A Buffalo-based financial holding company with bank branches in the Binghamton area is expanding to become the 11th largest bank in the United States.

Bob Joseph/WNBF News
Bob Joseph/WNBF News

M&T Bank has announced it has acquired People’s United Financial, based in Connecticut.

According to information provided by M&T’s publicists, the move strengthens M&T’s presence in the Binghamton region and elsewhere in the Northeast and will open opportunities in new markets in New England.

M&T has 27 locations in the Southern Tier.  The company reports it employs around 200 people.

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The regional headquarters is located on Exchange Street in Binghamton.

The acquisition of People’s United Financial Incorporated was announced in a news release as an all-stock transaction with the merger unanimously approved by the boards of directors of each company.  The merger is expected to close in the fourth quarter of this year pending regulatory and shareholder approval.

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