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M&T Bank Corp. is buying People’s United Financial Inc. in an all-stock deal valued at about $7.6 billion.
Branches of the two regional banks are sprinkled throughout the Northeast and mid-Atlantic.
|PBCT||PEOPLE’S UNITED FIN. INC.||18.01||+2.33||+14.86%|
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People’s United shareholders will receive 0.118 of a share of M&T common stock for each share they own. People’s United shareholders will collectively own approximately 28% of the combined business.
The combined company will have approximately $200 billion in assets and a network of more than 1,100 branches and more than 2,000 ATMs in 12 states from Maine to Virginia and the District of Columbia.