M&T Bank is expanding to New England with the acquisition of a Connecticut-based bank.
Head of community markets Michael Keegan calls it a coming together of like-minded, community-oriented institutions that date back to the mid-1800’s. He doesn’t anticipate any impact on the workforce or branches. If you think about the markets and how there s very little overlap, it s more of a growth story. As we talked with People s along the way, this is about how do we come together and how do we grow in those newer communities.
Keegan says M & T will be able to bring its specialty in renewable energy lending to New England, and People’s United will bring its expertise in vendor finance to Upstate New York markets. He says access to a different geographic area also opens new opportunities.