M&T Bank has announced that they have entered into an agreement to acquire People’s United Financial, Inc. According to the WSJ this is a $7 billion dollar deal. Readers of this blog will/should care about this as both M&T Bank and People’s United Bank offer bank account bonuses (People’s United Bank currently offers a $400 bonus and M&T Bank has a bonus of $200-$400). Currently it’s possible to do both of these bonuses, but obviously that won’t be the case once this transaction is completed (set for Q4 2021).
Hat tip to @NickatFM
People to M&T transition is happening this weekend:
https://www3.mtb.com/homepage/about-us/welcome-to-mandt/peoples-united
Peoples has a lot of supermarket locations
People’s United Bank: People are united in MA, ME NH CT & NY.
M&T Bank: They won’t be so in CT and NY anymore, just like in DC, DE, MD, NJ, PA, VA, WV.
They won’t be in NY? They’re headquartered in Buffalo.
Since M&T is based in Buffalo, it’s unlikely that they won’t be in NY. I suspect they’ll operate under a single name anyway.
Fun fact: in 1995 Chase Manhattan Bank and Chemical Bank merged. According to Wikipedia, “Although Chemical was the nominal survivor, the merged company retained the Chase name since not only was it was better known (particularly outside the United States), but the original charter of Chase required that the name be retained in any future business ventures.”
Lame.
East coast banks.