Locally Branched M&T Acquires Connecticut Bank

BOYERTOWN PA – M&T Bank, which operates branch offices in Boyertown (at top) and Birdsboro, said Monday (Feb. 22, 2021) it reached an agreement to buy Connecticut-based bank Peoples United Financial Inc. in an all-stock transaction. The combined company will hold about $200 billion in assets and a network of more than 1,100 branches across 12 states from Maine to Virginia and the District of Columbia.

M&T claimed its merger with Peoples will:

  • “create the leading community-focused commercial bank in the Northeast and Mid-Atlantic regions,”
  • benefit from “a top-tier deposit share in core markets with a Top Three share in most of their top 10 markets,” and
  • span “an economically diverse region” that accounts for more than 20 percent of the U.S. population and more than 25 percent of the nation’s gross domestic product.

2018 photo from Google Street View