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.
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