BRIDGEPORT, Conn. — Last week, M&T Bank received approval to merge with People's United Financial, Inc., based out of Bridgeport.
M&T Bank said the merger was unanimously approved by the board of directors of each company, as well as approval from the New York State Department of Financial Services and the Connecticut Department of Banking.
The merger is expected to cause some job losses.
In a statement by M&T Bank, it was stated that about 2,000 employees will be retained across the state, and that they were also committed to having at least 1,000 employees based in Bridgeport within the first year following the conversion.
Last year, M&T Bank said over 740 jobs may be lost in the merger but now they are "working diligently" to bring that number down.
Read their full statement:
M&T Bank received final regulatory approval for the acquisition of People’s United Bank and is looking forward to welcoming our new team members and serving customers across the state of Connecticut. In addition, upon closing, we are eager to begin executing on our $43 billion dollar community growth plan to support low-to-moderate income and economically disadvantaged families across the combined M&T and People’s United footprint.
Overall, we will be retaining over 80% of all People’s United employees, including all branch and other customer facing team members. In Connecticut, nearly 2000 employees will be retained across the state, and we are committed to having at least 1,000 employees based in our regional headquarters in Bridgeport within the first 12 months following systems conversion, which is now expected to take place in the third quarter of 2022. We continue to work diligently to reduce the number of impacted positions in the state, down from the 747 originally announced last summer.
M&T is committed to providing customers with world class service across our footprint – as illustrated by our 35 recent Greenwich Excellence Awards. We remain committed to serving People’s United customers with the same high level of attention, and the highly skilled People’s United team will be critical to our continued success.
The closing of the merger is expected to be on or around April 1.
Jennifer Glatz is a digital content producer at FOX61 News. She can be reached at jglatz@fox61.com.
Have a story idea or something on your mind you want to share? We want to hear from you! Email us at newstips@fox61.com
HERE ARE MORE WAYS TO GET FOX61 NEWS
Download the FOX61 News APP
iTunes: Click here to download
Google Play: Click here to download
Stream Live on ROKU: Add the channel from the ROKU store or by searching FOX61.
Steam Live on FIRE TV: Search ‘FOX61’ and click ‘Get’ to download.
