Acquisition	9 Months Ended
Sep. 30, 2021
Business Combinations [Abstract]
Acquisition	2. Acquisition On February 22, 2021, M&T announced that it had entered into a definitive agreement with People’s United Financial, Inc. ("People’s United"), headquartered in Bridgeport, Connecticut, under which People’s United will be acquired by M&T in an all-stock transaction. Pursuant to the terms of the agreement, People’s United shareholders will receive consideration valued at .118 of an M&T share in the form of M&T common stock. People’s United outstanding preferred stock will be converted into a new series of M&T preferred stock upon completion of the acquisition. The transaction is valued at approximately $7.6 billion (with the price based on M&T’s closing price of $149.34 per share as of September 30, 2021). The merger has been approved by the boards of directors and shareholders of each company. The merger is expected to close promptly after the parties have satisfied customary closing conditions, including the approval of the Board of Governors of the Federal Reserve System. As of September 30, 2021, People’s United disclosed that it had total assets of $63.7 billion, including $39.5 billion of loans, $55.9 billion of liabilities, including $52.9 billion of deposits, and $7.8 billion of stockholders’ equity. In connection with the acquisition, the Company incurred merger-related expenses consisting predominantly of professional services related to planned integration efforts associated with the merger that totaled approximately $9 million and $23 million during the three months and nine months ended September 30, 2021, respectively.

Acquisition

9 Months Ended

Sep. 30, 2021

2. Acquisition

On February 22, 2021, M&T announced that it had entered into a definitive agreement with People’s United Financial, Inc. ("People’s United"), headquartered in Bridgeport, Connecticut, under which People’s United will be acquired by M&T in an all-stock transaction. Pursuant to the terms of the agreement, People’s United shareholders will receive consideration valued at .118 of an M&T share in the form of M&T common stock. People’s United outstanding preferred stock will be converted into a new series of M&T preferred stock upon completion of the acquisition. The transaction is valued at approximately $7.6 billion (with the price based on M&T’s closing price of $149.34 per share as of September 30, 2021).

The merger has been approved by the boards of directors and shareholders of each company. The merger is expected to close promptly after the parties have satisfied customary closing conditions, including the approval of the Board of Governors of the Federal Reserve System. As of September 30, 2021, People’s United disclosed that it had total assets of $63.7 billion, including $39.5 billion of loans, $55.9 billion of liabilities, including $52.9 billion of deposits, and $7.8 billion of stockholders’ equity.

In connection with the acquisition, the Company incurred merger-related expenses consisting predominantly of professional services related to planned integration efforts associated with the merger that totaled approximately $9 million and $23 million during the three months and nine months ended September 30, 2021, respectively.