M&T Bank chairman and CEO René Jones says the bank’s deal for People’s United remains on schedule.
M&T Bank Corp.’s acquisition of People’s United Financial remains on schedule, said René F. Jones, M&T’s chairman and CEO.
“We’re still waiting for regulatory approval,” Jones said at the Barclays Global Financial Services Conference this week. “Our intention was to try to get a deal closed in the fourth quarter, and to do that as soon as possible within the quarter. We’re still focused on that.”
The $7.6 billion, all-stock deal with Connecticut-based People’s will expand M&T’s presence throughout New England. Shareholders of the two banks have approved the deal, which was announced in February.
Planning for integrating the two banks has gone smoothly, Jones said. “The most notable thing that I can tell you that I’ve learned since the announcement is how narrow the margin, the gap is between the cultures and philosophies of the two banks.”
Buffalo-based M&T is aiming to complete a technology systems conversion in the first quarter of 2022, once regulators approve the deal.
The bank expects to achieve about 85% of its projected $330 million in cost savings from the acquisition next year.
