M&T Bank Corp. is nearing a deal to merge with People’s United Financial Inc., according to people familiar with the matter, in what would be the latest in a string of regional bank mergers.
The two companies are discussing an all-stock deal that could be finalized as soon as this week assuming talks don’t fall apart, the people said.
Bridgeport, Conn.-based People’s United has a market value of roughly $6.6 billion, while Buffalo, N.Y.-based M&T’s is more than $19 billion.
Combined, the banks would have more than $200 billion in assets with a network of branches concentrated in the Northeast and mid-Atlantic regions. The deal would facilitate M&T’s expansion into the Boston market and strengthen its position in New York and Connecticut.
It would mark M&T’s first major takeover since its acquisition of Hudson City Bancorp Inc. in 2015. That deal was delayed for three years after regulators found “significant weaknesses” in the bank’s anti-money-laundering and consumer-compliance programs.
