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Bridgeport's People's United Bank To Be Acquired

One of Connecticut’s largest independent banks, People’s United, is be acquired by M&T Bank based in Buffalo, NY in a $7.6 billion deal. M&T says it will site its New England headquarters at People’s current Bridgeport base, and acquire more than 400 new branches throughout New England - 170 of them in Connecticut.

M&T CEO René Jones described the rationale for the deal on a Monday conference call.

"Not only are our geographies complementary, so to are the talent, the product sets and the credit cultures, creating a solid platform that we can collectively build upon," he told analysts.

But the deal will bring with it $330 million cuts to achieve cost savings. Executives said that customer facing employees will likely be retained, but they did not give a number either for job losses or branch closures.

Harriet Jones is Managing Editor for Connecticut Public Radio, overseeing the coverage of daily stories from our busy newsroom.

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