The board of governors of the Federal Reserve System provided regulatory approval for M&T Bank’s acquisition of People’s United Financial.

Both the New York State Department of Financial Services and the Connecticut Department of Banking provided approval as well, so no further regulatory approvals are required. The merger is expected to be completed in accordance with the law and the agreement.

The board of directors of each company unanimously approved the merger. Shareholders at both People’s United Financial and M&T Bank approved the transaction on May 25, 2021, at their respective special meetings. The two companies previously extended their merger agreement from Feb. 21, 2022, to June 1, 2022.