M&T Bank and People’s United Financial agreed to extend their merger agreement from Feb. 21, 2022, to June 1, 2022.

The merger already received approval from both the New York State Department of Financial Services and the Connecticut Department of Banking in October 2021. Approval by the board of governors of the Federal Reserve System is the outstanding regulatory approval required to complete the merger. M&T and People’s United said they both remain committed to the merger and seeking such approval.