M&T Bank Corporation and People's United Financial, Inc. jointly announced that, at their respective special meetings of shareholders, they each received the necessary shareholder approvals for the consummation of the merger of People's United into M&T.

M&T and People's United expect the transaction to be completed promptly once they have obtained necessary regulatory approvals and have satisfied certain other closing conditions. The combined company will create the 11th largest bank in the United States, based on assets of approximately $200 billion, spanning 12 states from Maine to Virginia and the District of Columbia and with a network of more than 1,100 branches and over 2,000 ATMs, at the time of the merger announcement.

M&T and People's United announced in February that they had entered into a definitive agreement under which M&T will acquire People's United in an all-stock transaction. The implied total transaction value based on closing prices on Feb. 19 is approximately $7.6 billion.

"This is an important milestone in our journey to become one bank with a shared purpose and commitment to our customers and local communities," said René Jones, chairman and chief executive officer of M&T, who will lead the combined company in the same capacity. "The approval underscores the confidence that both companies' shareholders have in the strategic rationale and the financial benefits of the merger."

The combined franchise will operate across some of the most populated and attractive banking markets in the U.S. As part of the transaction, People's United's current headquarters in Bridgeport, Connecticut will become the New England regional headquarters for M&T, further strengthening the combined company's commitment to Connecticut and the region.

"Today's vote demonstrates the high-level of certainty shareholders have in the underlying value of the merger and in the ability of the combined company to better serve our customers, colleagues, and communities," said Jack Barnes, Chairman and Chief Executive Officer, People's United. "We are excited about what the future holds and look forward to the joining of two market-leading financial institutions to strengthen our ability to deliver value-added financial solutions and advice to a greater number of individuals and businesses."