Central Mass' 9th largest bank to be acquired for $8B
Photo | Grant Welker
People's United Bank's offices at Mercantile Center in downtown Worcester
People's United Bank, a Connecticut-based chain with offices in Worcester, has been acquired by M&T Bank as part of a $7.6-billion deal announced Monday.
People's United, which has an office and prominent signage at downtown Worcester's Mercantile Center, is the ninth largest bank by local deposits in Central Massachusetts, according to a list of the largest local banking firms published Monday by the Worcester Business Journal's Research Department.
People's United has seven area branches and $1.2 billion in local deposits. In total, it has more than 400 branches and $50 billion in deposits throughout its network.
People's United is now part of Buffalo, N.Y.,-based M&T Bank, whose footprint extends from Connecticut to Virginia. The combined bank has nearly $200 billion in assets and more than 1,100 branches. The Bridgeport headquarters of People's United will become the New England regional offices for M&T.
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