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October 21, 2021

CT, NY regulators approve M&T Bank’s $7.6B People’s United Bank takeover

Photo | Mike Mozart/Flickr One of People's United Bank's Stop & Shop branch locations.

New York's M&T Bank Corp. said Thursday it’s received approval from regulators in Connecticut and the Empire State to move forward with its $7.6 billion purchase of Bridgeport-based People's United Bank.
Buffalo-based M&T, parent of M&T Bank, said the New York State Department of Financial Services and Connecticut Department of Banking have both given the greenlight to the deal, which came under some criticism this summer, after the New York lender revealed plans to layoff hundreds of workers in the Nutmeg State, including workers in Greater Hartford.  
M&T Bank later clarified its plans, saying it planned to keep at least 1,000 employees at People’s existing headquarters in downtown Bridgeport.
The merger has already been approved by both banks’ boards and shareholders but still needs approval from the Federal Reserve. It’s expected to close in the fourth quarter. 

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