WASHINGTON (dpa-AFX) - 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 René 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.
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