M&T, People's United extend merger deadline

M&T Bank in Buffalo, N.Y., and People’s United Financial in Bridgeport, Conn., have extended the deadline for their merger agreement by more than three months. 

The $143 billion-asset M&T and the $60 billion-asset People’s United said in a press release Friday that the end date was moved from Feb. 21 to June 1. 

While the acquisition has been approved by the New York State Department of Financial Services and the Connecticut Department of Banking, it has yet to be approved by the Federal Reserve.

“M&T and People’s United both remain committed to the merger and seeking such approval,” the companies said. 

The companies announced the $7.6 billion deal in February 2021.