Buffalo, New York-based M&T Bank and Bridgeport, Connecticut-based People’s United Financial are extending the deadline to complete their merger until June 1, the banks announced Friday.
The $7.6 billion deal, announced in February 2021, carried an initial cutoff date of Feb. 21, 2022 — one day shy of a year.
“Approval by the Board of Governors of the Federal Reserve System is the outstanding regulatory approval required to complete the merger,” the banks said in a statement, noting that New York and Connecticut regulators had given the deal a green light in October. “M&T and People’s United both remain committed to the merger and seeking such approval.”
