M&T Bank closes in on $ 7 billion deal to buy People’s United

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M&T Bank Corp. is closing in on a deal to buy People’s United Financial Inc. for more than $ 7 billion, according to people familiar with the matter, in the latest in a series of deals between regional banks. The companies are discussing a stock deal that could be announced as soon as this week, the people said, assuming the talks don’t fail. Bridgeport, Connecticut-based People’s United PBCT + 2.28% has a market value of approximately $ 6.6 billion, while Buffalo, NY MTB + 2.20% is more than $ 19 billion.