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The recent acquisition of United Financial Bancorp will likely be conducive to People's United (PBCT) bottom-line growth. Further, the buyout reflects the company's efforts to fortify its footprint.
Per M&T Bank (MTB) and People's United (PBCT), their impending merger is slated for a quick wrap-up following the Fed's recent regulatory nod. This will boost M&T Bank's base in the Northeast.
Though People's United's (PBCT) strong liquidity position makes it well poised to grow through acquisitions, rising costs on investment in technology limit bottom-line expansion.
People's United Financial, Inc., was an American bank holding company that owned People's United Bank. [1] The bank operated 403 branches in Connecticut, southeastern New York State, Massachusetts, Vermont, Maine, and New Hampshire. [1] It was the second-largest full-service bank in New England, one of the largest in the northeast, and the 46th ...
2019: On July 15, 2019, People's United Bank (Bridgeport, Conn.) and United Bank announced they would be joining forces in an all-stock transaction totaling $759 million. People's United's acquisition of UBNK completed on November 1, 2019. [3] 2022: People's United Bank is itself subsumed into M&T Bank. [4]
Here are some of the biggest bank mergers and acquisitions in American history. ... Mellon Financial Corp. $18.4 billion. Oct. 3, 2008. ... People’s United. $8.3 billion. Jan. 4, 2022.
Feb. 22—Buffalo's M&T Bank Corp. has entered an agreement to buy Bridgeport-based People's United Bank in a transaction valued at over $7 billion, officials with both banks announced this morning.
The bank was founded in 1992 as a Maine-based institution which sought "to return local control to Bangor banking." It was established by buying seven former Fleet Bank offices in the area and had 75 employees, 7 branches, and $74 million in assets. [2]
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