank tie-ups.

The companies are discussing an all-stock deal that could be announced as soon as this week, the people said, assuming talks don’t fall apart. Bridgeport, Conn.-based People’s United /zigman2/quotes/200304796/composite PBCT +0.50% has a market value of roughly $6.6 billion, while Buffalo, N.Y.-based M&T’s /zigman2/quotes/207957637/composite MTB +0.68% is more than $19 billion.

Combined, the banks would have more than $200 billion in assets, with a network of branches concentrated in the Northeast and mid-Atlantic regions. The deal would facilitate M&T’s expansion into the Boston market and strengthen its position in New York and Connecticut.

It would mark M&T’s first major takeover since its acquisition of Hudson City Bancorp Inc. in 2015. That deal was delayed for three years after regulators found “significant weaknesses” in M&T’s anti-money-laundering and consumer-compliance programs.

An expanded version of this report appears on WSJ.com.

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/zigman2/quotes/200304796/composite
US : U.S.: Nasdaq
$ 18.05
+0.09 +0.50%
Volume: 3.99M
April 14, 2021 4:00p
P/E Ratio
13.65
Dividend Yield
3.99%
Market Cap
$7.66 billion
Rev. per Employee
$370,286
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/zigman2/quotes/207957637/composite
US : U.S.: NYSE
$ 155.57
+1.05 +0.68%
Volume: 829,162
April 14, 2021 4:03p
P/E Ratio
15.65
Dividend Yield
2.83%
Market Cap
$19.88 billion
Rev. per Employee
$357,270
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