Last updated on February 7th, 2022
M&T Bank is a Buffalo, NY-based financial institution that primarily serves the United States’ Mid-Atlantic region. The bank is now expanding into the New England area, thanks to a $7.6 billion acquisition of People’s United Bank. Here are the details of M&T Bank’s purchase.
M&T Bank to Acquire People’s United Bank
According to the Wall Street Journal, People’s United is a Bridgeport, CT-based bank with a market value of $6.6 billion. People’s United is one of the premier banks in the northeastern United States, with over 400 branches in the following locations:
- New Hampshire
- New York
The final merger is expected to take place in the fourth quarter of 2021, according to banking industry experts.
“Strengthen Our Ability to Serve Our Communities”
According to M&T Bank, the purchase seeks to provide a “diversified, community-focused banking franchise with approximately $200 billion in assets and will have a network of more than 1,100 branches and over 2,000 ATMs that spans 12 states from Maine to Virginia and the District of Columbia.”
“In People’s United, we have found a partner with an equally long history of serving and supporting customers, businesses, and communities,” said René Jones, chairman and chief executive officer of M&T Bank Corporation, who will lead the combined company in the same capacity. “Combining our common legacies and our complimentary footprints will strengthen our ability to serve our communities and customers and provide solutions that make a difference in people’s lives. I am incredibly excited about this opportunity and look forward to welcoming new customers and team members to our M&T family.”
What Does This Mean for People’s United Credit Cardholders?
Current People’s United credit cardholders are unlikely to experience any disruptions with their card accounts. Previous mergers, including the significant rebranding of SunTrust and BB&T as Truist, have seen both banks still offer the same credit card products, with existing cardholders experiencing no issues at all.
People’s United Bank issues three credit cards through Elan Financial Services, including two Mastercards and an American Express card. M&T Bank issues five credit cards itself, all of which feature the Visa payment network. M&T business credit cards are especially notable for their excellent, low APR, and lengthy 0% intro APR periods.
About M&T Bank
M&T Bank is a Buffalo-based financial institution with over $19 billion in assets as of 2020. The bank provides a full suite of banking products and services, including credit cards for various preferences, credit scores, and purposes.
Related Article: PNC Bank to Acquire BBVA for $11 Billion