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M&T Bank closes its deal to acquire Connecticut's People’s United

People's United Bank in Worcester, Massachusetts
Andre Carrotflower
Wikimedia Commons

The Board of Governors of the Federal Reserve voted unanimously to approve the $7.6 billion deal for the merger between M&T Bank and People’s United Bank on Friday. The deal is expected to close in several weeks.

Once completed, the combined company will create a franchise with nearly $200 billion in assets and a network of more than 1,100 branches and over 2,000 ATMs across 12 states. About 157 of those branches will be located in Connecticut.

As part of the merger, People's United's current headquarters in Bridgeport will become the New England regional headquarters for M&T.

M&T has 10 branches in Connecticut, including in Fairfield.

Mike Lyle is a former reporter and host at WSHU.