M&T Bank completed the acquisition of People's United for $7.6 billion. People's United shareholders received 0.118 shares of M&T stock for each of their securities.

M&T Bank Corporation and People's United Financial have received all necessary regulatory approvals. The companies plan to complete the merger on April 1, 2022. People's United shareholders will receive 0.118 shares of M&T stock for each of their securities, the equivalent of $7.6 billion at the time of the merger agreement on Feb. 19, 2021.

People's United Financial's GAAP net income for 2021 was $604.9 million, up 2.8 times from $219.6 million in the previous year. Net interest income fell 4.9 percent to $1.499 billion from $1.576 billion a year earlier.

The People's United Financial Board of Directors announced a quarterly dividend of $0.1825 per share. The last day to buy securities to receive the dividend is October 28, 2021. The annual dividend yield may reach 4.43%.