RTTNews | Feb 22, 2021 01:11AM EST

01:11 Monday, February 22, 2021 (RTTNews.com) - M&T Bank Corp. (MTB) is nearing a deal to merge with People's United Financial Inc. in an all-stock deal valued at more than $7 billion, according to The Wall Street Journal, citing people familiar with the matter.

M&T Bank's Chief Executive Ren Jones is likely to lead the combined company, which would have more than $200 billion in assets, and maintain a significant corporate presence in Bridgeport, reports said.

According to the report, People's United has a market value of roughly $6.6 billion, while Buffalo, N.Y.-based M&T Bank's is more than $19 billion. The deal would facilitate M&T's expansion into the Boston market and strengthen its position in New York and Connecticut, the newspaper stated.

Read the original article on RTTNews ( https://www.rttnews.com/3171414/wsj-m-t-bank-nears-deal-to-buy-people-s-united-financial-for-more-than-7-bln.aspx)

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