Investor Alert

The Wall Street Journal Archives | Email alerts

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

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

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    People's United Financial Inc. (PBCT)
  • X
    M&T Bank Corp. (MTB)

or Cancel Already have a watchlist? Log In

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.

Also popular on WSJ.com:

Elon Musk got 4,000 SpaceX workers to join a COVID-19 study. Here’s what he learned.

Travel’s COVID-19 blues are likely here to stay — ‘People will go out of business.’

US : U.S.: Nasdaq
$ 18.05
+0.09 +0.50%
Volume: 3.99M
April 14, 2021 4:00p
P/E Ratio
Dividend Yield
Market Cap
$7.66 billion
Rev. per Employee
$ 155.57
+1.05 +0.68%
Volume: 829,162
April 14, 2021 4:03p
P/E Ratio
Dividend Yield
Market Cap
$19.88 billion
Rev. per Employee

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.