Federal Reserve Approves M&T’s Purchase of Connecticut Bank | Business premises
M&T’s most recent acquisition, New Jersey-based Hudson City Bank, was completed in 2015, but that deal had been ongoing since 2012. The People acquisition marks a return to the type of deal that was a characteristic of M&T’s growth during Wilmers. mandate.
M&T has $151.9 billion in assets and $128.7 billion in deposits. People’s is less than half its size, with $63.7 billion in assets and $52.9 billion in deposits.
The merger will make M&T the 17th largest bank in the country, with $215.6 billion in assets and $181.6 billion in deposits.
Jones said M&T and People’s are similar in their approach to the markets in which they operate.
“Even though we compete with banks that are 10 to 17 times our size, being one of the biggest, if not the biggest, banks in the places we serve is simply part of a formula for success. “, wrote Jones. .
M&T has a presence in New York, Pennsylvania, Connecticut, Delaware, Maryland, Massachusetts, New Jersey, Oregon, Virginia, West Virginia and Washington, DC People’s has a presence in six states: Connecticut, Massachusetts, New York, Vermont, Maine and the New Hampshire.
Over the summer, the deal ran into turmoil when some Connecticut lawmakers objected to the number of job cuts the deal would entail. M&T announced plans to cut 747 People’s jobs, the bulk of them at People’s headquarters in Bridgeport.