What you need to know as People’s United Bank merges with M&T Bank (2024)

CONN. (WTNH) — If you are one of the hundreds of thousands of People’s United Bank customers in Connecticut, you should be aware the company is merging with M&T bank this weekend, and there may be a brief disruption in service.

M&T is an American bank holding company headquartered in Buffalo, New York. M&T’s acquisition of People’s United Bank was finalized back in April, according to Mike Keegan of M&T.

The distribution in service will start on Friday and extend through the Labor Day holiday weekend, while the two banks merge. There will be a Friday 1:00 deadline to withdraw funds and a 5:00 deadline to access your account for People’s United Bank customers.

Customers will still be able to use ATMs and the call center during the brief shutdown. Debit and credit cards will work throughout the transition. You may have even already received new debit and credit cards in the mail.

On Tuesday the 6th, your account is fully transitioned into M&T bank. The branches will reopen at normal times. M&T investing heavily in technology is just one thing they bring to the table, according to Keegan.

“There are some things we do around affordable housing. There are some things we do in commercial real estate. But there are lots of things People’s is bringing to M&T that are really compelling. Their financial empowerment. The way they do charitable giving,” said Keegan.

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M&T Bank is a somewhat new name to most of Connecticut as most of its branches are in Fairfield county. Keegan says they are doing all they can to introduce themselves to People’s United Bank customers.

“We’re going in every place we possibly can to over-communicate, to let people know what to expect, so as they approach this time there isn’t a surprise. And if there is something that catches them off-guard, there are channels in which they can connect with us,” said Keegan.

Over the long weekend. There will be moments when online and web banking will be down for security reasons. Keegan said M&T will never send you a text message asking for personal information.

If you have questions, call one of the numbers below:

Personal account questions:1-800-414-9435

Business banking questions:1-866-632-4512

What you need to know as People’s United Bank merges with M&T Bank (2024)

FAQs

Is Peoples United Bank the same as M&T? ›

M&T Bank has a regional headquarters and a branch at 850 Main St., in downtown, Bridgeport, Conn. Connecticut Attorney General William Tong has been a frequent critic of M&T Bank's customer service since the company completed in April 2022 its $8.3 billion acquisition of People's United Bank.

Can I still use my people's bank checks with M&T bank? ›

Continue to use your existing checks until they run out. When you order new checks, they will have M&T Bank's routing number. Any existing direct deposits or transfers set up at People's United should have continued without interruption.

What banks did M&T take over? ›

Acquisition
Date of AcquisitionBank AcquiredPrimary Market(s)
April 2022People's United FinancialCT, MA, ME, NH, NY & VT
November 2015Hudson City BancorpNew Jersey, Connecticut, Long Island
May 2011Wilmington TrustDelaware
November 2010K BankBaltimore, MD
20 more rows

Who owns M&T bank? ›

M&T Bank (MTB) Ownership Overview

The ownership structure of M&T Bank (MTB) stock is a mix of institutional, retail and individual investors. Approximately 59.28% of the company's stock is owned by Institutional Investors, 5.99% is owned by Insiders and 34.73% is owned by Public Companies and Individual Investors.

Why did M&T buy People's bank? ›

M&T will build on People's United's complementary footprint to reach a broad range of customers and expand into new regions. The franchise will operate across some of the most populated and attractive banking markets in the U.S.

When did People's United become M&T bank? ›

On April 2, 2022, the bank merged with M&T Bank and was fully integrated into M&T by the third quarter of 2022.

What happens to my people's United bank stock? ›

If you held shares of People's United Financial, Inc. common stock, par value $0.01 per share, as of immediately prior to the effective time of the merger, each such share will be converted into the right to receive 0.118 of a share of M&T common stock, par value $0.50 per share.

What is the new name for M&T bank? ›

M&T Bank traces its origins to the founding of Manufacturers and Traders Bank in Buffalo, New York. As a result of mergers, acquisitions and name changes, M&T Bank Corporation's principal bank is now known as Manufacturers and Traders Trust Company, or M&T Bank.

Are checks free at M&T bank? ›

No fee for standard checks and 50% discount on other check styles. You must have enough funds or credit available in your linked account for the transfer to occur. Overdraft Line of Credit and M&T Visa Credit Card are subject to credit approval. Fees may apply for the use of overdraft protection services.

What are the issues with M&T bank merger? ›

To date, the Office of the Attorney General has received over 400 complaints regarding the merger, including alarming reports of money disappearing from accounts, loss of access to online banking, and refusal to accommodate those with pre-existing power of attorney.

How strong is M&T bank? ›

Of more than 500 banks evaluated, M&T is among only 21 that received excellence awards in small-business banking. The Greenwich Awards bolster M&T's position as a nationwide leader in small-business banking. For 14 consecutive years, M&T has ranked among the top 10 U.S. Small Business Administration (SBA) lenders.

What does m and t stand for in M&T bank? ›

M&T Bank traces its origins to the founding of Manufacturers and Traders Bank in Buffalo, New York. As a result of mergers, acquisitions and name changes, M&T Bank Corporation's principal bank is now known as Manufacturers and Traders Trust Company, or M&T Bank.

Who is the largest shareholder of M&T bank? ›

M&T Bank is not owned by hedge funds. The Vanguard Group, Inc. is currently the company's largest shareholder with 12% of shares outstanding. Wellington Management Group LLP is the second largest shareholder owning 8.0% of common stock, and BlackRock, Inc. holds about 7.9% of the company stock.

Where does M&T bank rank in the US? ›

List of largest banks in the United States
RankBank nameCET1 capital requirement (2022)
21M&T Bank9.2
22USAA
23UBS9.3
24Ally Financial7.0
82 more rows

Is M&T a secure bank? ›

​We help protect your personal information with digital security features. M&T Online Banking and M&T Mobile Banking use 256-bit SSL encryption and will automatically log you out of an inactive session.

What is the other name for M&T bank? ›

As a result of mergers, acquisitions and name changes, M&T Bank Corporation's principal bank is now known as Manufacturers and Traders Trust Company, or M&T Bank. M&T Bank reorganized under a bank holding company in 1969 called First Empire State Corporation.

What bank took over People's United Bank? ›

Vermont Business Magazine M&T Bank Corporation (NYSE: MTB) announced Saturday the successful completion of M&T's acquisition of People's United Financial, Inc. (NASDAQ: PBCT) valued at $8.3 billion.

Who owns Peoples United Bank? ›

What happens to my people's United Bank stock? ›

If you held shares of People's United Financial, Inc. common stock, par value $0.01 per share, as of immediately prior to the effective time of the merger, each such share will be converted into the right to receive 0.118 of a share of M&T common stock, par value $0.50 per share.

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