Shareholders approve People’s United, M&T deal
The Connecticut-based People’s United Bank merger into M&T Bank came close to completion yesterday, with shareholders of both banks’ parent companies approving the deal in special meetings, the banks said.
M&T and People’s United said in the statement that they expect the transaction to close quickly once they obtain the necessary regulatory approvals and meet other closing conditions. The merged company will create the 11th largest bank in the United States with around $ 200 billion. Upon completion of the deal, M&T will have a network of more than 1,100 branches in 12 states, from Maine to Virginia and Washington, DC René Jones, President and CEO of M&T, will lead the combined company.
“This is an important step in our journey to become a single bank with a common purpose and commitment to our customers and local communities,” Jones said in a statement. “The approval underscores the confidence of the shareholders of both companies in the strategic rationale and financial benefits of the merger.”
As part of the transaction, People’s United’s current headquarters in Bridgeport, Connecticut will become M&T’s regional headquarters in New England.
“Today’s vote demonstrates the high level of certainty shareholders have in the underlying value of the merger and in the ability of the combined company to better serve our clients, colleagues and communities,” said Jack Barnes , President and CEO of People’s United. in a report. “We are excited about what the future holds and look forward to bringing together two leading financial institutions to strengthen our ability to provide value-added financial solutions and advice to more individuals and businesses. ‘companies.