People’s United Banks in Peterborough and Jaffrey transition to M&T

  • The Peoples' United Bank location in Peterborough is now an M&T Bank following a recent acquisition. STAFF PHOTO BY BEN CONANT—

  • The Peoples' United Bank location in Peterborough is now an M&T Bank following a recent acquisition. STAFF PHOTO BY BEN CONANT—

Monadnock Ledger-Transcript
Published: 9/2/2022 11:50:11 AM

Driving down Main Street in Peterborough or Peterborough Street in Jaffrey, locals may notice that the People’s United Bank signs and ATMs have been replaced. Now they sport the green M&T logo. 

“M&T was founded as the Manufacturers & Traders Trust in 1856 and has acquired multiple other institutions since that time,” said Max Reiss, senior vice president and director of community affairs at M&T, “culminating with the most recent acquisition of People’s United Bank.”

According to Reiss, M&T has corporate headquarters in Buffalo and regional headquarters in Bridgeport, Conn. With the acquisition of People’s United Bank, M&T will be a much larger company, with more than 1,000 branches compared to People’s United Bank’s 403. M&T has more than 22,000 employees and $200 billion in assets. Their ATMs span 12 states from Maine to Virginia, including Washington, D.C. People’s United had a more local spread, with branches in New England states, Connecticut and New York. 

In emails sent out to People’s customers in recent weeks, they were told Labor Day weekend would be “transition weekend” and “starting Tuesday, September 6, all People’s branches will become M&T branches. As a matter of fact, many branches already have their signage completely installed,” said Reiss. Customers were mailed new debit cards with M&T branding and instructions on how to activate them. They have also received numerous emails and letters with information about the transition.

On Friday, People’s branches were scheduled to close early, and by 5 p.m. customers would no longer be able to access People’s United online or mobile banking. On Saturday, plans call for customers to start using their new M&T debit cards as usual, including making withdrawals and deposits at ATMs.

In February of 2021, it was announced that M&T would acquire People’s United Bank, and the merger was finalized in April of 2022. Even though the signage seemed to have changed overnight, Reiss explained that it has taken a lot of effort to make it all happen.

“What you’re not seeing is the tremendous amount of work by the entire M&T Bank team behind the scenes to build toward what we hope will be a seamless, secure and smooth experience for all of our customers.” Reiss said. “What you won’t see as customers is the number of mock conversions we do internally, and the countless hours of calls and work to cover every segment of the customer experience to make sure our People’s customers transition to M&T Bank.”

But not everything will change.

“Current People’s employees have been trained, and the familiarity for customers will remain the same. Those same tellers, bankers and people they have seen at their local branch, they’re going to continue to see them,” said Reiss.

And as for what customers should expect, “people will certainly notice the new branding. They’ll also get a new partner when it comes to working with the community. We’re the neighborhood bank and we want to be there to support community organizations, and make sure we’re doing everything we can as an institution to be a good local citizen,” Reiss said, “M&T has a host of online services which are easy for customers to utilize, and we’re working every day to make that customer experience a positive one, especially for our transitioning People’s customers.”

More information about the transition is available at mtb.com/peoples, and people can call 800-414-9435 with additional questions. On Tuesday, the Peterborough and Jaffrey M&T branches are scheduled to be open regular hours and customers should have full access to their accounts  online.


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