People’s United Bank’s acquisition by Buffalo-based M&T Bank is now expected to officially close on or around April 1, M&T officials said Monday.
The new timeline, announced days after the pending $7.6 billion acquisition finally received federal approval, would allow the partnering banks to finalize their deal and begin integrating operations well within the “window” set by executives last month, which predicted a closing before June 1.
M&T said customers will experience no interruptions in service, either in their use of mobile apps and bank websites or in their existing relationships with financial advisors.
Systems conversions are expected to be completed by the third quarter of the year, officials said.
M&T and People’s United, which has its headquarters in Bridgeport, first announced plans to join operations in February 2021. The companies had initially expected to finish the deal by the end of that year, but the Federal Reserve took longer than expected to issue a ruling on the linkup.
The agency announced its approval Friday, saying the acquisition would not give the combined bank control of a disproportionate share of the retail banking market in the states where M&T and People’s United operate.
